Corporate Finance and Investment: Decisions and Strategies by Richard Pike, Bill Neale

By Richard Pike, Bill Neale

This article has a pragmatic orientation with a wealth of examples and case experiences. This well known textual content takes a pragmatic method of company finance, making use of key recommendations and strategies to a wide diversity of latest matters in finance. analyzing monetary matters from a managerial stand aspect, the authors display the function finance has to play in explaining and shaping enterprise improvement instead of focusing on quantitative features. This publication is acceptable for moment and 3rd 12 months undergraduate scholars of commercial experiences, accounting, finance and economics. it really is relatively necessary for these learning an MBA or MSc in company. it's a thorough and good written ebook with strong examples Hugh Metcalf, college of Newcastle upon Tyne, united kingdom I instantly cherished it Ivar Bredesen, Oslo college collage, Norway it is a excellent, trustworthy, effortless to learn textual content e-book Anne Butchers, college of Warwick, united kingdom

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Extra info for Corporate Finance and Investment: Decisions and Strategies

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In the train of these corporate collapses and scandals, a number of committees have reported on the accountability of the board of directors to their stakeholders and risk management procedures, brought together as the ‘Combined Code’. The Combined Code on Corporate Governance, introduced in 2003, applies to all listed companies. Its main requirements for financial management are summarised below. 1 Directors and the board ■ There should be a clear division of responsibilities between the running of the board (chairman) and the executive responsibility for the running of the business (chief executive).

Let us now consider the major sources and uses of cash for a typical business. QXD 8 10/27/08 12:29 PM Page 8 Part I A framework for financial decisions ■ Sources and uses of cash Shareholders’ funds shareholders’ funds/ equity capital Money invested by shareholders and profits retained in the company The largest proportion of long-term finance is usually provided by shareholders and is termed shareholders’ funds or equity capital. By purchasing a portion of, or shares in, a company, almost anyone can become a shareholder with some degree of control over a company.

Ultimately, our goal is the goal of all professional investors – to maximise value by generating the highest cash flow possible. earnings per share Profit available for distribution to shareholders divided by the number of shares issued However, many practising managers might take a different view of the goal of their firm. In recent years, a wide variety of goals have been suggested, from the traditional goal of profit maximisation to goals relating to sales, employee welfare, manager satisfaction, survival and the good of society.

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