Two Essays and Statement of Learning on International Finance and Responsible Financial Management

Posted: August 26th, 2021

Student’s Name

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Table of Contents

Part A – Academic Essay. 3

Task 1. 3

Task 2. 5

Part B – Statement of Learning. 9

References. 12

Two Essays and Statement of Learning on International Finance and Responsible Financial Management

Part A – Academic Essay

Task 1

The critical question in the field of corporate finance, which is on whether dividends and dividend policy affect shareholder’s wealth, is still unsolved.The performance of dividend policy has been widely debated on in corporate finance literature, and numerous scholars have tried to reveal underlying dividend policy issues; however, a worthy explanation of dividend policy behavior is still lacking (Trabelsi, Aziz, & Lilti, 2019; Farrukh, Irshad, Shams Khakwani, Ishaque, &Ansari, 2017 Breuer, Rieger, & Soypak, 2014). Franc-Dąbrowska, Mądra-Sawicka, and Ulrichs (2019); Abdulkadir, Abdullah, and Wong (2016); and Balagobei and Selvaratnam (2015), who further observe that the impact of a firm’s dividend policy on shareholder’s wealth has remained an unresolved issue over the years echo similar sentiments. According to this author, the criticalpoint in the debate revolves around the optimal dividend payout that maximizes the shareholder’s wealth. The mentioned debate has created two groups of theorists. The first group believes that dividend policy is irrelevant shareholders and holds that the only decision of the company that is directly related to investments in working and fixing capital affects shareholder’s wealth. The second group posits that dividend policy does matter to investors, and for, some concrete reasons, a company can affect shareholder’s wealth through its dividend policy (Kumar & Ranjani, 2018; Zainudin, Mahdzan, & Yet, 2018; Qammar, Ibrahim, & Alam, 2017; Clayman, Fridson, & Troughton, 2012).However, despite the lack of consensus on the impact of dividend and dividend policy on shareholder wealth, dividend decisions should be evaluated to maximize the firm’s value to shareholders, and this depends on the current dividend and the underlying dividend policy.

Under perfect market conditions, for instance, a world without taxes, transaction costs, and the same information among all investors, a company’s dividend policy would not affect the shareholder wealth. According to Miller and Modigliani (as cited in Wiley, 2019, p. 100), under the assumption of perfect capital markets, a company’s dividend policy should not affect its costs of capital or shareholder’s wealth based on two reasons. Firstly, a company’s dividend policy is independent of its investment and financing decisions. Secondly, if shareholders needed investment income, they could construct their cash flow streams by selling a sufficient number of shares without incurring ant costs (homemade dividends). However, the prevailing market imperfections make it difficult to apply the stated theory in the real world. In a real sense, companies and individuals incur transaction costs, and stock price volatility makes it difficult to create homemade dividends (Wiley, 2019; Osamwonyi & Lola-Ebueku, 2016; Tanushev, 2016; Renberg & Nylander, 2013).Farrukh et al. (2017) define dividend policy as the policy or practice that an establishment uses to frame its dividend payout to investors. It is equally the amount of earnings distributed to the investors and the amount of retained earnings (Ansar, Butt, & Shah, 2015). The mentioned policy affects both long-term financing and shareholders’ wealth. Subsequently, decisions to pay dividends must be made in such an approach to allocate the distributed proceeds equitably and retained earnings (Devereux, 2019; Agila & Jerinabi, 2018; Dhaval, n.d.). In general, the dividend policy would not affect the shareholder’s wealth if the world was perfect without taxes and other intervening factors. However, these prevailing imperfections in the present world infer that dividend policy would eventually influence the creation or destruction of shareholder wealth.

