Investors’ Choices and Strategic Financial Decisions of the Companies. Evidence from an Analysis of the Capital Budgeting Policy Implications on Shares Valuation
The paper investigates the relationship between companies and their investors in the capital market as part of relationship marketing. It focuses on investors’ preference for a certain capital budgeting policy employed by listed companies. By using statistical analysis, we study whether investors’ r...
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| Veröffentlicht in: | Sustainability 2021-04, Vol.13 (8), p.4112 |
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| creator | Curmei-Semenescu, Andreea Ţilică, Elena Valentina Curmei, Cătălin Valeriu |
| description | The paper investigates the relationship between companies and their investors in the capital market as part of relationship marketing. It focuses on investors’ preference for a certain capital budgeting policy employed by listed companies. By using statistical analysis, we study whether investors’ reactions can be linked to different patterns of capital budgeting decisions. Our database includes a high number of countries, both developed and emerging, which leads us to focus our analysis on the differences that might occur in investors’ preferences due to specific traits of these markets. Additionally, we include a comparison between investors’ preferences and the information given by the accounting-based performance recorded both in the year of the investment policy and in the next fiscal year. Thus, we observe the extent and limits of the investors’ preference for an active capital budgeting decision, as well as the investors’ rationality around financial crisis. |
| doi_str_mv | 10.3390/su13084112 |
| format | Article |
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| ispartof | Sustainability, 2021-04, Vol.13 (8), p.4112 |
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| language | eng |
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| source | MDPI - Multidisciplinary Digital Publishing Institute; EZB-FREE-00999 freely available EZB journals |
| subjects | Banking industry Capital Capital budgeting Capital markets Coronaviruses COVID-19 Disease transmission Economic crisis Hypotheses Influence Institutional investments International finance Investor behavior Macroeconomics Pandemics Preferences Prices Rationality Relationship marketing Statistical analysis Sustainability |
| title | Investors’ Choices and Strategic Financial Decisions of the Companies. Evidence from an Analysis of the Capital Budgeting Policy Implications on Shares Valuation |
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