Abstract
The study applies an integrated empirical framework, in order to investigate the impact of financial decisions (debt and dividend policies) on corporate performance and firm market value. Particular attention is paid to the joint implications associated with different ownership and corporate governance structures. Based on a unique variable set, obtained from a sample of 166 Greek companies listed in the Athens Stock Exchange, the empirical analysis contributes a range of innovative and interesting conclusions, distinguishing between firms that face and firms that do not face growth opportunities. The empirical results confirm the relevance of debt and dividends in terms of firm value creation by showing a negative relationship between firm value and both leverage and dividend payments in the presence of growth opportunities. The impact of different ownership structures in the allocation of firm resources is also demonstrated.
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