Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/61364
Title: Do corporate policies follow a life-cycle?
Authors: Faff, R
Kwok, WC
Podolski, EJ
Wong, G
Keywords: Cash policy
Financing decisions
Investment decisions
Life-cycle theory
Issue Date: 2016
Publisher: Elsevier
Source: Journal of banking and finance, 2016, v. 69, p. 95-107 How to cite?
Journal: Journal of banking and finance 
Abstract: We examine whether corporate investment, financing, and cash policies are interdependent and follow a predictable pattern in line with the firm life-cycle. We find that investments and equity issuance decrease with firm life-cycle, while debt issuance and cash holdings increase in the introduction and growth stages and decrease in the mature and shake-out/decline stages of the firm's life-cycle. These results are robust after using various proxies for life-cycle and controlling for firm, CEO and board level characteristics. Collectively, our results show that corporate policies follow a firm life-cycle.
URI: http://hdl.handle.net/10397/61364
ISSN: 0378-4266
EISSN: 1872-6372
DOI: 10.1016/j.jbankfin.2016.04.009
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