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Journal articles on the topic 'Wealth decisions'

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Author: Grafiati

Published: 11 March 2023

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1

Martin, Scott. "Command Decisions." Social Science History 34, no. 4 (2010): 499–522. http://dx.doi.org/10.1017/s014555320001141x.

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The interaction of Spanish and indigenous peoples during the conquest of Mexico yielded a wide variety of actions and decisions. Native groups sometimes battled the Spanish but in other instances cooperated. The Spaniards often attacked when facing overwhelming odds but in other situations retreated with meager gains. Insight into those decisions and actions is gained by looking at human wants and preferences. The Friedman-Savage utility function is applied to specific important events of the conquest of Mexico to clarify the decision making of the participants. An interdisciplinary approach is employed in constructing the expected utility of wealth model, where the maximization of the expected utility of wealth and movement between socioeconomic classes is critically analyzed. Evidence from the Juan de Grijalva expedition, interactions with coastal villages, Hernán Cortés's approach to Tenochtitlan, and the Tlaxcalan decision to ally with the Spaniards are used to clearly illustrate the relationship between the utility of wealth and decision making. Looking through the lens of the Friedman-Savage utility function at events up to Cortés's meeting with Moteucçoma, it is clear that the utility of wealth and the unprecedented opportunities to move to a new socioeconomic class were strong factors in the decision making of the participants.

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2

Mace, Ruth. "The co-evolution of human fertility and wealth inheritance strategies." Philosophical Transactions of the Royal Society of London. Series B: Biological Sciences 353, no. 1367 (March 29, 1998): 389–97. http://dx.doi.org/10.1098/rstb.1998.0217.

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Life history theory concerns the scheduling of births and the level of parental investment in each offspring. In most human societies the inheritance of wealth is an important part of parental investment. Patterns of wealth inheritance and other reproductive decisions, such as family size, would be expected to influence each other. Here I present an adaptive model of human reproductive decision-making, using a state-dependent dynamic model. Two decisions made by parents are considered: when to have another baby, and thus the pattern of reproduction through life; and how to allocate resources between children at the end of the parents life. Optimal decision rules are those that maximize the number of grandchildren. Decisions are assumed to depend on the state of the parent, which is described at any time by two variables: number of living sons, and wealth. The dynamics of the model are based on a traditional African pastoralist system, but it is general enough to approximate to any means of subsistence where an increase in the amount of wealth owned increases the capacity for future production of resources. The model is used to show that, in the unpredictable environment of a traditional pastoralist society, high fertility and a biasing of wealth inheritance to a small number of children are frequently optimal. Most such societies are now undergoing a transition to lower fertility, known as the demographic transition. The effects on fertility and wealth inheritance strategies of reducing mortality risks, reducing the unpredictability of the environment and increasing the costs of raising children are explored. Reducing mortality has little effect on completed family sizes of living children or on the wealth they inherit. Increasing the costs of raising children decreases optimal fertility and increases the inheritance left to each child at each level of wealth, and has the potential to reduce fertility to very low levels. The results offer an explanation for why wealthy families are frequently also those with the smallest number of children in heterogenous, post-transition societies.

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3

Greenberg, Adam Eric. "When imagining future wealth influences risky decision making." Judgment and Decision Making 8, no. 3 (May 2013): 268–77. http://dx.doi.org/10.1017/s1930297500005970.

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AbstractThe body of literature on the relationship between risk aversion and wealth is extensive. However, little attention has been given to examining how future realizations of wealth might affect (current) risk decisions. Using paired lottery choice experiments and exposing subjects experimentally to imagined future wealth frames, I find that individuals are more risk-seeking if they are asked to imagine that they will be wealthy in the future. Yet I find that individuals are not significantly more risk-averse if they are asked to imagine that they will be poor in the future. I discuss theoretical and policy implications of these findings, including why savings rates are so low in the United States.

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4

DUSHI, IRENA, and ANTHONY WEBB. "Household annuitization decisions: simulations and empirical analyses." Journal of Pension Economics and Finance 3, no. 2 (July 2004): 109–43. http://dx.doi.org/10.1017/s1474747204001696.

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Annuities provide insurance against outliving one's wealth. Previous studies have indicated that, for many households, the value of the longevity insurance should outweigh the actuarial unfairness of prices in the voluntary annuity market. Nonetheless, voluntary annuitization rates are extremely low.Previous research on the value of annuitization has compared an optimal decumulation of unannuitized wealth with the alternative of annuitizing all unannuitized wealth at age 65. We relax these assumptions, allowing households to annuitize any part of their unannuitized wealth at any age and to return to the annuity market as many times as they wish.Using numerical optimization techniques, assuming the levels of actuarial unfairness of annuities calculated in previous research, and retaining the assumption made in previous research that one half of household wealth is pre-annuitized, we conclude that it is optimal for couples to delay annuitization until they are aged 73–82, and in some cases never to annuitize. It is usually optimal for single men and women to annuitize at substantially younger ages, between 65 and 70. Households that annuitize will generally wish to annuitize only part of their unannuitized wealth.Using data from the Asset and Health Dynamics Among the Oldest Old and Health and Retirement Study panels, we show that much of the failure of the average currently retired household to annuitize can be attributed to the exceptionally high proportions of the wealth of these cohorts that is pre-annuitized. We expect younger cohorts to have smaller proportions of pre-annuitized wealth and project increasing demand for annuitization as successive cohorts age.

