Book Description

This thesis is a collection of essays on the firm's financial structure, the determinants of cash holdings, and on corporate governance. The first paper deals with one of the most contentious issues in the theory of corporate finance: the question of a firm's optimal financial structure. The second paper analyzes the determinants of cash holdings and how the agency impacts their behavior. We explore the institutional context as a driving force of cash holdings, focusing on the role of ownership concentration, voting rights, growth opportunities, and information asymmetries. The third paper investigates the relationship between firm performance and corporate governance in Switzerland. The research builds on previous studies by investigating the complex ownership structure of Swiss listed firms.