search query: @author John, K. / total: 20
reference: 2 / 20
| Author: | Damodaran, A. John, K. Liu, C. H. |
| Title: | The determinants of organizational form changes: evidence and implications from real estate |
| Journal: | Journal of Financial Economics
1997 : AUG, Vol. 45:2, p. 169-192 |
| Index terms: | ORGANIZATIONAL CHANGE PROPERTY TAXATION DIVIDENDS |
| Language: | eng |
| Abstract: | We study changes in the real estate industry among organizational forms with varying degrees of restrictiveness and document the associated changes in profitability, free cash flow, debt, dividends, and investment policies. All trobled firms in our sample move to a more flexible organizational structure, with subsequent reductions in dividends, improvements in performance, and increases in asset sales and investments. Healthy firms that move to a tighter structure have larger free cash flows before the change; they increase dividends, reduce free cash flows and improve profitability after the change. We document evidence of tax considerations in organizational changes. |
SCIMA