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5

Singh, Jagandeep. "Impact of Divestment Decisions on Shareholders' Wealth." Indian Journal of Research in Capital Markets 4, no. 4 (December 1, 2017): 17. http://dx.doi.org/10.17010/ijrcm/2017/v4/i4/120918.

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6

Moore, Norman H., Stephen W. Pruitt, and K. S. Maurice Tse. "South African divestment decisions and shareholder wealth." Economics Letters 42, no. 2-3 (January 1993): 223–28. http://dx.doi.org/10.1016/0165-1765(93)90066-l.

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7

Heaney, Richard, Larry Li, and Vicar Valencia. "Sovereign wealth fund investment decisions: Temasek Holdings." Australian Journal of Management 36, no. 1 (April 2011): 109–20. http://dx.doi.org/10.1177/0312896210388859.

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8

Martin, Geoffrey, and Luis Gomez-Mejia. "The relationship between socioemotional and financial wealth." Management Research: Journal of the Iberoamerican Academy of Management 14, no. 3 (November 21, 2016): 215–33. http://dx.doi.org/10.1108/mrjiam-02-2016-0638.

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Purpose A growing volume of family firm literature has argued that the preservation of family socioemotional wealth takes precedence over the pursuit of financial goals. The purpose of this paper is to develop a conceptual framework that builds knowledge regarding the two-way relationship between socioemotional and financial forms of wealth, to develop a more complete theory of wealth concerns that may inform family firm decision-making. Design/methodology/approach The authors conceptually examine contingencies affecting the relationship between financial and socioemotional wealth (in both causal directions). Findings The authors predict when one form of wealth (socioemotional/financial) is likely to dominate the other (financial/socioemotional) in the family firm’s strategic decisions. Originality/value The paper advances knowledge on the two-way relationship between socioemotional and financial forms of wealth providing a platform for further development in the nascent field of family business research, including our understanding of family firm decisions regarding control and influence over the family business, environmental policy, altruism toward family members, R&D, accounting choices and corporate diversification.

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9

Bogan, Vicki L., and Jose M. Fernandez. "How Children with Mental Disabilities Affect Household Investment Decisions." American Economic Review 107, no. 5 (May 1, 2017): 536–40. http://dx.doi.org/10.1257/aer.p20171145.

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We analyze how children with mental disabilities influence parental portfolio allocation. We find that risky asset holding decreases among households with special needs children. However, conditional on participating in financial markets, households with special needs children invest a larger portion of their wealth in risky assets. As risky asset holding is a key component of wealth building, these findings have important implications for both policy and household wealth inequality.

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10

Cagetti, Marco, and Mariacristina De Nardi. "Estate Taxation, Entrepreneurship, and Wealth." American Economic Review 99, no. 1 (February 1, 2009): 85–111. http://dx.doi.org/10.1257/aer.99.1.85.

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This paper studies the estate tax in a quantitative framework with business investment, borrowing constraints, estate transmission, and wealth inequality. We find that the estate tax has little effect on the saving and investment decisions of small businesses, but does distort the decisions of larger firms, thereby reducing aggregate output and savings. Removing such distortions by eliminating the estate tax does not necessarily imply that everyone would be better off. If other taxes were raised to reestablish fiscal balance, those at the top of the wealth distribution would experience a large welfare gain, but most of the population would lose. (JEL D31, E21, H2)

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11

KORN, RALF, and FRANK THOMAS SEIFRIED. "A CONCISE CHARACTERIZATION OF OPTIMAL CONSUMPTION WITH LOGARITHMIC PREFERENCES." International Journal of Theoretical and Applied Finance 16, no. 06 (September 2013): 1350035. http://dx.doi.org/10.1142/s0219024913500350.

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In a general semi-martingale financial market with possibly nonlinear wealth dynamics, incomplete information, and ambiguity, we show that the optimal consumption decision of an agent with logarithmic preferences can be separated from the agent's investment decisions. Using minimal assumptions and mathematical machinery, we demonstrate that the optimal consumption/wealth ratio is deterministic, and we derive an explicit formula for it.

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12

Dasilas, Apostolos, Chris Grose, and Theodoros Spyridis. "Wealth effects of delistings announcements in Europe." Investment Management and Financial Innovations 14, no. 1 (March 31, 2017): 67–79. http://dx.doi.org/10.21511/imfi.14(1).2017.07.

