We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external...

Purpose Customer interactions with sellers change as social interactions in society change. The old dichotomy between transaction and relation exchange may no longer be valid as customers form relationships with sellers in new ways. It is against this background that the authors study how...

Drawing on internationalization process theory, we develop a new model for firm-specific internationalization risk assessment. The model shows that firm-specific internationalization risks can be determined from a firm's experiences and from current business activities in a firm's network....