Meta-Analysis in Corporate Finance

A plethora of empirical studies on corporate finance do not yield clear results, making it difficult to draw consistent conclusions. Meta-analysis is a method that integrates the results of primary studies, identifies and eliminates the influence of publication bias, and allows for the examination of factors affecting the heterogeneity of these results. This book aims to disseminate knowledge about meta-analysis as a research methodology in the field of corporate finance. It highlights the additional benefits offered by meta-analysis compared to the results of primary research while discussing the limitations of this method. It presents the research procedures used in meta-analysis, but its originality lies in the fact that the starting point is not a write-up of the method but an outline of contemporary research issues in corporate finance. A significant part of this book is devoted to illustrating the meta-analytical approach to these issues, preceded by examples of meta-analysis in other fields of science for comparison. In addition, this book addresses the question of whether and how meta-analysis integrating the results of primary research can contribute to the development of corporate finance theory.

This book is intended for researchers specializing in finance, especially corporate finance, conducting empirical research; doctoral and master’s students in finance; and analyst-practitioners conducting research for use by government institutions or large corporations.