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Using a European dataset of 478 delistings, the authors investigate the role of corporate governance in the short-term performance of European stocks around a delisting decision. In order to achieve this, the authors utilize the event study methodology in multiple contexts and cross-sectional regression analysis. This is particularly evident in high shareholder protection environments in a finding, related with investors’ perception of the security they experience in the particular market, as well as the afterlife of the under delisting stock and the potential of value creation or destruction. In high investor protection environments the delisting event causes negative abnormal returns both for voluntary and involuntary delistings. The authors conjecture that these delistings, whether referring to LBOs, delistings from secondary listings or BOSOs, are strategic decisions, and in this respect pre-delisting shareholders acknowledge that there is life after delisting. Under low investor protection the above holds only for involuntary ones. Companies failing to meet capital market criteria and voluntary delistings appear to have significantly smaller losses than under bankruptcy firms, on average, on the eve of the delisting event. These abnormal returns are basically affected by the firms’ financial soundness and the corporate governance level pertaining in the host market. Cross-sectional regression analysis shows also the inverse relationship between the degree of governance structures and market reaction to delistings announcements.

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13

Brugiavini, Agar, and Franco Peracchi. "Social Security Wealth and Retirement Decisions in Italy." Labour 17, SpecialIssue (August 2003): 79–114. http://dx.doi.org/10.1111/1467-9914.17.specialissue.4.

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14

Brandon-Jones, Emma, Marie Dutordoir, Joao Quariguasi Frota Neto, and Brian Squire. "The impact of reshoring decisions on shareholder wealth." Journal of Operations Management 49-51, no. 1 (January 28, 2017): 31–36. http://dx.doi.org/10.1016/j.jom.2016.12.002.

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15

Adkisson, Richard V. "Nudge: Improving Decisions About Health, Wealth and Happiness." Social Science Journal 45, no. 4 (December 1, 2008): 700–701. http://dx.doi.org/10.1016/j.soscij.2008.09.003.

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16

Hoyt, Gail Mitchell. "Nudge: Improving Decisions About Health, Wealth, and Happiness." International Review of Economics Education 8, no. 1 (2009): 158–59. http://dx.doi.org/10.1016/s1477-3880(15)30073-6.

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17

Joglekar, Prafulla, and James M. Kelly. "Volume discount decisions: Wealth maximization or EOQ approach?" Naval Research Logistics 45, no. 4 (June 1998): 377–89. http://dx.doi.org/10.1002/(sici)1520-6750(199806)45:4<377::aid-nav4>3.0.co;2-2.

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18

LOVE, DAVID, and GREGORY PHELAN. "Hyperbolic discounting and life-cycle portfolio choice." Journal of Pension Economics and Finance 14, no. 4 (October 2015): 492–524. http://dx.doi.org/10.1017/s1474747215000220.

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AbstractThis paper studies how hyperbolic discounting affects stock market participation, asset allocation, and saving decisions over the life cycle in an economy with Epstein–Zin preferences. Hyperbolic discounting affects saving and portfolio decisions through at least two channels: (1) it lowers desired saving, which decreases financial wealth relative to future earnings; and (2) it lowers the incentive to pay a fixed cost to enter the stock market. We find that hyperbolic discounters accumulate less wealth relative to their geometric counterparts and that they participate in the stock market at a later age. Because they have lower levels of financial wealth relative to future earnings, hyperbolic discounters who do participate in the stock market tend to hold a higher share of equities, particularly in the retirement years. We find that increasing the elasticity of intertemporal substitution, holding risk aversion constant, greatly magnifies the impact of hyperbolic discounting on all of the model's decision rules and simulated levels of participation, allocation, and wealth. Finally, we introduce endogenous financial knowledge accumulation and find that hyperbolic discounting leads to lower financial literacy and inefficient stock market investment.

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19

Pathak, Spandan, Prateek Verma, Sumit K. Ram, and Supratim Sengupta. "How strategy environment and wealth shape altruistic behaviour: cooperation rules affecting wealth distribution in dynamic networks." Proceedings of the Royal Society B: Biological Sciences 287, no. 1941 (December 16, 2020): 20202250. http://dx.doi.org/10.1098/rspb.2020.2250.

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Societies rely on individual contributions to sustain public goods that benefit the entire community. Several mechanisms, that specify how individuals change their decisions based on past experiences, have been proposed to explain how altruists are not outcompeted by selfish counterparts. A key aspect of such strategy updates involves a comparison of an individual's latest payoff with that of a random neighbour. In reality, both the economic and social milieu often shapes cooperative behaviour. We propose a new decision heuristic, where the propensity of an individual to cooperate depends on the local strategy environment in which she is embedded as well as her wealth relative to that of her neighbours. Our decision-making model allows cooperation to be sustained and also explains the results of recent experiments on social dilemmas in dynamic networks. Final cooperation levels depend only on the extent to which the strategy environment influences altruistic behaviour but are largely unaffected by network restructuring. However, the extent of wealth inequality in the community is affected by a subtle interplay between the environmental influence on a person's decision to contribute and the likelihood of reshaping social ties, with wealth-inequality levels rising with increasing likelihood of network restructuring in some situations.

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20

Chatterjee, Swarn. "Effect of False Confidence on Asset Allocation Decisions of Households." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (January 19, 2016): 1. http://dx.doi.org/10.20525/.v3i1.166.

