Corporate expenditures and pension contributions: evidence from UK company accounts
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Myers, Stewart C. & Majluf, Nicholas S., 1984.
"Corporate financing and investment decisions when firms have information that investors do not have,"
Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
- Myers, Stewart C. & Majluf, Nicolás S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Stephen Bond & Anke Hoeffler & Jonathan Temple, 2001.
"GMM Estimation of Empirical Growth Models,"
Economics Papers
2001-W21, Economics Group, Nuffield College, University of Oxford.
- Bond, Stephen Roy & Hoeffler, Anke & Temple, Jonathan, 2001. "GMM Estimation of Empirical Growth Models," CEPR Discussion Papers 3048, C.E.P.R. Discussion Papers.
- Andrew Benito & Garry Young, 2007.
"Financial Pressure and Balance Sheet Adjustment by Firms,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(5), pages 581-602, October.
- Benito, Andrew & Garry Young, 2002. "Financial Pressure and Balance Sheet Adjustment by UK Firms," Royal Economic Society Annual Conference 2002 20, Royal Economic Society.
- Andrew Benito & Garry Young, 2002. "Financial Pressure and Balance Sheet Adjustment by UK Firms," Working Papers 0209, Banco de España.
- Andrew Benito & Garry Young, 2002. "Financial pressure and balance sheet adjustment by UK firms," Bank of England working papers 168, Bank of England.
- Oliver Hart, 2001.
"Financial Contracting,"
Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1079-1100, December.
- Oliver Hart, 2001. "Financial Contracting," Harvard Institute of Economic Research Working Papers 1924, Harvard - Institute of Economic Research.
- Oliver Hart, 2001. "Financial Contracting," NBER Working Papers 8285, National Bureau of Economic Research, Inc.
- Bond, Stephen R & Chennells, Lucy & Devereux, Michael P, 1996. "Taxes and Company Dividends: A Microeconometric Investigation Exploiting Cross-Section Variation in Taxes," Economic Journal, Royal Economic Society, vol. 106(435), pages 320-333, March.
- Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
- Nickell, Stephen & Nicolitsas, Daphne, 1999.
"How does financial pressure affect firms?,"
European Economic Review, Elsevier, vol. 43(8), pages 1435-1456, August.
- Nickell, Stephen & Nicolitsas, Daphne, 1995. "How does financial pressure affect firms?," LSE Research Online Documents on Economics 20698, London School of Economics and Political Science, LSE Library.
- Nickell, S. & Nicolitsas, D., 1995. "How Does Financial Pressure Affect Firms," Economics Series Working Papers 99170, University of Oxford, Department of Economics.
- Stephen Nickell & D Nicolitsas, 1995. "How Does Financial Pressure Affect Firms?," CEP Discussion Papers dp0266, Centre for Economic Performance, LSE.
- Vlieghe, Gertjan & Stephen Bond & Alexander Klemm & Rain Newton-Smith & Murtaza Syed, 2003.
"The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment,"
Royal Economic Society Annual Conference 2003
212, Royal Economic Society.
- Stephen Bond & Alexander Klemm & Rain Newton-Smith & Murtaza Syed & Gertjan Vlieghe, 2004. "The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment," IFS Working Papers W04/12, Institute for Fiscal Studies.
- Stephen Bond & Alexander Klemm & Rain Newton-Smith & Murtaza Syed & Gertjan Vlieghe, 2004. "The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment," Bank of England working papers 222, Bank of England.
- Andrew Benito & Garry Young, 2003.
"Hard Times or Great Expectations? Dividend Omissions and Dividend Cuts by UK Firms,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(5), pages 531-555, December.
- Andrew Benito & Garry Young, 2001. "Hard Times or Great Expectations?: Dividend omissions and dividend cuts by UK firms," Bank of England working papers 147, Bank of England.
- Benito, Andrew & Garry Young, 2002. "Hard Times or Greatr Expectations?: Dividend Omissions and Dividend Cuts by UK Firms," Royal Economic Society Annual Conference 2002 21, Royal Economic Society.
- Auerbach, Alan J., 2002.
"Taxation and corporate financial policy,"
Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 19, pages 1251-1292,
Elsevier.
- Alan J. Auerbach, 2001. "Taxation and Corporate Financial Policy," NBER Working Papers 8203, National Bureau of Economic Research, Inc.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Blundell, Richard & Bond, Stephen, 1998.
"Initial conditions and moment restrictions in dynamic panel data models,"
Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
- R Blundell & Steven Bond, "undated". "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
- Richard Blundell & Stephen Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
- Stewart C. Myers, 2001. "Capital Structure," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 81-102, Spring.
- Bowsher, Clive G., 2002. "On testing overidentifying restrictions in dynamic panel data models," Economics Letters, Elsevier, vol. 77(2), pages 211-220, October.
- Auerbach, Alan J. & Hassett, Kevin A., 2003.