One significant feature of dividend policy that would influence shareholder wealth, especially for a company in the mold of Occidental Petroleum, is the forward-looking nature of the investment. According to the principles of shareholder wealth maximization, a firm should be dynamic and have a long-term outlook by anticipating and managing change as well as acquiring strategic investment opportunities. More so, it should maximize the present value of expected cash flows to owners within the boundaries of the statutory law, administrative law, and ethical standards of conduct (Kumar, 2018; Sikka & Stittle, 2017; McGuigan, Moyer, & Harris, 2011; Rappaport, 2006). Similarly, shareholder wealth as a measure of firm performance is objective and forward-looking, which infers that it incorporates all influences on the firm and its stakeholders. According to Melicher and Norton (2017), no other measure of firm performance is as inclusive and practical for evaluating a firm’s strategy as the discussed concept. Subsequently, the management of Occidental Petroleum was correct to pursue the deal since such a forward-looking investment is consistent with the ethos of shareholder wealth maximization. For instance, the $55bn takeover of Anadarko Petroleum would add to the shareholder wealth, and, according to Melicher and Norton (2017), such projects that create shareholder wealth should be chosen for implementation.Conversely, their counterparts that reduce shareholder wealth should be rejected. Overall, forward-looking investments have a positive effect on shareholder wealth. Such a venture would have a significant impact on the creation of shareholder wealth. Subsequently, Occidental Petroleum is justified in their investment decision.

Task 2

Capital structure decisions are significant in financial management. In a private business, these decisions focus on maximizing shareholder’s value of the enterprise. According to Larrabee and Voss (2013), the stated value depends on the expected earnings and cost of capital. The latter is defined as the return expected by the investors or debt holders who provide the capital needed to run a business (Gallo, 2015). In essence, any investment made by a firm has to earn enough money to ensure that investors ‘ expected return and debt holders are repaid. Conversely, the capital or financial structure denotes the composition ofa company’s liabilities (Khan & Jain, 2011). More precisely, it refers to how the financing of the firm takes place through a combination of debt and equity (Chakravarty, 2014). Swanson, Srinidhi, & Seetharaman (2013), define the capital structure as the mixture of long-term debt and equity that is used to finance the firm’s productive assets. Debt is a contractual arrangement between the firm the debt holders that include the principal, relevant interest, and maturation date. Equity defines ownership, where the holder has certain rights to the overall direction of the firm and the disposition of residual assets at the dissolution of the firm (Swanson et al., 2013). Mostly, a stable target capital structure is the debt/equity tradeoff that management determines to be ideal. However, a firm’s target capital structure may not necessarily be optimal according to return and risk to the stockholders.

An optimal capital structure would minimize the weighted average cost of capital and all the resources used to finance the company. Besides, it would influence the value of the firm by operating on either the cost of capital or the expected earnings or both. According to Tharshiga and Velnamby (2017), the effect of tax-deductibility of interest payments would lead to resources to financing debt, often lowering the establishment’s tax liability, but increasing the financial risk. Subsequently, the management must select a pattern of capital structure where the level of debt would minimize the overall cost of capital, maximize the earnings available to investors, and, eventually, maximize the total value of the business (Lynch, 2019; Brigham & Houston, 2013; Larrabee & Voss, 2013; Shim, Siegel, Shim, 2012; Sekhar, 2011). In essence, three schools of thought exist on the debate on the optimal capital structures that a firm should choose if they are to realize maximum market valuation and minimum cost of capital. The traditional perspective argues for an optimal structure where the value of the firm is at its highest while the cost of capital is at its lowest (Hunt & Terry, 2018; Imhof, Seavey, & Smith, 2017; Brigham & Daves, 2014; Hill, 2008). The other viewpoint, which is an extreme contrast to this and is based on the ideas of Modigliani and Miller, argues that optimal capital structure does not exist at any stage of the firm and that the market value of the establishment s not affected, whatsoever, by leverage factor (Miglo, 2016; Hasan, Hossain, & Habib, 2015; Yazdanfar & Öhman, 2015; Hill, 2008). In between the mentioned two extremes, there exists an intermediate version referred to as the net operating income perspective. This approach argues that a firm’s risk content is not affected by the variations in the composition of capitalization. According to Agarwal (2013), this latter perspective argues that the composition of capitalization redistributes the risk among shareholders; subsequently, a leverage effect on the value of the firm would not exist. However, due to the tax benefits that accrue from debt financing and market imperfections, the firm’s management should employ a prudent mix of financial claims while choosing an optimum capital structure that would lower the cost of capital and maximize its market value.