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<p>This paper investigates whether false confidence, as characterized by a high level of personal mastery and a low level of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various behavioral, socio-economic and demographic variables drawn from prior literature. Findings of this research reveal that false confidence is indeed a predictor of trading activity in individual investment assets, and it also has a negative impact on individual wealth creation across time.</p>

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Chatterjee, Swarn. "Effect of False Confidence on Asset Allocation Decisions of Households." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (July 21, 2019): 01–11. http://dx.doi.org/10.20525/ijfbs.v3i1.166.

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This paper investigates whether false confidence, as characterized by a high level of personal mastery and a low level of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various behavioral, socio-economic and demographic variables drawn from prior literature. Findings of this research reveal that false confidence is indeed a predictor of trading activity in individual investment assets, and it also has a negative impact on individual wealth creation across time.

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22

Jeong, Ui-Chung, and Eui-Chul Chung. "A Panel Data Analysis of Housing Tenure Choice Decision of Millennials." Konkuk Research Institute of Real Estate and Urban Studies 15, no. 1 (August 31, 2022): 49–68. http://dx.doi.org/10.22423/kreus.2022.15.1.49.

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This study examines the determinants of housing tenure choice decisions of Millennials. Using KLIPS panel data from 2014 to 2020, a correlated random effects probit model and a fixed effects logit model were estimated to control for endogeneity problem associated with time-invariant unobserved heterogeneity. Estimation results showed that net wealth, relative housing cost, marital status of household heads were major determinants of housing tenure choice decisions. Permanent income, one of key variables on the housing tenure choice, was not significant, indicating that net wealth rather than income is more important to homeownership decisions of Millennials. However, the effect of net wealth on the probability of home owning was estimated to decrease over the observation period because the increase in net wealth could not catch up with the rise of housing price. A sharp decrease of the effect of net wealth on the probability of home owning in recent years was attributable to a dramatic increase in housing price and more stringent mortgage regulations.

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23

Safronchuk, M. V. "Technical Progress, Unemployment and Wealth." MGIMO Review of International Relations, no. 4(25) (August 28, 2012): 168–72. http://dx.doi.org/10.24833/2071-8160-2012-4-25-168-172.

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This text examines the dynamic of unemployment, prices and wages under the technical progress. It also describes the way in which big economic cycles change the main macroeconomic indicators, including saving-investment decisions. We present a version, that the long wave goes down our days and can change the expectations and psychological factors of economic behavior.

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24

Rooze, Simon. "Review: Nudge: Improving Decisions about Health, Wealth and Happiness." Amsterdam Law Forum 1, no. 4 (August 30, 2009): 89. http://dx.doi.org/10.37974/alf.89.

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25

Samuel Baixauli-Soler, J., María Belda-Ruiz, and Gregorio Sánchez-Marín. "Socioemotional wealth and financial decisions in private family SMEs." Journal of Business Research 123 (February 2021): 657–68. http://dx.doi.org/10.1016/j.jbusres.2020.10.022.

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26

Ramis, Francisco J., Gerald J. Thuesen, and Tina J. Barr. "A Dynamic Target-Wealth Criterion for Capital Investment Decisions." Engineering Economist 36, no. 2 (January 1991): 107–26. http://dx.doi.org/10.1080/00137919108903036.

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27

Bosch, Jean-Claude, and Insup Lee. "Wealth effects of food and drug administration (FDA) decisions." Managerial and Decision Economics 15, no. 6 (November 1994): 589–99. http://dx.doi.org/10.1002/mde.4090150606.

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28

Stulp, Gert, and Louise Barrett. "Wealth, fertility and adaptive behaviour in industrial populations." Philosophical Transactions of the Royal Society B: Biological Sciences 371, no. 1692 (April 19, 2016): 20150153. http://dx.doi.org/10.1098/rstb.2015.0153.

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The lack of association between wealth and fertility in contemporary industrialized populations has often been used to question the value of an evolutionary perspective on human behaviour. Here, we first present the history of this debate, and the evolutionary explanations for why wealth and fertility (the number of children) are decoupled in modern industrial settings. We suggest that the nature of the relationship between wealth and fertility remains an open question because of the multi-faceted nature of wealth, and because existing cross-sectional studies are ambiguous with respect to how material wealth and fertility are linked. A literature review of longitudinal studies on wealth and fertility shows that the majority of these report positive effects of wealth, although levels of fertility seem to fall below those that would maximize fitness. We emphasize that reproductive decision-making reflects a complex interplay between individual and societal factors that resists simple evolutionary interpretation, and highlight the role of economic insecurity in fertility decisions. We conclude by discussing whether the wealth–fertility relationship can inform us about the adaptiveness of modern fertility behaviour, and argue against simplistic claims regarding maladaptive behaviour in humans.

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29

Shodiya, Olayinka Abideen, Wasiu Abiodun Sanyaolu, Joseph Olushola Ojenike, and Gbadebo Tirimisiyu Ogunmefun. "Shareholder Wealth Maximization and Investment Decisions of Nigerian Food and Beverage Companies." Acta Universitatis Sapientiae, Economics and Business 7, no. 1 (December 1, 2019): 47–63. http://dx.doi.org/10.1515/auseb-2019-0004.

