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Three Essays on Corporate Finance.

Yilmaz, Gokhan.

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Three Essays on Corporate Finance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays on Corporate Finance./
Author:	Yilmaz, Gokhan.
Description:	144 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-03(E), Section: A.
Contained By:	Dissertation Abstracts International76-03A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3643560
ISBN:	9781321312874

Three Essays on Corporate Finance.
Yilmaz, Gokhan.

Three Essays on Corporate Finance. - 144 p.

Source: Dissertation Abstracts International, Volume: 76-03(E), Section: A.

Thesis (Ph.D.)--Rensselaer Polytechnic Institute, 2014.

This item must not be sold to any third party vendors.

This dissertation focuses on how internal and external factors that surround firms affect corporate performance. The first essay examines if inside debt (pensions and deferred compensation) that is paid to CEOs benefits the shareholders. Traditionally, executive compensation has been tied to equity (stocks, options). However, recent theory proposes that the debt-like compensation is efficient and it enhances the shareholder wealth. In this chapter, we provide empirical evidence that support this view. Our findings have risk management implications through managerial compensation. The second essay investigates the relationship between institutional investors' investment styles and the Research & Development and innovation (patents) performance of firms. Innovation is of utmost importance for sustaining competitive advantage. We specifically answer the following questions: Is there a significant association between institutional ownership and innovation? Which institutional investors, with respect to their investment styles, support or hinder the innovativeness or firms? How do they impact the quality of innovation? To answer these questions, we use the investment styles of institutional investors as a possible determinant of investor motivation. The intuition behind investment styles being related to corporate practices is that institutional investors reveal their preferences for return sources (capital appreciation vs. payouts) through categorizing assets into broad classes such as growth and value stocks. Subsequently, they allocate their funds across these styles and get involved in corporate governance. Our findings indicate that ownership by growth investors spur innovation while ownership by value investors hinder it. The third essay examines the relationship between managerial ability and firm innovation in terms of quantity, quality and efficiency. In today's corporate framework where decisions are made by the top management team, we expect managerial ability to play a key role among a wide array of factors that determine the innovative success. We find positive and significant link between managerial ability and innovation after controlling for a large set of relevant variables. Our findings contribute to the literature on managers and their importance for firm performance. We also contribute to the innovation literature by identifying an important driver of firm innovation. Particularly, we show that managerial ability plays a key role in technological advancement.

ISBN: 9781321312874Subjects--Topical Terms:

542899
Finance.

Three Essays on Corporate Finance.
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500 $a Source: Dissertation Abstracts International, Volume: 76-03(E), Section: A.
500 $a Adviser: Bill B. Francis.
502 $a Thesis (Ph.D.)--Rensselaer Polytechnic Institute, 2014.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a This dissertation focuses on how internal and external factors that surround firms affect corporate performance. The first essay examines if inside debt (pensions and deferred compensation) that is paid to CEOs benefits the shareholders. Traditionally, executive compensation has been tied to equity (stocks, options). However, recent theory proposes that the debt-like compensation is efficient and it enhances the shareholder wealth. In this chapter, we provide empirical evidence that support this view. Our findings have risk management implications through managerial compensation. The second essay investigates the relationship between institutional investors' investment styles and the Research & Development and innovation (patents) performance of firms. Innovation is of utmost importance for sustaining competitive advantage. We specifically answer the following questions: Is there a significant association between institutional ownership and innovation? Which institutional investors, with respect to their investment styles, support or hinder the innovativeness or firms? How do they impact the quality of innovation? To answer these questions, we use the investment styles of institutional investors as a possible determinant of investor motivation. The intuition behind investment styles being related to corporate practices is that institutional investors reveal their preferences for return sources (capital appreciation vs. payouts) through categorizing assets into broad classes such as growth and value stocks. Subsequently, they allocate their funds across these styles and get involved in corporate governance. Our findings indicate that ownership by growth investors spur innovation while ownership by value investors hinder it. The third essay examines the relationship between managerial ability and firm innovation in terms of quantity, quality and efficiency. In today's corporate framework where decisions are made by the top management team, we expect managerial ability to play a key role among a wide array of factors that determine the innovative success. We find positive and significant link between managerial ability and innovation after controlling for a large set of relevant variables. Our findings contribute to the literature on managers and their importance for firm performance. We also contribute to the innovation literature by identifying an important driver of firm innovation. Particularly, we show that managerial ability plays a key role in technological advancement.
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