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© 2008

A Stakeholder Rationale for Risk Management

Implications for Corporate Finance Decisions

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Table of contents

  1. Front Matter
    Pages I-XVIII
  2. Pages 1-4
  3. Pages 5-11
  4. Pages 119-131
  5. Pages 133-165
  6. Back Matter
    Pages 171-210

About this book

Introduction

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.

Keywords

Capital Structure Cash Holdings Corporate Finance Finance Kapitalstruktur Stakeholder Theory Unternehmensfinanzierung

About the authors

Dr. Gregor Gossy promovierte bei Univ.-Prof. Dr. Paul Wentges am Institut für Unternehmensführung der Wirtschaftsuniversität Wien. Er ist derzeit als Unternehmensberater bei The Boston Consulting Group tätig.

Bibliographic information

  • Book Title A Stakeholder Rationale for Risk Management
  • Book Subtitle Implications for Corporate Finance Decisions
  • Authors Gregor Gossy
  • DOI https://doi.org/10.1007/978-3-8349-9758-6
  • Copyright Information Betriebswirtschaftlicher Verlag Dr. Th. Gabler | GWV Fachverlage GmbH, Wiesbaden 2008
  • Publisher Name Gabler
  • eBook Packages Business and Economics Economics and Finance (R0)
  • Softcover ISBN 978-3-8349-0985-5
  • eBook ISBN 978-3-8349-9758-6
  • Edition Number 1
  • Number of Pages XVIII, 210
  • Number of Illustrations 0 b/w illustrations, 0 illustrations in colour
  • Topics Public Economics
    Finance, general
  • Buy this book on publisher's site
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