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Abstract The study examines the effect of shareholder wealth maximization on investment decision in food and beverage companies listed in Nigeria. To achieve this, seven listed food and beverage companies were selected. The research adopted an ex post facto research design, while purposeful and stratified sampling techniques were used to select seven out of the fifteen companies in the food and beverage subsector. Data for the study were extracted from the annual reports and accounts of the sampled companies from 2008–2017. The result obtained from the regression analysis reveals that earnings per share and market price per share have no significant positive effect on investment decisions, while dividend per share was found to have no significant negative effect on investment decisions. In effect, the study concludes that the unique combination of the identified proxies for shareholder wealth maximization have jointly a significant positive effect on investment decisions. Arising from this, the study recommends that food and beverage companies should improve more on earnings per share, dividend per share, and market price per share so as to attract more investment from shareholders.

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30

Sverdan, Mykhailo. "ECONOMICS AND TAXATION OF WEALTH." Three Seas Economic Journal 1, no. 4 (December 28, 2020): 126–32. http://dx.doi.org/10.30525/2661-5150/2020-4-18.

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The purpose of the paper is to study current issues of wealth, which is due to current sustainable trends in wealth growth and increasing the number of wealthy individuals. The aim is to determine the essence, prerequisites for the emergence and development of wealth, as well as to reflect the historical aspects of the evolution of wealth and its current state. The topic of the article is caused by the need to reveal the modern social stratification of population by the level of wealth, the formation of a wealthy class of society and its growth, the processes of creating and increasing wealth. At the same time, the purpose of the article is to study wealth as an object of taxation. In this regard, an economical essence of the wealth tax and its introduction preconditions are considered, the specificity of functioning of wealth tax in a market economy, the most important features of wealth tax functioning are determined. Methodology. Proper analysis of the social structure of society in terms of material wealth allows to evaluate the efficiency of the economy and the quality of public policy in the system of creating and distributing public revenues, public goods and wealth. Fatal mistakes in choosing the state priorities of socio-economic policies and making the best decisions in the financial sphere appear without the results of these calculations. The survey is based on a comparison of data of wealth tax in different countries. Results. The question and the modern specifics of wealth are investigated. The value of wealth for society and the state is determined. The wealth tax is an effective fiscal tool of the state in the distribution of public revenues. The wealth tax exists in many countries in various forms. Practical implications. The possibilities of improving well-being and increasing wealth are explored. Adequate assessment of the level of well-being and wealth would enable the state to carry out a balanced and effective socio-economic and financial policy to stabilize society and adopt a stable public order. The financial essence of the wealth tax and its introduction preconditions are investigated. The specificity of functioning of wealth tax in a social market economy is considered. Value/originality. It has been found that wealth is a comprehensive, multi-faceted category, which can be characterized as a specific feature of the socio-economic structure of society, which determines its condition, results, dynamics and development tendencies. Wealth characterizes the ability to achieve a positive result (effect) in market conditions of managing and using the existing social and economic potential in the community, as evidenced by its level of civilization development. The peculiarities of the functioning of the wealth tax in different countries of the world are considered. The using of the wealth tax as a fiscal instrument in the state tax system is suggested.

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31

M. Hull, Robert. "Debt-equity decision-making with wealth transfers." Managerial Finance 40, no. 12 (December 1, 2014): 1223–50. http://dx.doi.org/10.1108/mf-09-2013-0239.

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Purpose – The purpose of this paper is to instruct advanced business students on the debt-equity choice by showing how wealth transfers between security holders influence security values when a levered firm undergoes an incremental debt-to-equity approach. Design/methodology/approach – The design involves a pedagogical exercise that applies gain to leverage (GL) formulas for a firm aspiring to increase its value by exchanging debt for equity. The valuation method includes perpetuity formulations including those with growth and wealth transfers. The instructional approach offers an understanding of the debt-equity decision. Findings – Unlike studies that provide empirical findings or new theories, this paper provides knowledge and skills for students learning capital structure decision making. Research limitations/implications – All GL equations in this paper are limited by derivational assumptions and estimation of values for variables. Practical implications – This paper bridges the gap between theory and practice by illustrating the impact of the costs of borrowings, growth rates and risk shifts on debt-equity decision making. Students will learn and apply GL equations. They will get an appreciation for the practical complexities of financial decision making including the agency complication embodied in wealth transfers. Social implications – Society can be enhanced to the extent this paper helps future financial managers make optimal capital structure decisions. Originality/value – This paper adds to the Capital Structure Model (CSM) pedagogical research by using the new CSM equations that address a levered situation and incremental approach. As such, it is the first CMS instructional paper to incorporate wealth transfers between security holders.

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32

Panigrahi, Shrikant Krupasindhu, Yuserrie Bin Zainuddin, and Noor Azlinna Binti Azizan. "Linkage of Management Decisions to Shareholder’s Value." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (July 21, 2014): 114–25. http://dx.doi.org/10.20525/ijfbs.v3i1.173.

