Narratives in managers’ corporate finance decisions

Les Coleman · Krishnan Maheswaran · Sean Pinder

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Corporate Finance and Governance Financial Analysis and Corporate Governance Risk Management in Financial Firms

Abstract

Abstract This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.

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References

1986Self-Reports in Organizational Research: Problems and Prospects 1987Qualitative Analysis for Social Scientists 2003Corporate Social and Financial Performance: A Meta-Analysis 2005The economic implications of corporate financial reporting 2001The theory and practice of corporate finance: evidence from the field 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES 1987Managerial Perspectives on Risk and Risk Taking 2008The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis

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