IDEAS home Printed from
   My bibliography  Save this article

The Effects of a Firm's Investment and Financing Decisions on the Welfare of Its Security Holders


  • Fama, Eugene F


No abstract is available for this item.

Suggested Citation

  • Fama, Eugene F, 1978. "The Effects of a Firm's Investment and Financing Decisions on the Welfare of Its Security Holders," American Economic Review, American Economic Association, vol. 68(3), pages 272-284, June.
  • Handle: RePEc:aea:aecrev:v:68:y:1978:i:3:p:272-84

    Download full text from publisher

    File URL:
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See for details.

    As the access to this document is restricted, you may want to search for a different version of it.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Elena Alexandra Nenu & Georgeta Vintilă & Ştefan Cristian Gherghina, 2018. "The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 6(2), pages 1-29, April.
    2. Patrick HERBST & Jens PRUFER, 2016. "Firms, Nonprofits, And Cooperatives: A Theory Of Organizational Choice," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 87(3), pages 315-343, December.
    3. Gérard Charreaux, 1991. "Structure de propriété, relation d'agence et performance financière," Revue Économique, Programme National Persée, vol. 42(3), pages 521-552.
    4. Miguel Mello Costa, 2018. "An Empirical Analysis of the Maturity of Debt Supply in Uruguay," Documentos de trabajo 2018005, Banco Central del Uruguay.
    5. Georg Wamser, 2014. "The Impact of Thin-Capitalization Rules on External Debt Usage – A Propensity Score Matching Approach," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 76(5), pages 764-781, October.
    6. Ramon Sotelo, 2001. "Foundations of Home Ownership Policy - The Implementation of the Financing of Use as an Independent Finance Level," ERES eres2001_281, European Real Estate Society (ERES).
    7. Goodhart, Charles A & Tsomocos, Dimitrios P & Wang, Xuan (Alex), 2020. "Support for Small Businesses amid COVID-19," CEPR Discussion Papers 15055, C.E.P.R. Discussion Papers.
    8. Thierry Poulain-Rehm & Xavier Lepers, 2012. "Does Employee Ownership Benefit Value Creation? The Case of France (2001–2005)," Post-Print hal-01382074, HAL.
    9. Khanifah Khanifah & Udin Udin & Nor Hadi & Fitri Alfiana, 2020. "Environmental Performance and Firm Value: Testing the Role of Firm Reputation in Emerging Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 96-103.
    10. Merton, Robert, 1990. "Capital market theory and the pricing of financial securities," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.),Handbook of Monetary Economics, edition 1, volume 1, chapter 11, pages 497-581, Elsevier.
    11. Thierry Poulain-Rehm & Xavier Lepers, 2013. "Does Employee Ownership Benefit Value Creation? The Case of France (2001–2005)," Journal of Business Ethics, Springer, vol. 112(2), pages 325-340, January.
    12. Picou, Armand & McDaniel, William R. & Rosenberg, Sidney, 1996. "Resolving international agency cost in East/West joint ventures," Global Finance Journal, Elsevier, vol. 7(1), pages 115-127.
    13. Michael Bradbury & Graeme Dean & Frank L. Clarke, 2009. "Incentives for Non‐Disclosure by Corporate Groups," Abacus, Accounting Foundation, University of Sydney, vol. 45(4), pages 429-454, December.
    14. Miguel Mello Costa, 2018. "Determinants of Leverage Maturity Structure of Uruguayan Non-financial Firms," Documentos de trabajo 2018006, Banco Central del Uruguay.
    15. Cecil R. Dipchand & Gordon S. Roberts & Jerry A. Viscione, 1982. "Agency Costs And Captive Finance Subsidiaries In Canada," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 5(2), pages 189-199, June.
    16. Alfonso Herrero de Egaña & Carmen Soria Bravo & Alberto Muñoz Cabanes, 2016. "On the Separability of Real and Financial Decisions," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(2), pages 211-224, May.
    17. Tarik AKIN & Abbas MIRAKHOR, 2016. "Efficiency with Rule-Compliance: A Contribution to the Theory of the Firm in Islamic Economics," Journal of Economics and Political Economy, KSP Journals, vol. 3(3), pages 560-574, September.
    18. Krishna Dayal Pandey & Tarak Nath Sahu, 2019. "Debt Financing, Agency Cost and Firm Performance: Evidence from India," Vision, , vol. 23(3), pages 267-274, September.
    19. Adam K. Gehr Jr., 1984. "Financial Structure And Financial Strategy," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 7(1), pages 69-80, March.
    20. Schall, Lawrence D. & Siegel, Andrew F., 2016. "Debt callability and investment incentives," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 315-330.
    21. Dwi Ermayanti Susilo & Grahita Chandrarin & Boge Triatmanto, 2019. "The Importance of Corporate Social Responsibility and Financial Performance for the Value of Banking Companies in Indonesia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 231-238.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:aecrev:v:68:y:1978:i:3:p:272-84. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael P. Albert). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.