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In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. The main objective of this paper is to increase awareness and relationship between management and shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shares of the company and the amount of return in the form of dividend paid. Thus in order to meet the demands of the shareholders of the company, managers needs to increase their abilities and skills to overcome the organizational goals. Thus the main goal of this paper is to discuss on the role of management decisions towards increasing shareholder’s wealth and meet organizational goals.

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33

Sverdan, Mykhailo. "THE ECONOMIC BASIS OF WEALTH AND ITS TAXATION." Three Seas Economic Journal 2, no. 4 (November 30, 2021): 56–62. http://dx.doi.org/10.30525/2661-5150/2021-4-10.

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The purpose of this paper is to examine the current problems of wealth, which is due to the current steady trends of increasing wealth and the increasing number of wealthy people. The aim of the paper is to define the essence, prerequisites for the emergence and development of wealth, as well as to reflect the historical aspects of the evolution of wealth and its present state. The topic of the article is conditioned by the necessity to reveal modern stratification of social strata by the level of wealth, formation of society's wealthy class and its growth, processes of wealth creation and multiplication. At the same time, the purpose of the article is to study wealth as an object of taxation. In this connection, the economic essence of wealth tax and prerequisites for its introduction were considered, the specifics of functioning of wealth tax in the market economy were determined, and the most important features of functioning of wealth tax were revealed. Methodology. A correct analysis of the social structure of society in terms of material well-being makes it possible to assess the efficiency of the economy and the quality of public policy in the system of creation and distribution of public income, public goods and wealth. Without the results of these calculations, fatal errors arise in the choice of state priorities of socio-economic policy and in making optimal decisions in the financial sphere. The study is based on the comparison of wealth tax data in different countries. Results. The question and modern specificity of wealth is explored. The value of wealth to society and the state is determined. Wealth tax is an effective fiscal instrument of the state in the distribution of state revenues. Wealth tax exists in many countries in various forms. Practical implications. Possibilities of increasing welfare and increasing wealth are considered. An adequate assessment of wealth and well-being will allow the state to conduct a balanced and effective socio-economic and financial policy to stabilize society and adopt a stable social order. The financial essence of the wealth tax and the prerequisites for its introduction were studied. The specifics of functioning of wealth tax in the market socially oriented economy are considered. Value/originality. It was found that wealth is a complex, multifaceted category, which can be characterized as a specific feature of the socio-economic structure of society, which determines its state, results, dynamics and trends of development. Wealth characterizes the ability to achieve a positive result (effect) in the market conditions of management and use of socio-economic potential available in the society, which indicates the level of its civilizational development. The features of functioning of wealth tax in different countries of the world are considered. The use of wealth tax as a fiscal tool in the tax system of the state was proposed.

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34

Grant, Andrew, and Steve Satchell. "Investment decisions when utility depends on wealth and other attributes." Quantitative Finance 20, no. 3 (October 31, 2019): 499–513. http://dx.doi.org/10.1080/14697688.2019.1663903.

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35

Donnelly, Catherine, Montserrat Guillen, Jens Perch Nielsen, and Ana Maria Pérez-Marín. "IMPLEMENTING INDIVIDUAL SAVINGS DECISIONS FOR RETIREMENT WITH BOUNDS ON WEALTH." ASTIN Bulletin 48, no. 1 (October 30, 2017): 111–37. http://dx.doi.org/10.1017/asb.2017.34.

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AbstractWe present a savings plan for retirement that removes risk by fixing a constraint on a life-long pension so that it has an upper and a lower bound. This corresponds to the ideas of Nobel laureate R.C. Merton whose implementation has never been published. We show with an illustration that our proposed practical algorithm reproduces the theoretical results after a savings period of around 30 years by using daily, monthly, weekly or yearly updates of the investment positions. We calculate the percentiles of the final accumulated wealth distribution for the adjusted implementation. In the simulated illustration, we observe that the adjusted values converge to the theoretical values of the percentiles when the frequency of update increases. We conclude that monthly adjustments result in a practical way to implement theoretical results that were obtained under the hypothesis of a continuous process by Donnellyet al.(2015). This method is easy to use in practice by pension savers and fund managers.

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Martin, Terrance K., Michael A. Guillemette, and Fabiola E. Urgel. "The effect of disability income on retirement decisions and wealth." Applied Economics Letters 25, no. 19 (January 5, 2018): 1333–35. http://dx.doi.org/10.1080/13504851.2017.1420874.

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Forbes, William. "THE SHAREHOLDER WEALTH EFFECTS OF MONOPOLIES AND MERGERS COMMISSION DECISIONS." Journal of Business Finance & Accounting 21, no. 6 (September 1994): 763–90. http://dx.doi.org/10.1111/j.1468-5957.1994.tb00348.x.

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Ben Ameur, Hatem, Ephraim Clark, André De Palma, and Jean-Luc Prigent. "Preface: Risk management decisions and wealth management in Financial Economics." Annals of Operations Research 262, no. 2 (January 24, 2018): 239–40. http://dx.doi.org/10.1007/s10479-018-2767-5.