Based on the above-discussed perspectives on the cost of capital and capital structure, the $10bn cash financing provided by Berkshire Hathaway represents excellent value for money to shareholders. Despite the claims by Carl Icahn that the management “botched” the acquisition through “agreeing on a pricey financial package,” the deal was worth every dollar paid, as it would add $10bn to the firm’s value, which justifies the resulting premium. This figure comes from summing up Anadarko’s and Occidental’s assets as well as the $3.5bn of annual savings in operating and capital costs. The “pricey” acquisition tag comes from the nature of the substantial investment, which, being significant, poses a risk and a gamble on the management’s side. However, while considering the determinants of capital structure, especially the assets structure, uniqueness, growth, industry classification, firm size, earnings volatility, and profitability, it is evident that the management made the right decision. The latter determinant, together with corporate performance, has been identified as a significant determinant of the capital structure, as, in line with the tax trade-off models, profitable firms will employ more debt given their high tax burden and low bankruptcy (Rehman Shah, Rashid, & Khaleequzzaman, 2019; Chipeta & Deressa, 2016; Adair & Adaskou, 2014; Ahmadimousaabad, Bajuri, Jahanzeb, Karami, & Rehman, 2013). Subsequently, such firms never depend entirely on external funding. Instead, they rely on their internal accumulated researches from past profits. In general, in line with the trade-off theory and the related profitability, debt financing, and tax burden assumptions, the $10bn cash financing represents excellent value for money to the firm’s shareholders.

However, despite the $10bn financing, the $3.5bn of annual savings in operating and capital costs, and the near 8% yield that the complex investment is likely to recoup, the impact of tangibility, size, and non-debt tax shields could affect the value of the investment due to Mr. Buffet. Besides, Mr. Buffet’s funds introduce some significant alternations in the mix of equity and debt financing, which could equally affect the shareholder’s value.Landström (2017) and Hoff (2012)argue that tangibility is a reflection of a firm’s asset structures, in the sense that the more an establishment’s assets are tangible and generic, the higher would be the firm’s liquidation value. Tangible assets would reduce adverse selection and moral hazard, which infers that ventures with more tangible assets, will be more likely to use external debt in their financing portfolios (Landström, 2017). Conversely, their counterparts with many intangible intellectual properties and human capital have more equity that is external in their ventures, but as external equity is often limited, these firms are, in general, more financially constrained than others are. Tangible assets can support a higher debt level as compared to their intangible counterparts, such as growth opportunities. Size equally plays a significant role in the capital structure, as larger firms are less susceptible to bankruptcy. According to Parsons and Titman (2009), these firms tend to be more diversifies than their small counterparts do. Moreover, the trade-off model of capital structure asserts that large firms should, accordingly, employ more debt than smaller ones, and lending to the latter would be riskier due to the negative correlation between firm size and probability of insolvency (Jarallah, Saleh, & Salim, 2019; Chen & Chen, 2011;González & González, 2011). Overall, the Berkshire Hathaway financing would not hurt the cost of and resulting capital structures; instead, it would add value to the firm and present good returns to the investors. Equally, Carl Icahn’s concerns on the acquisition are contrary to established theoretical and empirical facts, which point towards the profitability the firm and the investors would enjoy from the mentioned move.

