We analyse the strategies undertaken by financially-distressed companies and test the hypothesis that the probability of corporate recovery is positively related to the adoption of cash based strategies. We show that, companies that recover from financial distress are focused, diligent and adopt...

We assess the extent to which remotely-located firms are likely to discretionarily accumulate cash rather than distribute it to shareholders. We consider that these firms are less subject to shareholder scrutiny and, thus, will have high agency conflicts as the distance will facilitate the...