Demonstrate a detailed knowledge of the firm's dividend policy and evaluate the optimal level of internally generated finance.

Knowledge & Understanding & Learning

Critically understand the principles of business and asset valuations.

Understanding & Analysis

Demonstrate systematic understanding the complexities involved in assessing and measuring business risk and the return on investment

Application, Communication, Knowledge & Problem Solving

Critically analyse a range of models in the process of organisational valuation

Application & Analysis

1. Practical - Presentation 15 mins weighted at 20% (LO 1)

2. Written Exam (2 hours) plus 10 mins reading time (80%) (LOs 2, 3 & 4)

You will examine the development of financial strategy within an organisation. The breadth of corporate finance and corporate treasury management is examined. You will then go on to explore the various methods of company and share valuation, linking this to the areas studied throughout the module.



Business valuations: nature and purpose of the valuation of the business and financial assets, models for the valuation of shares, the valuation of debt and other financial assets, efficient market hypothesis (EMH) and practical considerations in the valuation of shares.



You will examine take-over and merger activity by considering real-world case studies and the various financing methods available including the growing importance of private equity finance dividend policy and how much finance can be raised from within the business. We will also examine capital reconstructions, divestments, diversification, capital structure theories and practical considerations and corporate failure.



The module continues by considering the measurement and analysis of the different types of risk, and the various methods available for businesses to manage these risks effectively. Portfolio theory and the Capital Asset Pricing Model will be studied in this context.



The module will then consider the determinants of a company's dividend policy together with a framework for analysing dividend policy.



The module concludes by exploring international aspects of Corporate Finance and will include consideration of the advantages of multinational companies (MNCs) over national companies, the complexities of foreign direct investment (FDI) and exchange rate hedging strategies.

You will build on the financial management knowledge to examine the development of financial strategy within an organisation. The starting point is the main financial objective of a company, which is to maximise shareholder wealth. We look at various financial and non-financial strategies to achieve this objective as well as ensure organisation goal congruence through effective decision making.

The learning strategy for the module requires students to commit 200 learning hours (including assessment) of which there will be 48 hours of tutor-led learning and 152 hours of independent and self-directed study.



Whole group sessions - a series of participatory lectures will disseminate knowledge and understanding as the foundation for a structured programme of tutorial sessions. Topical business-world examples and case studies will be used extensively to support learning.



Small group sessions - a series of weekly tutorial sessions where students will work individually and in groups on practical exercises to reinforce their learning.



The classroom delivery will be supported by materials available on the VLE to guide further self-directed study at a pace and time convenient to the student.



Students will be provided with general guidance in the module study guide and receive specific guidance and training where needed.



The tutorial sessions include case-based exercises and activities that require students to prepare work outside formal contact hours and to discuss findings with tutors and peers during the tutorial session. As such, formative feedback will be a feature of these sessions.



In-class sessions play a crucial role in the learning process, where formative assessments are essential for providing ongoing feedback to both students and the teaching team. Examples of formative assessments include quizzes, class exercises, draft submissions, and peer reviews, all of which help gauge students' understanding of the course material. These assessments enable instructors to identify areas where students may need additional support and adjust teaching strategies as needed. This practical implementation ensures that even in a remote learning environment, students receive the necessary support and preparation for their summative assessments.



Feedback and feedforward on this module in the dual award program would follow the steps implemented:

Cross-Institution Moderation: Implement a moderation process where a sample of feedback from both institutions is reviewed collaboratively. This allows for adjustments to be made to ensure that the quality and tone of feedback are aligned.

Structured Feedforward: Both institutions would follow a consistent approach to feedforward, providing clear, actionable advice on how students can improve in future assessments. This helps students apply feedback effectively across all their modules.

McLaney, E., 2017 Business finance: theory and practice. 11th Edition Pearson education. ISBN 13: 9781292134437.

Pike, R. & Neale, B. (2018) Corporate Finance & Investment: Decisions and Strategies, 9th Edition. FT Prentice Hall. ISBN 1292208546

CIMA (2023). F3 Financial Strategy: Study text paperback. CIMA. ISBN 978-1-83996-466-4.

Module study guide and handbook

The University Library and Learning Resources - books and academic journals

The module VLE

Learning support materials and booklets

Internet

Microsoft Office Excel

Microsoft Office PowerPoint

Computer-based quizzes