Part B – Statement of Learning

The AF6002 course on International Finance and Responsible Financial Management was more than an ordinary course. I initially enrolled for the course to better grades, based on the perspective of classmates and the consensus, something akin to moving with the crowd. However, with time, I developed a keen interest in the course, especially as the course wore on and more advanced levels of understanding of the financial markets were being explored (Appendix 1). I had never fully grasped the operations of the financial markets, more so the operations of bonds, interest rates, capital, capital structures, investment portfolios, exchange rates, banking systems, and foreign direct investments. However, I managed to understand how financial markets operate especially through coming into interaction with various experienced stakeholders who have expertise in the field. For example, listening to arguments by Fema and Thaller (Chicago Booth Review, Appendix 1) on market efficiency, I could learn various aspects of market management finance, including risk aversion and their changes concerning time, predicting rational and irrational behavior. Besides, the market hypothesis was an exciting topic, especially on how it interprets the relationship between the investor and the market as well as the existence of market anomalies. In general, this part of the program availed practical expertise, intellectuals understanding of financing, and factual competences that both provoked and satisfied my craving for more in-depth knowledge on the management of financial assets.

Further, anotherexciting aspect of the financial market was about the concept of greed when in the investments and management of financial assets. The topic revealed the complexity of the financial market while addressing the impact of reckless love of money in the banking sector that contributed to the collapseof the financial sector following the financial crisis in 2007-2008 in the US. Miscalculations among several US investment banks, led by Lehman Brothers by investing heavily in Mortgage-Backed Securities (MBS) and Collateral debt obligations (CDOs), was the worst movie that cost the financial sector (Appendix 2) — presenting a case of Lehman Brothers who had recklessly engaged in dealing in toxic assets. The venture was profitable but only during the stable market. Later, the most significant investment bank would not survive the market crash, which it played a part in creating. Eventually, it ended up filing the historic bankruptcy that has ever happened in the world, leading to retrenchment of over 25,000 employees worldwide (Appendix 2). Hence, from this case, I learnedthat the appropriate calculation of the market trend is critical inthe management of financial management. Besides, financial greed is dangerous as it blinds once rational thinking in the investment market. Investors have to be keen when making their decisions to buy or sell certain assets. At the same time, political decisions should be rational because they contribute heavily to the stability of the financial market.

Besides, the concept of predicting financial credit made me understand that there are diverse forces that influence market behavior. The lesson was interesting as it gave me the ability to understand the interaction of various economic players such as the shift in the industry, the impact of political risks, and the changes in the creditworthiness on the overall behavior of the credit market. Notably, I realized that the interest rate plays a critical part in the behavior of the market. The lesson comes handy to investors as it is critical in associating the variations in the market with the changes in the economy. According to the discussion by a panel of experts (Appendix 3), competition in lending has an impact on the lending rates. High competition for a limited number of customers reduces the interest rates and vice versa when the market has a large number of borrowers (Appendix 3). Thus, the lesson is one of the vital insights for anyone interested in understanding the operations of financial markets.

Moreover, the experiences derived from the study are not only educating but also entertaining. The direct engagement I underwent gave me the experience to have a different view of studying this subject. I have to learn that besides the academic seriousness that the study entailed, various concepts of international finance are directly related to real-life situations. For example, the case of “Capitalism: a love story” depicts the concept by presenting the exact social characters that reflect the real capitalism from an economic perspective (Appendix 4). The documentary enriched my understanding of the topic besides opening on my view about capitalism as an economic system. Further, the highlights on capital structure, what entails finding the appropriate structure as an investor, was an encouragement to me since I noted that working hard and being smart in life opens up opportunities for whatever you want. According to capital structure lessons, finding an appropriate capital structure is not a journey of a single day. It entails understanding your ambitions and the prevailing market conditions, which should be adequately combined (Appendix 3). Thus, it is always good to be exhaustive by appreciating every aspect of life when making important decisions.

Lastly, I was able to learn that unfair competition in the market serves to disadvantage small businesses. There is a need for controlling the financial market for everyone to operate fairly (Appendix 5). Further, like a case of Madoff company that swindled its investors opened my understanding that it is always critical to do a background check before making investments (Appendix 7). More so, the government and investment sector should strive to sensitize investors against corrupt or unethical behavior in the financial market (Appendix 8). This includes all aspects of financial markets from credit banking to other financial activities practiced by both private and public banks. Failure to embrace ethics and responsible financial practices has a consequence on performance in financial markets, hence the overall investment market economy.

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Appendices