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Academic Journal
Finance

“Dividend policy and investment: Theory and evidence from US panel data”

This paper examines the importance of dividend policy and liquidity constraints in the context of the firm's investment behaviour. While early financial literature has argued that dividend policy should be independent of firm investment decisions, recent studies indicate that linkages are probable in a world of imperfect capital markets. This study develops an alternative Q specification which incorporates the actual dividend payment of the firm in order to test the hypothesis of independence. Empirical results suggest that after controlling for the firm's dividend payment, liquidity constraints remain an important determinant of firm investment behavior.
Details

267-275 pages 1996 Managerial and Decision Economics Julie Ann Elston View on: Google Scholar

Conference
BIS

“Do Measures of Security Compliance Intent Equal Non-Compliance Scenario Agreement?”

To better protect organizations from the threat of insiders, IS security (ISS) research frequently emphasizes IS Security Policy (ISP) behavior. The effectiveness of an assessment model is typically analyzed either using short survey statements (behavior survey) or by using scenario agreement (prospective scenario) to measure current and prospective compliance (or non-compliance) behavior. However, a significant gap is the lack of statistical evidence to demonstrate that these two measures or dependent variables (DV) sufficiently agree with one another. We report on an effort to compare and contrast two assessment models which employed alternate styles of DVs and demonstrate that the primary construct from two different ISS behavioral theories had approximately the same effect size on either of the DVs. Our findings add support for substantial (but not overly correlated) synchronization between the two DV values, since we also observe that the prospective scenario non-compliance measure resulted in lower model fit while the behavior survey compliance measures fit both models with higher accuracy. We discuss our findings and recommend that for many studies there can be value in employing both DVs.
Details

2022 WISP2022: 2022 Workshop on Information Security and Privacy (WISP) Byron Marshall Forough Shadbad David Biros

Academic Journal
Management

“Does feedback increase decision aid use among hiring professionals?”

We examined the influence of formative and outcome feedback on people’s reliance on decision aids. Decision aids are tools that managers can use to increase the accuracy of their hiring decisions. In our study, participants were asked to make 20 different hiring decisions and make predictions of a candidate’s performance on the job, with the option of using a decision aid formula. We manipulated whether participants received feedback on the accuracy of their predictions, the accuracy of the decision aid’s predictions, or both. The results demonstrated that feedback failed to have a significant impact on decision aid use for both hiring choice and performance predictions. Our findings suggest that the relationship between feedback and decision aid is weak, and that feedback does not meaningfully affect the use of decision aids.
Details

Article 4 pages 2020 A Thiele A Jackson S Stremic Satoris Howes View on: Google Scholar

Academic Journal
Finance

“Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany”

This paper examines the link between liquidity constraints and investment behavior for German firms of different sizes from 1970 to 1986. Results indicate that medium sized firms appear to be more liquidity constrained in their investment behavior than either the smallest or largest firms in the study, suggesting that the unique German infrastructure designed to assist the small firm has indeed succeeded in alleviating, to some degree, such liquidity constraints. Findings also support the hypothesis that the emerging competition and internationalism which characterized the German financial markets in the 1980s, have been improving access to capital for some groups of firms.
Details

1-17 pages 2001 International Journal of Industrial Organization David Audretsch Julie Ann Elston View on: Google Scholar

Academic Journal
Finance

“Does Inclusion in a Smaller S&P Index Create Value?”

This study finds overall increases in equity value surrounding addition to the S&P SmallCap and MidCap indexes from 1996 to 2003 and investigates sources of the value gains. Following addition, there are significant increases in proxy variables for stock liquidity and investor recognition, and changes in these variables are impounded into the permanent component of announcement share price revisions. We also find that changes in capital investment intensity are increasing in changes in stock liquidity, consistent with a reduction in the cost of capital following index addition.
Details

307-330 pages 2010 The Financial Review John Becker Blease Donna Paul View on: Google Scholar