We explore the role of Multinational Enterprises (MNEs) on Total Factor Productivity (TFP) of domestic firms by drawing attention to the foreign ownership structure. First, we differentiate between market share (MS) due to competition effects and knowledge agglomeration gains (AG). The former...

We revisit the puzzle of FDI spillovers on Total Factor Productivity (TFP) of domestic firms using evidence from six EU countries. Previous literature fails to uncover knowledge spillovers from MNEs operating in the same industry (horizontal) and upstream industries (forward) as it neglects the...

The paper reviews and interprets capital structure theory in a stylized way and explains the conceptual issues, consequences, and implications for financial management. Firms face an uncertain world that does not co-operate with many of the assumptions of the theory. Specific attention is paid...

The relationship between recessions and productivity has been the focus of an important body of theoretical and empirical research in the last two decades. We contribute to this literature by presenting new evidence on the evolution of productivity in the aftermath of recessions. Our method...