"On the marginal source of investment funds,"
Journal of Public Economics, Elsevier, vol. 87(1), pages 205-232, January.
- Alan J. Auerbach & Kevin A. Hassett, 2000. "On the Marginal Source of Investment Funds," NBER Working Papers 7821, National Bureau of Economic Research, Inc.
- repec:bla:econom:v:72:y:2005:i:286:p:201-224 is not listed on IDEAS
- Blundell, Richard & Bond, Stephen & Devereux, Michael & Schiantarelli, Fabio, 1992. "Investment and Tobin's Q: Evidence from company panel data," Journal of Econometrics, Elsevier, vol. 51(1-2), pages 233-257.
- Stephen Bond & Anke Hoeffler, 2001. "GMM Estimation of Empirical Growth Models," Economics Series Working Papers 2001-W21, University of Oxford, Department of Economics.
- Alan J. Auerbach, 1979.
"Wealth Maximization and the Cost of Capital,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(3), pages 433-446.
- Alan J. Auerbach, 1980. "Wealth Maximization and the Cost of Capital," NBER Working Papers 0254, National Bureau of Economic Research, Inc.
- Manuel Arellano & Stephen Bond, 1991.
"Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
- Tom Doan, "undated". "RATS program to replicate Arellano-Bond 1991 dynamic panel," Statistical Software Components RTZ00169, Boston College Department of Economics.
- Cocco, Joâo F. & Volpin, Paolo, 2005. "The Corporate Governance of Defined-Benefit Pension Plans: Evidence from the United Kingdom," CEPR Discussion Papers 4932, C.E.P.R. Discussion Papers.
- E. Philip Davis, 2000. "Regulation of private pensions : a case study of the UK," Revue d'Économie Financière, Programme National Persée, vol. 60(5), pages 175-192.
- Ms. Enrica Detragiache, 2003. "Company Pension Plans, Stock Market Returns, and Labor Demand," IMF Working Papers 2003/222, International Monetary Fund.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Miles Parker, 2006.
"Diverging Trends in Aggregate and Firm-Level Volatility in the UK,"
Discussion Papers
16, Monetary Policy Committee Unit, Bank of England.
- Parker, Miles, 2006. "Diverging Trends in Aggregate and Firm–Level Volatility in the UK," Discussion Papers 16, Monetary Policy Committee Unit, Bank of England.
- Bunn, Philip & Smietanka, Pawel & Mizen, Paul, 2018.
"Growing pension deficits and the expenditure decisions of UK companies,"
Bank of England working papers
714, Bank of England.
- Philip Bunn & Paul Mizen & Pawel Smietanka, 2018. "Growing pension deficits and the expenditure decisions of UK companies," Discussion Papers 2018/05, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- Goto, Shingo & Yanase, Noriyoshi, 2021. "Pension return assumptions and shareholder-employee risk-shifting," Journal of Corporate Finance, Elsevier, vol. 70(C).
- Josiah, J. & Gough, O. & Haslam, J. & Shah, N., 2014. "Corporate reporting implication in migrating from defined benefit to defined contribution pension schemes: A focus on the UK," Accounting forum, Elsevier, vol. 38(1), pages 18-37.
- Armitage, Seth & Gallagher, Ronan, 2019. "Are pension contributions a threat to shareholder payouts?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 27-42.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Andrew Benito & Garry Young, 2007.
"Financial Pressure and Balance Sheet Adjustment by Firms,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(5), pages 581-602, October.
- Andrew Benito & Garry Young, 2002. "Financial Pressure and Balance Sheet Adjustment by UK Firms," Working Papers 0209, Banco de España.
- Benito, Andrew & Garry Young, 2002. "Financial Pressure and Balance Sheet Adjustment by UK Firms," Royal Economic Society Annual Conference 2002 20, Royal Economic Society.
- Andrew Benito & Garry Young, 2002. "Financial pressure and balance sheet adjustment by UK firms," Bank of England working papers 168, Bank of England.
- Philip Bunn & Garry Young, 2004. "Corporate capital structure in the United Kingdom: determinants and adjustment," Bank of England working papers 226, Bank of England.
- Andrew Benito, 2003. "The incidence and persistence of dividend omissions by Spanish firms," Working Papers 0303, Banco de España.
- Andrew Benito, 2003. "The capital structure decisions of firms: is there a pecking order?," Working Papers 0310, Banco de España.
- Carpenter, Robert E. & Guariglia, Alessandra, 2008.
"Cash flow, investment, and investment opportunities: New tests using UK panel data,"
Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1894-1906, September.
- Guariglia, Alessandra & Robert E Carpenter, 2003. "Cash flow, investment, and investment opportunities: New tests using UK panel data," Royal Economic Society Annual Conference 2003 94, Royal Economic Society.
- Andrew Benito & Garry Young, 2003.
"Hard Times or Great Expectations? Dividend Omissions and Dividend Cuts by UK Firms,"
Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(5), pages 531-555, December.
