Purpose - This study aims to check whether the conclusions of measuring the firm life cycle by a model related to economics and finance (Dickinson model) are consistent with the model related to management (Greiner model). Design/methodology/approach - We applied the technique of individual...

This study examines the factors that influence companies' decisions to go public or private in Türkiye. We find that firm size, profitability, age, and market valuations have a positive impact on the decision to go public, but growth, leverage, financial investment, and tangibility have a...

The availability of cash at the disposal of any industrial enterprise provides a sense of economic freedom in the implementation of its development strategy. The total cash indicator is directly dependent on the cash flows across various types of activities. To meet the informational needs of...

This systematic review analyzes and compares the predictive power between traditional financial ratios and cash flow-based ratios in estimating performance. Although traditional ratios of return on assets and debt to equity have received extensive application, cash flow ratios are increasingly...

This paper examines the direct and spillover effects of cash transfers paid in a rural and low-income setting. In the short run, an unconditional cash transfer program for ultra-poor households in Northern Nigeria led to a 12 percentage point increase in micro-enterprise formation for program...

Purpose - The literature on financing constraints in emerging markets is still under-researched and is often described as a "black box." This study aims to shed light on this underexplored area for emerging economies. Specifically, it attempts to understand the phenomenon of financing...

We propose a new approach to identify firm-level financial constraints by applying artificial intelligence to text of 10-K filings by U.S. public firms from 1993 to 2021. Leveraging transformer-based natural language processing, our model captures contextual and semantic nuances often missed by...

In 2019, the European Commission published the WACC Notice that sets out a methodology for estimating the weighted average costs of capital (WACC) used by national regulatory authorities in the cost regulation of the telecommunication sector. The Notice is explicitly limited to legacy...

We study the time-varying effects of Tobin's q and cash flow on investment dynamics in the USA using a vector autoregression model with drifting parameters and stochastic volatilities estimated via Bayesian methods. We find significant variation over time of the response of investment to shocks...

This study aimed to identify financial and cash flow risks associated with SMEs and investigated how managers perceived these risks using the analytical hierarchical process (AHP). Accordingly, a three-level decision model was structured using two criteria, probability and consequences, and a...

Purpose: The food and beverage industry is one of the industries that has its own specific products in the manufacturing industry, and it is indispensable for a developing economy. Therefore, research on the impact of Covid-19 on the movement of cash flows in food and beverage companies is...

Women in Nigeria are starting and growing businesses at a remarkable rate offering a vast untapped market for business lending. The World Bank, through its Nigeria Women Entrepreneurs Finance Initiative (We-Fi), partnered with the Development Bank of Nigeria (DBN) and two commercial banks in...

We examine the key drivers behind management decisions on share repurchase from various theoretical perspectives, including the free cash flow theory and the signaling theory/hypothesis. Specifically, we investigate the relationship between share repurchase and three key drivers: surplus cash,...

Does corporate finance literature accurately identify firms facing homogeneous financing constraints when studying the impact of financing constraints on corporate investment? The short answer is no. The common practice of using pre-determined percentiles of a financing constraint metric...