A stakeholder rationale for risk management : implications for corporate finance decisions / Gregor Gossy ; with a foreword by Paul Wentges.

Format:

Book

Author/Creator:

Gossy, Gregor.

Contributor:

Wentges, Paul.

Series:

Gabler Edition Wissenschaft.

Gabler Edition Wissenschaft

Language:

English

Subjects (All):

Corporations--Finance--Management.

Corporations.

Risk management.

Physical Description:

1 online resource (224 p.)

Edition:

1st ed.

Place of Publication:

Wiesbaden : Gabler, 2008.

Language Note:

English

Summary:

Ordinarily, only the interests of shareholders, debtholders, and corporate management are taken into account when analyzing corporate financial decisions while the interests of non-financial stakeholders are often neglected. Gregor Gossy develops a so-called stakeholder rationale for risk management arguing that firms which are more dependent on implicit claims from their non-financial stakeholders, such as customers, suppliers, and employees, prefer conservative financial policies. In order to perform panel data analyses of the determinants of corporate financial decisions, the author uses data from Austrian and German industrial companies. He shows that variables for a firm’s most important non-financial stakeholders explain the firm’s capital structure and cash holding decisions. His findings suggest that a firm’s choice of accounting standards have a moderating effect on the determinants of corporate finance decisions.

Contents:

Stakeholder Theory

The Theory of the Firm

The Theory of Corporate Risk Management

Theories of Corporate Finance Decisions

Statistical methodology

Empirical study

Conclusions and suggestions for future research.

Notes:

Description based upon print version of record.

Includes bibliographical references.

ISBN:

3-8349-9758-7

OCLC:

828798739