This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Firms display persistent differences as regards both internal and external characteristics, and these differences correspond to asymmetries in the performance of firms with regard to productivity level and growth as well as innovativeness. This paper focuses on one internal characteristic and...

This study elucidates the relationship between localisation of firms, corporate structure, intellectual capital and innovations.The main finding is that a greater concentration of multinational firms, human capital, T&D and universities is significantly and positive associated with research...