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Differentiating entrepreneurs from family business founders
Hamelin, Anaïs - Laboratoire de Recherche en Gestion (LaRGE), Institut … - 2010
This paper develops a theoretical model predicting the difference in investment policy between entrepreneurs and family … less flexible ownership structure does not exploit all their growth potential. …
Persistent link: https://www.econbiz.de/10008764995
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Sensitivity to shocks and implicit employment protection in family firms
Bjuggren, Carl Magnus - 2014
In this study I present empirical evidence that employment in family firms is less sensitive to performance and product market fluctuations, both at the industry and at the firm level. This supports the idea that family firms are able to offer their employees implicit employment protection....
Persistent link: https://www.econbiz.de/10010391441
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CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES
OLARIU, Lavinia Elena BRÎNDESCU - In: Management Intercultural (2014) 32, pp. 21-28
The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which...
Persistent link: https://www.econbiz.de/10011122096
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Is working capital management value-enhancing? Evidence from firm performance and investments
Aktas, Nihat; Croci, Ettore; Petmezas, Dimitris - In: Journal of Corporate Finance 30 (2015) C, pp. 98-113
level (either by increasing or decreasing their investment in working capital) improve their stock and operating performance …. We also document that corporate investment is the channel through which efficient WCM translates into superior firm …
Persistent link: https://www.econbiz.de/10011190858
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The role of financial conditions in portfolio choices : the case of insurers
Ge, Shan; Weisbach, Michael S. - 2019
Many institutional investors depend on the returns they generate to fund their operations and liabilities. How do these investors' financial conditions affect the management of their portfolios? We address this issue using the insurance industry because insurers are large investors for which...
Persistent link: https://www.econbiz.de/10012104637
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Government control, uncertainty, and investment decisions in China's listed companies
Xu, Liping; Wang, Jingwei; Yu, Xin - In: China journal of accounting research : CJAR 3 (2010), pp. 131-157
This paper empirically investigates the relation between uncertainty and investment among China's listed companies, and … analyzes the influence of government control on the investment-uncertainty relation. We find that there is a negative relation … between total firm uncertainty and investment in China's listed companies. However, this holds only for privately controlled …
Persistent link: https://www.econbiz.de/10011823478
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The finance uncertainty multiplier
Alfaro, Iván; Bloom, Nicholas; Lin, Xiaoji - 2019
, using common proxies for financial constraints, we show that ex-ante financially constrained firms cut their investment more …
Persistent link: https://www.econbiz.de/10011969066
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Uncertainty, Investment Spikes, and Leverage Adjustments
Im, Hyun Joong - 2020
We study the effects of uncertainty on corporate leverage adjustments with respect to investment spikes and find that … overlevered and underlevered firms behave very differently in response to the combination of uncertainty and investment spikes …
Persistent link: https://www.econbiz.de/10012855716
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Short-Term Investments and Indices of Risk
Heller, Yuval - 2019
We study various decision problems regarding short-term investments in risky assets whose returns evolve continuously in time. We show that in each problem, all risk-averse decision makers have the same (problem-dependent) ranking over short- term risky assets. Moreover, in each of these...
Persistent link: https://www.econbiz.de/10012863885
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A Model of Industry Tournament Incentives
Coles, Jeffrey L. - 2020
This paper builds on Rosen (1981) and Hvide (2002) to provide a simple framework that elucidates the nature of incentives in the tournaments among top executives in both the external managerial labor market for the top executive positions in other companies and within the executives' own firm...
Persistent link: https://www.econbiz.de/10012842651