This article contributes to the literature by indicating how certain monetary policies impact the compensation incentives of US managers to adopt riskier business policies. Specifically, based on the agency problems between shareholders and managers and between shareholders and creditors, a...

The analysis of ambidexterity at the individual level may help to open the black box of organizational ambidexterity and to address the microfoundations of the exploration/exploitation dilemma in order to know how it can be achieved. The purpose of this article is to examine the main...

Using a large sample of firms from 37 countries over the period of 2007-2015, we empirically analyse the impact of religion and national culture characteristics on the level of corporate risk-taking around the world and the channels through which this can take place. First, we initially observe...

The aim of this paper is to analyse the influence of financial system liquidity and corporate leverage on a firm's overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its traditional role as a managerial control mechanism....

This paper analyses the influence of bank ownership and lending on capital structure for a sample of listed and unlisted Spanish firms in the period 2005-2012. The results suggest that bank ownership allows banks to obtain better information and reduce the agency costs of debt, as it has a...

Here, we use a sample of firms from 30 countries during the period 1995-2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country's...

We investigate the role of financial constraints on firms' exporting behavior, including firms' export decision, export intensity, firms starting to export decision, and exports persistence. Our financial constraints variable is a synthetic variable that summarizes information on different...

This article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000-2016. The results show that the...