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39

Choi, Syngjoo, Shachar Kariv, Wieland Müller, and Dan Silverman. "Who Is (More) Rational?" American Economic Review 104, no. 6 (June 1, 2014): 1518–50. http://dx.doi.org/10.1257/aer.104.6.1518.

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Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there exists a utility function the choices maximize. We conduct a large-scale experiment to test for consistency with utility maximization. Consistency scores vary markedly within and across socioeconomic groups. In particular, consistency is strongly related to wealth: A standard deviation increase in consistency is associated with 15–19 percent more household wealth. This association is quantitatively robust to conditioning on correlates of unobserved constraints, preferences, and beliefs. Consistency with utility maximization under laboratory conditions thus captures decision-making ability that applies across domains and influences important real-world outcomes. (JEL D12, D14, D81, D83, D91, G11)

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HASTINGS, JUSTINE, and OLIVIA S. MITCHELL. "How financial literacy and impatience shape retirement wealth and investment behaviors." Journal of Pension Economics and Finance 19, no. 1 (September 27, 2018): 1–20. http://dx.doi.org/10.1017/s1474747218000227.

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AbstractTwo competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could cause them to make suboptimal financial decisions. A second is that impatience or present-bias might explain suboptimal financial decisions. That is, some people persistently choose immediate gratification instead of taking advantage of larger long-term payoffs. We use experimental evidence from Chile to explore how these factors appear related to poor financial decisions. Our results show that our measure of impatience is a strong predictor of wealth and investment in health. Financial literacy is also correlated with wealth though it appears to be a weaker predictor of sensitivity to framing in investment decisions. Policymakers interested in enhancing retirement well-being would do well to consider the importance of both factors.

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Azura B.T. Sanusi, Nur. "The dynamics of capital structure in the presence of zakat and corporate tax." International Journal of Islamic and Middle Eastern Finance and Management 7, no. 1 (April 14, 2014): 89–111. http://dx.doi.org/10.1108/imefm-11-2011-0083.

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Purpose – The purpose of this paper is to determine the impact of wealth tax (zakat) and corporate tax (CT) on the firm's capital structure. The pioneering works of capital structure were introduced by Modgliani and Miller (1958). Subsequently, these studies were extended by other authors such as Elton and Gruber (1970), Miller (1977), DeAngelo and Masulis (1980), Mackie-Mason (1990), Harris and Raviv (1991), Rajan and Zingales (1995) and Booth et al. (2001). The diversity of the study covers from the advantage of CT to the cost of debt financing. The empirical evidence has also been applied to different countries with a good data access and different legal and accounting environments. However, this study is still relevant especially on the advantages of wealth tax, and the utilization of Islamic debt and equity financing to the firm's capital structure. Design/methodology/approach – The study uses the sample of Malaysian firms that are listed in the Kuala Lumpur Stock Exchange. The cross-sectional and time-series data covering 422 companies from 1996 to 2000 are compiled from the database published by the Kuala Lumpur Stock Exchange. All the sample firms are listed as a syariah company that normally pays the wealth tax. These data, then, are used to examine the effects of several explanatory variables, i.e. wealth tax and CT, and several controlled variables on firm capital structure decisions. Findings – The results showed that, first, the significance of wealth tax is consistent with the argument that firms that pay high wealth tax should be financed with relatively more debt. Second, as the CT rate is raised, firms are subjected to lower CT rates which would lead them to utilize more debt in their capital structures. Third, a significant relationship exists between age, size, return on assets, volatility, industry classification, tangible assets and bankruptcy with the capital structure. Originality/value – This paper viewed the tax benefits and the zakat payments in isolation. However, the tax deductions and the zakat payments are both expected to influence the capital structure decisions. The paper will study this decision and reveal the determinants that influence the capital structure decisions in general and the specific choice of payments, i.e. tax and zakat payments.

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Panigrahi, Shrikant Krupasindhu, Yuserrie Bin Zainuddin, and Noor Azlinna Binti Azizan. "Linkage of Management Decisions to Shareholder’s Value: EVA Concept." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (January 19, 2016): 114. http://dx.doi.org/10.20525/.v3i1.173.

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<p>In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. The main objective of this paper is to increase awareness and relationship between management and shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shares of the company and the amount of return in the form of dividend paid. Thus in order to meet the demands of the shareholders of the company, managers needs to increase their abilities and skills to overcome the organizational goals. Thus the main goal of this paper is to discuss on the role of management decisions towards increasing shareholder’s wealth and meet organizational goals.</p>

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Li, Mingfang, and Roy L. Simerly. "What are Strategic Decisions: Theoretical Issues and Empirical Evidence." Psychological Reports 78, no. 3 (June 1996): 795–801. http://dx.doi.org/10.2466/pr0.1996.78.3.795.

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This paper contrasts two theoretical views of strategic decisions, general and situational. We discuss the conceptual, substantive, and methodological issues associated with these two views and report the results of an empirical analysis using survey data, which was aimed at providing some evidence regarding the validity of these two views. Despite the wealth of theoretical support for the situational view, our research shows that the general view of strategic decision seems to be dominant in management practice.

