文章基本信息

标题：Market Structure and Optimal Payout Policy
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作者：Robert Beach
期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2022
卷号：14
期号：3
页码：76-83
DOI：10.5539/ijef.v14n3p76
语种：English
出版社：Canadian Center of Science and Education
摘要：This paper considers the relationship between market structure and payout policy within the context of an oligopoly in which firms must consider the strategic responses of their competitors. A differential game approach with a finite planning horizon is used for the analysis and a Markovian Nash equilibrium is obtained using a numerical method. The results suggest that given optimal payout policy market competition in the form of a duopoly results in greater reinvestment and earnings than that of a monopoly.
关键词：capital structure;differential game;research and development;numerical methods;firm value;intertemporal choice