Government often faces decisions, which concern choosing between projects carrying different risk level and timing of cash flows. For calculating government real estate investment discount rate, we can apply social opportunity cost approach and derived from that the capital asset pricing model...

Although most countries have firm reorganization option in legislation (either as a separate law or part of insolvency code), the practice of successful reorganizations has remained modest. Reorganization law was introduced in Estonia in late 2008, but only a few firms have been successfully...

The aim of this study was to investigate whether firms’ reporting delays are interconnected with bankruptcy risk and its financial determinants. This study was based on 698,189 firm-year observations from Estonia. Annual report submission delay, either in a binary or ordinal form, was used as...

This study aimed to find out how academic assets are interconnected with firm creation by academic staff at different academic life-cycle stages. The applied theoretical setting integrated resource-based and life-cycle explanations of academic entrepreneurship. A longitudinal whole population...

Payout (dividend) policy has been a controversial topic for decades. Theoretical and empirical literature has listed dozens of factors that could affect firm's payout decisions. Current paper analyses the influence of financial performance on firms' payout decisions based on a large sample of...

The extant literature on the association of political connectedness and performance of large firms has led to controversial results, while the context of micro-, small- and medium-sized enterprises (SMEs) has largely been overlooked in relevant studies. To resolve these gaps, the objective of...

Current paper is focused on analyzing the economic benefit of increasing maximum allowed truck weight for Estonian forest sector. It is producing economic benefits to the firms of forest sector in two broad areas. The change in truck weight limit regulation is causing the reduction of...