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Submitted by refined on February 1, 2006
Category: Business
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8
STERN STEWART JOURNAL OF APPLIED CORPORATE FINANCE
e recently conducted a comprehensive survey that analyzed the
current practice of corporate finance, with particular focus on the
areas of capital budgeting and capital structure. The survey results
enabled us to identify aspects of corporate practice that are
*This paper is a compressed version of our paper that was first published as "The Theory and Practice of Corporate Finance:
Evidence from the Field" in the Journal of Financial Economics, Vol. 60 (2001), and which won the Jensen prize for the best
JFE paper in corporate finance in 2001. This research is partially sponsored by the Financial Executives International (FEI)
but the opinions expressed herein do not necessarily represent the views of FEI. We thank the FEI executives who responded
to the survey. Graham acknowledges financial support from the Alfred P. Sloan Research Foundation.
1. In the original JFE version of this paper, we show that our sample of respondents is representative of the overall
population of 4,400 firms, is fairly representative of Compustat firms, and is not adversely affected by nonresponse bias. The
next largest survey that we know of studies 298 large firms and is presented in J. Moore and A. Reichert, "An Analysis of the
Financial Management Techniques Currently Employed by Large U.S. Corporations," Journal of Business Finance and
Accounting, Vol. 10 (1983), pp. 623-645.
consistent with finance theory, as well as aspects that are hard to reconcile with
what we teach in our business schools today. In presenting these results, we
hope that some practitioners will find it worthwhile to observe how other
companies operate and perhaps modify their own practices. It may also be useful
for finance academics to consider differences between theory and practice as
a reason to revisit the...
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