In this paper we explore the state of adoption of four sets of management practices in the UK. A simple decision model illustrates how the existence of synergistic gains can influence their adoption decision, while an index of intra firm diffusion summarises the intensity of their use and the...

We investigate whether the investment-cash flow sensitivity is monotonic in the degree of financing constraints. By using a large panel of publicly traded non-financial U.K. firms, we show that the investment-cash flow sensitivity is neither monotonically increasing nor decreasing in the most...

We model the channels through which public expenditure on infrastructure influences firm value and shapes its investment decisions via both adjustment costs and marginal profitability of capital. We test these hypotheses by using a large panel of Italian firms. Empirical results show that...

This paper contributes to the literature on the intra-firm diffusion of innovations by investigating the factors that affect the firm?s decision to adopt and use sets of complementary innovations. We define complementary innovations those innovations whose joint use generates super additive...

This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically. We show that if this condition holds, then the point of sample separation does not affect the monotonic relationship between the sensitivities of any two complementary classes...

This paper investigates the characteristics of firms that adopt persistent policies of low leverage and substantial cash reserves. In doing so, specific attention is paid to the role of internal corporate governance mechanisms in influencing firms' conservative financial policies. The analysis...

This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically. We show that if this condition holds, then the point of sample separation does not affect the monotonic relationship between the sensitivities of any two complementary classes...

In this paper, we study the impact of the executive ownership on the probability of adopting an excess cash policy in the UK over the period 1990-2007. We provide a new approach to identify firms which adopt an excess cash policy and we distinguish between executive and non executive ownership....