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The association between the investment opportunity set and corporate financing and dividend decisions: some Australian evidence

Jones, Stewart and Sharma, Rohit 2001, The association between the investment opportunity set and corporate financing and dividend decisions: some Australian evidence, Managerial finance, vol. 27, no. 3, pp. 48-64, doi: 10.1108/03074350110767097.

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Title The association between the investment opportunity set and corporate financing and dividend decisions: some Australian evidence
Author(s) Jones, Stewart
Sharma, Rohit
Journal name Managerial finance
Volume number 27
Issue number 3
Start page 48
End page 64
Publisher Emerald Group Publishing Ltd.
Place of publication Bingley, England
Publication date 2001
ISSN 0307-4358
1758-7743
Keyword(s) Australia
Accounting research
Investment
Growth
Modelling
Business policy
Summary Summarizes previous research on the investment opportunity set (IOS) using price-based and investment-based proxies and variance measures; and develops hypotheses on the relationship between IOS, debt/equity ratios and dividend policies. Tests them on 1990-1998 data from listed Australian companies and explains the methodology, which builds on Gover and Gover (1993) by including more recent proxy variables. Finds no significant results from low growth firms, although some high growth firms show lower debt/equity ratios and dividends. Questions the robustness of existing IOS proxies in the Australian context and calls for further research.
Language eng
DOI 10.1108/03074350110767097
Field of Research 150103 Financial Accounting
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30001079

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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