This paper examines empirically the effects of management ownership and ownership by large external shareholders on the capital structure of the firm from an agency theory perspective. The paper extends the US literature on the topic by examining the effect of interactions between management...

In this paper we evaluate payment scores in two contexts; that of predicting future payment behaviour and that of corporate failure prediction. The assessment of the ability and willingness of a firm to pay its creditors, and the likely timeliness of payments, are a major focus of both credit...

This paper investigates the motivations for a firm's demand for trade credit. Demand for credit is modelled as a function of transaction costs motivations, financing motivations, operational considerations, seller compliance issues and supplier marketing, whilst controlling for the firm's...