- Andrew Benito & Garry Young, 2001. "Hard Times or Great Expectations?: Dividend omissions and dividend cuts by UK firms," Bank of England working papers 147, Bank of England.
- Benito, Andrew & Garry Young, 2002. "Hard Times or Greatr Expectations?: Dividend Omissions and Dividend Cuts by UK Firms," Royal Economic Society Annual Conference 2002 21, Royal Economic Society.
- Andrew Benito & Ignacio Hernando, 2007. "Firm Behaviour And Financial Pressure: Evidence From Spanish Panel Data," Bulletin of Economic Research, Wiley Blackwell, vol. 59(4), pages 283-311, October.
- Mykhayliv, Dariya & Zauner, Klaus G., 2013. "Investment behavior and ownership structures in Ukraine: Soft budget constraints, government ownership and private benefits of control," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 265-278.
- Andrew Benito & Ignacio Hernando, 2002. "Extricate: Financial Pressure and Firm Behaviour in Spain," Working Papers 0227, Banco de España.
- Andrew Benito & John Whitley, 2003. "Implicit interest rates and corporate balance sheets: an analysis using aggregate and disaggregated UK data," Bank of England working papers 193, Bank of England.
- Mário Santos & António Moreira & Elisabete Vieira, 2014. "Ownership concentration, contestability, family firms, and capital structure," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 1063-1107, November.
- Elif Acar & Gamze Vural & Emin Hüseyin Çetenak, 2020. "Evidence for Financial Hierarchy Theory in Capital Structure Decisions: Data from BIST Companies," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 34(1), pages 29-50.
- Peter Gibbard & Ibrahim Stevens, 2011.
"Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany,"
Annals of Finance, Springer, vol. 7(1), pages 95-118, February.
- Peter Gibbard & Ibrahim Stevens, 2006. "Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany," Bank of England working papers 317, Bank of England.
- Spaliara, Marina-Eliza, 2009.
"Do financial factors affect the capital-labour ratio? Evidence from UK firm-level data,"
Journal of Banking & Finance, Elsevier, vol. 33(10), pages 1932-1947, October.
- Marina-Eliza Spaliara, 2008. "Do Financial Factors Affect the Capital-Labour Ratio? Evidence form UK FIrm-Level Data," Discussion Paper Series 2008-02, Department of Economics, Loughborough University, revised Apr 2008.
- Marina-Eliza Spaliara, 2009. "Do Financial Factors Affect The Capital-Labour Ratio: Evidence From UK Firm-Level Data," Discussion Papers 09/04, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- R. Glenn Hubbard, 1998.
"Capital-Market Imperfections and Investment,"
Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
- R. Glenn Hubbard, 1997. "Capital-Market Imperfections and Investment," NBER Working Papers 5996, National Bureau of Economic Research, Inc.
- İbrahim Yarba & Z. Nuray Güner, 2020. "Leverage dynamics: Do financial development and government leverage matter? Evidence from a major developing economy," Empirical Economics, Springer, vol. 59(5), pages 2473-2507, November.
- Renneboog, L.D.R. & Trojanowski, G., 2005.
"Control Structures and Payout Policy,"
Other publications TiSEM
a82281ef-f247-479f-a0e3-1, Tilburg University, School of Economics and Management.
- Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Discussion Paper 2005-61, Tilburg University, Center for Economic Research.
- Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Other publications TiSEM 4f19c697-4a33-4213-84aa-a, Tilburg University, School of Economics and Management.
- Renneboog, L.D.R. & Trojanowski, G., 2005. "Control Structures and Payout Policy," Discussion Paper 2005-014, Tilburg University, Tilburg Law and Economic Center.
- Ferrando, Annalisa & Martinez-Carrascal, Carmen & Coluzzi, Chiara, 2009.
"Financing obstacles and growth: an analysis for euro area non-financial corporations,"
Working Paper Series
997, European Central Bank.
- Chiara Coluzzi & Annalisa Ferrando & Carmen Martínez-Carrascal, 2009. "Financing obstacles and growth: An analysis for euro area non-financial corporations," Working Papers 0836, Banco de España.
- Trojanowski, G., 2004. "Ownership structure as a mechanism of corporate governance," Other publications TiSEM 5dbc874d-d1d0-44a5-9717-8, Tilburg University, School of Economics and Management.
- Sevcan Yesiltas, 2009. "Financing Constraints and Investment: The Case of Turkish Manufacturing Firms," 2009 Meeting Papers 874, Society for Economic Dynamics.
More about this item
NEP fields
This paper has been announced in the following NEP Reports:- NEP-FMK-2006-09-30 (Financial Markets)
Statistics
Access and download statisticsCorrections
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:boe:boeewp:276. See general information about how to correct material in RePEc.
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.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Digital Media Team (email available below). General contact details of provider: https://edirc.repec.org/data/boegvuk.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.