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Essays in Behavioural Corporate Finance

Duong, Kiet Tuan (2021) Essays in Behavioural Corporate Finance. PhD thesis, University of Essex.

Copy to clipboard Copy Duong, Kiet Tuan (2021) Essays in Behavioural Corporate Finance. PhD thesis, University of Essex.

This thesis consists of three main studies that aim to investigate the impact of managerial characteristics and behaviour in different corporate finance contexts. The first chapter introduces a novel proxy for managerial conservatism trait by utilising the hand-written signature styles of Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs). The proxy is motivated from psychology research, which proposes that individuals are more conservative if their first names are prone to be abbreviated or missing in their signatures. This chapter documents that conservative CEOs are more likely to make conservative corporate decisions (i.e., more capital expenditures and cash holdings) and avoid risky policies (i.e., less research & development expenses, debt financing and dividend payout). Conservative CFOs are less likely to raise more short-term debt. The second chapter explores the impact of directorate interlocking networks on stock liquidity. Directorate interlocking is evidenced as an efficient channel by which firms transmit their corporate governance and corporate practices. This chapter employs an approach from sociology to capture network centrality (i.e., a higher centrality indicates more advantages of information acquisition). This study finds that directorate connectedness reduces corporate information opacity (i.e., more efficient corporate governance, better accruals, higher auditing quality and more institutional holdings) and improves stock liquidity. The third chapter examines the association between board friendliness and corporate social responsibility (CSR). Unlike prior research which captures the similarity in demographic characteristics (e.g., managerial age, tenure and gender), this study aims to gauge the alignment of political ideologies between CEOs and independent directors to proxy for board friendliness. This chapter finds that CEOs in politically friendly boards are less likely to make CSR decisions. This chapter also documents that CEOs whose political ideologies are aligned with the ones of independent directors do not invest in CSR for the benefits of either shareholders or society.

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Corporate Finance and Financial Development pp 1–13 Cite as

Corporate Finance and Financial Development: An Introduction

• Shame Mugova 4 &
• Joseph O. Akande 5  
• First Online: 09 July 2022

360 Accesses

Part of the book series: Contributions to Finance and Accounting ((CFA))

In recent years, the discussion about the relationship between corporate finance and financial development has taken center stage. This chapter offers a comprehensive overview of financial development theory. Emerging economies are susceptible to rapidly changing financial sectors and products as well as financial upheavals. We seek a deeper understanding of financial development issues that are unique to emerging markets which can be gained by looking at the broader concepts that are topical in the region, especially in the post-crisis era.

• Financial markets
• Financial development
• Stock market

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Department of Management Accounting, Durban University of Technology, Durban, South Africa

Shame Mugova

Department of Accounting Science, Walter Sisulu University, Mthatha, South Africa

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Mugova, S., Akande, J.O. (2022). Corporate Finance and Financial Development: An Introduction. In: Mugova, S., Akande, J.O., Olarewaju, O.M. (eds) Corporate Finance and Financial Development. Contributions to Finance and Accounting. Springer, Cham. https://doi.org/10.1007/978-3-031-04980-4_1

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DOI : https://doi.org/10.1007/978-3-031-04980-4_1

Published : 09 July 2022

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Online ISBN : 978-3-031-04980-4

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