Three essays on corporate finance
Access Status
Open access
Authors
Date
2015Supervisor
Dr. Wei Hu
Assoc. Prof. Adrian Cheung
Type
Thesis
Award
PhD
Metadata
Show full item recordSchool
School of Economics and Finance
Collection
Abstract
This thesis examines the relationship between organization capital and firm life cycle, and their effect on firm risk and the cost of capital. The results show that firms with higher (lower) organization capital or cost of equity are more likely to be in the introduction (growth) and decline (mature) stages. In addition, firm-specific organization capital increases (decreases) idiosyncratic and total (systematic) risk, while management-specific organization capital increases (decreases) systematic (idiosyncratic and total) risk.
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