Długoterminowe decyzje w zakresie finansów przedsiębiorstw na przykładzie przedsiębiorstw X i Y z sektora 25., produkujących metalowe wyroby gotowe z wyłączeniem maszyn i urządzeń (Long-Term Decisions on Corporate Finance for Example, Companies X and Y of the Sector 25, Producing Fabricated Metal Products, Except Machinery and Equipment)

2013 ◽  
Author(s):  
Olga Troska ◽  
Joanna Zając
Keyword(s):  
Corporate Finance ◽  
Fabricated Metal ◽  
Metal Products

EU will push for granting MES to China

2016 ◽  
Keyword(s):  
Excess Capacity ◽  
Content Type ◽  
Fabricated Metal ◽  
Electric Machinery ◽  
The Us ◽  
Trading Partners ◽  
Metal Products ◽  
Chemical Products ◽  
The Impact ◽  
The Eu

Significance If not offset by other changes, this will result in lower duties on Chinese imports found to have been dumped in the European market. Such a decision will be commercially significant for sectors where dumping investigations are rife and excess capacity is pervasive, such as basic metals, fabricated metal products, glass and related products, chemical products and electric machinery. Impacts The Commission will use other forms of discretion for dumping investigations, limiting the impact of granting MES to China. Firms seeking relief from Chinese competition will complement dumping complaints with other allegations of unfair trading practices. Granting MES to China and reforming the EU trade system will affect all EU trading partners. The US disagreement on China's MES is unlikely to colour other areas of EU-US commercial diplomacy, including the TTIP negotiations.

Institutional investors, monitoring and corporate finance policies

2017 ◽  
Vol 13 (2) ◽  
pp. 186-212 ◽  
Author(s):  
W. Sean Cleary ◽  
Jun Wang
Keyword(s):  
Corporate Finance ◽  
Institutional Investors ◽  
Information Quality ◽  
Cash Holdings ◽  
Specific Area ◽  
Supporting Evidence ◽  
Data Set ◽  
Corporate Policies ◽  
Content Type

Purpose The purpose of this paper is to examine the influence of institutional investors’ investment horizons (IIIH) on a wide variety of key corporate policies. Design/methodology/approach The authors perform regression analysis to a panel data set of quarterly financial statement data for US firms over the 1981-2014 using several measures of IIIH. Findings The authors argue that an increase in the presence of long-term investors contributes to more effective monitoring and information quality. This results in a reduction in agency costs and informational asymmetry problems for firms that are more heavily influenced by long-term investors, which in turn influences the corporate policies they pursue. Consistent with these arguments, the evidence suggests that firms with a greater long-term institutional investor base maintain lower investment outlays, higher dividend payments, lower levels of cash and higher levels of leverage. All results hold after controlling for potential endogeneity issues. Originality/value The authors show that a greater presence of long-term institutional investors leads to higher dividends, lower investment outlays, lower cash holdings and higher leverage. The comprehensive nature of the predictions with respect to overall corporate finance policies and the supporting evidence provided represents an important contribution, as previous studies have tended to focus on one specific area of corporate behavior (i.e. such as cash holdings).

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