The purpose of this paper is to investigate the stochastic behavior of corporate debt ratios utilizing a balanced panel of 2,556 publicly traded US firms during the period 1997 - 2010. We partition the panel into ten economic sectors and perform panel unit root tests on each sector employing...

The corporate finance literature traditionally abounds in both theoretical discussion and empirical research concerning financing and long-term investment decisions. Managing short-term resources appears to be a much less remarkable issue, despite this resource's significant share of a firm's...

If Corporate Social Responsibility (CSR) activities are beyond a firm's legal obligations and potentially require a sacrifice in short-term profits, why do firms promote CSR? This question motivates this investigation of the impact of CSR on a firm's Corporate Financial Performance (CFP). This...

Fair value concept is widely used in DCF (Discounted Cash Flow) business valuation. One of the main principle of fair value concept is full information symmetry between contracting parties. The assumption enforces specific way of FCF (Free Cash Flow) estimation: all areas of inefficiency of...

The article presents the results of working capital management efficiency in the food industry in Poland and selected countries of the Eurozone. The research was conducted on the basis of the unpublished data by the Polish Central Statistical Office in the trade structure and dimension of food...

This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation...

In this paper, we investigate the effects of climate conditions on collected tax revenues, based on a panel-model approach. The dataset includes 123 countries and covers the period 1996-2010. The main results demonstrate that climate has a significant impact on tax revenues, the assumed function...

Forecasts, models and stress tests are important tools for policymakers and business planners. Recent developments in these related spheres have seen greater emphasis placed on stress tests from a regulatory perspective, while at the same time forecasting performance has been criticized. Given...

The paper examines the influence of the business cycle on working capital management strategies based on evidence from the Polish corporate sector. By exploring the interrelation between working capital investment and profitability ratios, we attempt to define the respective transmission...

In Poland, more than 90% of electricity production is based on coal fuel. Meanwhile, the financial situation of the mining industry is quite challenging. Companies in this sector are in debt, generating losses caused by a sharp drop in coal prices and a simultaneous increase in extraction costs...