This research examines how capital structure and liquidity impact the financial performance of South African firms from 2012 to 2023. Using panel data methodologies and the Generalised Method of Moments (GMM) estimation, the study addresses potential endogeneity issues and inaccuracies in the...

In recent years, the focus on state-owned enterprises (SOE) has returned. SOEs are an important part of the post-socialist countries that comprise Central and Eastern Europe (CEE). However, there are still no consistent findings on SOEs’ performance and dividend payouts, although the popular...

Did the COVID-19 pandemic zombify the economy? Commentators have pointed to the pandemic and related business support measures potentially fueling zombification. Using administrative data covering the universe of Canadian firms, we find a broad-based decline in the share of zombie firms across...

This study examines whether a firm's business strategy - innovative vs. conservative - determines the extent to which a crisis impacts its performance. To explore this, the study calculates business strategy scores as a composite measure of six variables, where a high (low) score indicates an...