الفهرس 
Title : Drivers of the Relationship between Corporate Financial Policies and Firm Value: The Value of Financial Flexibility and Agency Costs
AbstractOnly 14 pages are availabe for public view
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Abstract
Over the last few decades, a debate has prevailed on the positive and
negative impact of three corporate financial policies, i.e., cash holdings,
capital structure and dividend payouts, on firm value. Some writers endorsed
a perspective motivated by flexibility considerations that financial policies
directed at higher cash holdings and conservative debt and payout policies
have a “bright face”. Others, however, advocated an opposing standpoint
inspired by agency theory that these policies have a “dark face”.
No known empirical research has explored the mechanisms (drivers)
that underlie the relationships between these financial policies and firm value.
Accordingly, this study aims to conceptually configure and then empirically
examine the indirect effects of cash holdings, leverage, and dividend payouts
on firm value through the mechanisms represented by the value of financial
flexibility (VOFF) and agency costs.
The researcher employs the parallel multiple mediation analysis based
on the structural equation modelling approach using a sample of non-financial
firms that actively traded on the public stock exchanges of twelve Middle East
and North Africa (MENA) countries between 2013 and 2019.