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Bečvářová, V. "An impact of direct payments on production decisions in agriculture." Agricultural Economics (Zemědělská ekonomika) 53, No. 7 (January 7, 2008): 325–32. http://dx.doi.org/10.17221/1156-agricecon.

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The paper deals with the employment of decoupled direct payments as the model of targeted lump-sum financial transfers to the farmers. It considers whether decoupled payments may alter producers’ resource allocation over time and lead to effects on production. Decisive topics of influence through which decoupled payments as an instrument of income redistribution could affect production through recipient’ decisions in both short and long time horizons are bringing to the attention as follows: wealth and investment effects, sector consolidation and payment basis effects in the framework of agricultural policy.

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Gu, Qian, Jane Wenzhen Lu, and Chi-Nien Chung. "Incentive or Disincentive? A Socioemotional Wealth Explanation of New Industry Entry in Family Business Groups." Journal of Management 45, no. 2 (November 22, 2016): 645–72. http://dx.doi.org/10.1177/0149206316678450.

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We examine how controlling owners’ family considerations affect their new industry entry decisions in family business groups in emerging economies. Drawing on the socioemotional wealth (SEW) approach, we conceive the new industry entry decision as controlling owners’ response to pursue various family interests. In particular, we distinguish two aspects of SEW, focused SEW and broad SEW, and theorize their opposing effects on the new industry entry decision. We propose that controlling owners’ likelihood to pursue new industry entry is negatively influenced by the exercise of family influence (a representative of the focused SEW) but is positively associated with the succession of family dynasty (a typical form of the broad SEW). Furthermore, we argue that the effects of SEW preservation on such decisions are contingent on controlling owners’ generation, with the effects to be stronger when the founder generation is in control. We test these hypotheses with a sample of Taiwanese family business groups and find general support for our predictions.

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Benhabib, Jess, and Alberto Bisin. "Skewed Wealth Distributions: Theory and Empirics." Journal of Economic Literature 56, no. 4 (December 1, 2018): 1261–91. http://dx.doi.org/10.1257/jel.20161390.

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Invariably, across a cross-section of countries and time periods, wealth distributions are skewed to the right displaying thick upper tails, that is, large and slowly declining top wealth shares. In this survey, we categorize the theoretical studies on the distribution of wealth in terms of the underlying economic mechanisms generating skewness and thick tails. Further, we show how these mechanisms can be micro-founded by the consumption–savings decisions of rational agents in specific economic and demographic environments. Finally we map the large empirical work on the wealth distribution to its theoretical underpinnings. (JEL C46, D14, D31, E21, J31)

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Pierce, Lamar, Michael S. Dahl, and Jimmi Nielsen. "In Sickness and in Wealth." Personality and Social Psychology Bulletin 39, no. 3 (February 3, 2013): 359–74. http://dx.doi.org/10.1177/0146167212475321.

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As the percentage of wives outearning their husbands grows, the traditional social norm of the male breadwinner is challenged. The upward income comparison of the husband may cause psychological distress that affects partners’ mental and physical health in ways that affect decisions on marriage, divorce, and careers. This article studies this impact through sexual and mental health problems. Using wage and prescription medication data from Denmark, we implement a regression discontinuity design to show that men outearned by their wives are more likely to use erectile dysfunction medication than their male breadwinner counterparts, even when this inequality is small. Breadwinner wives suffer increased insomnia/anxiety medication usage, with similar effects for men. We find no effects for unmarried couples or for men who earned less than their fiancée prior to marriage. Our results suggest that social norms play important roles in dictating how individuals respond to upward social comparisons.

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Ademola, Samuel Alaba, Aishat Sarki Musa, and Idachaba Odekina Innocent. "Moderating Effect of Risk Perception on Financial Knowledge, Literacy and Investment Decision." American International Journal of Economics and Finance Research 1, no. 1 (February 27, 2019): 34–44. http://dx.doi.org/10.46545/aijefr.v1i1.60.

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Financially unsophisticated investors who consistently make sub-optimal financial decisions may suffer lasting consequences for long-term wealth accumulation and welfare. This study examines moderating effect of risk perception on financial knowledge, literacy and investment decision. Data was collected from 378 investors through the aids of structured questionnaires. The research hypotheses were tested using partial Least-square (PLS) regression. The findings reveals that there is positive and significant effect between financial knowledge, risk perception and investment decisions, while positive but insignificant effect was found between financial literacy and investment decisions. However, risk perception moderates the effect of financial literacy, investment knowledge on investment decisions. It recommends that investors, policymakers and individuals investors should embark on various educational programmes, to further influence the level of their investment decisions before committing their hard earning fund into project.

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Hammouda, Amira, and Sami Basly. "Socioemotional Wealth, Corporate Governance and Dividend Payout Decisions in Family Firms." Gestion 2000 37, no. 5 (2020): 17. http://dx.doi.org/10.3917/g2000.375.0017.

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Niu, Yingjie, Jinqiang Yang, and Zhentao Zou. "Investment decisions under incomplete markets in the presence of wealth effects." Journal of Economics 133, no. 2 (February 13, 2021): 167–89. http://dx.doi.org/10.1007/s00712-021-00731-1.

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