In contrast to the popular assumption of independence made in the classic corporate finance literature, many companies around the world are linked through common ownership to form business groups. This paper reviews the growing literature on the consequences of business group membership. The...

In contrast to the popular assumption of independence made in the classic corporate finance literature, many companies around the world are linked through common ownership to form business groups. This paper reviews the growing literature on the consequences of business group membership. The...

The rising globalization of the past decades has been pushing firms to expand their activities internationally in order to remain competitive. Serving foreign markets offers various opportunities, but also exposes firms to additional risks affecting their capital structure. Theoretically the...

Recent studies show that cash holdings cannot be considered a mere byproduct of corporate financial decision making but is an integral part of the explicit or implicit risk management policies of firms. This paper first gives an overview of the corporate finance literature from the past few...

Recent studies show that cash holdings cannot be considered a mere byproduct of corporate financial decision making but is an integral part of the explicit or implicit risk management policies of firms. This paper first gives an overview of the corporate finance literature from the past few...