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FREE CASH FLOW HYPOTHESIS [1 record]

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Record 1 2010-06-09

English

Subject field(s)
  • Corporate Economics
CONT

In the period 1979-1985, the petroleum industry provides a unique test of the agency theory of corporate restructuring. Background material is provided on the industry's corporate restructuring, along with an elaboration of the free cash flow hypothesis that underlies the agency theory. ... The exploration expenditure decision is specified as following from 3 models: a neoclassical investment model and pure and hybrid variants of free cash flow hypotheses. ... The size of the parameter estimates implies that the free cash flow hypothesis does not fully explain the restructuring gains.

French

Domaine(s)
  • Économie de l'entreprise

Spanish

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