Purpose: The purpose of this paper is to investigate whether religion or national culture can explain previously observed cross-country variation in trade credit. Design/methodology/approach: Using the firm-level SME data from 35 European countries, religion and cultural factors of Hofstede and...

In this paper, we explore whether the adaptive markets hypothesis (AMH) describes the efficiency of the Finnish stock market better than the efficient markets hypothesis (EMH) does. Building on this, we also test how small market size and market liberalisation impact the efficiency of the...

The aim of this study is to investigate the effect that firm level working capital strategy on accounts receivable had on working capital related financial difficulties during the Covid-19 pandemic in a sample of Finnish SMEs. We are able to identify the firms with Covid -19 induced financial...

Using data from Finnish private firms, we examine the association between corporate governance and tax aggression in a high tax alignment environment. We find evidence of a non-linear relationship between CEO ownership and tax aggressiveness. Our results indicate that organisations with low...

The aim of this paper is to investigate whether national culture explains previously observed cross-country variation in trade credit. Previous work suggests that national culture may close the gap between behavioral finance and “Law and Finance” in corporate finance. National culture...

Previous studies have suggested that the use of trade credit varies by country. This paper focuses on whether the rule of law or capital market development can explain observed differences in working capital levels in small and medium size enterprises (SMEs) from 13 EU countries. Our findings...