The Implications of Debt-financed Dividends for Corporate Finance and Accounting Decisions: Evidence from State-owned Enterprises Globally

Arnold Kaudin

doi:10.26182/vznc-q952

The Implications of Debt-financed Dividends for Corporate Finance and Accounting Decisions: Evidence from State-owned Enterprises Globally

Arnold Kaudin

UWA Business School

Research output: Thesis › Doctoral Thesis

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Abstract

This thesis investigates the impact of debt-financed dividends on the corporate finance decisions of state-owned enterprises (SOEs). Many governments expect SOEs to contribute to the state budget through dividends. However, as these firms have to support the governments' non-commercial missions, liquidity might become an issue. With relatively easy access to debt, SOEs can use debt to back up (i.e., finance) their dividends. This thesis consists of three empirical essays discussing the impact of debt-financed dividends on the cost of debt, earnings management, and investment efficiency from SOEs worldwide.

Original language	English
Qualification	Doctor of Philosophy
Awarding Institution	The University of Western Australia
Supervisors/Advisors	Shan, George, Supervisor Ho, Chloe, Supervisor
Award date	20 Feb 2023
DOIs	https://doi.org/10.26182/vznc-q952
Publication status	Unpublished - 2023

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10.26182/vznc-q952

THESIS - DOCTOR OF PHILOSOPHY - KAUDIN, Arnold - 2023
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Cite this

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KW - state-owned enterprises

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KW - accrual earnings management

KW - overinvestment

KW - government ownership

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The Implications of Debt-financed Dividends for Corporate Finance and Accounting Decisions: Evidence from State-owned Enterprises Globally

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