In this paper, we empirically test the impact of industry concentration on corporate investment. Using both traditional proxies and recently developed text-based measures of industry concentration, we show that firms operating in competitive industries invest significantly more in both physical...

The prior literature establishes that trust affects investment, however, whether it leads to investment efficiency is unaddressed. This study seeks to investigate the relationship between societal trust and corporate investment efficiency. The study documents a positive association between...

Initial Gross Domestic Product (GDP) announcements are important economic signals that convey information on the state of the economy but contain substantial estimation error. We investigate how GDP estimation errors affect firms' real decisions and profitability. Consistent with theoretical...

The literature of financial economics documents a causal relationship between the level of information asymmetry in the firm and its dividend policy. The agency theory and the pecking order theory show that the problem of cash over-retention inside the firm exacerbates in the presence of high...

This paper investigates irregularities in financial statements by applying the Beneish and Roxas models to Polish firms listed on the Warsaw Stock Exchange from 2015 to 2020. The total sample included 110 observations. The sample comprised companies that had received an adverse or disclaimer...

In this paper, we investigate the effect of real estate prices on productive investment. We build a simple theoretical framework of firms' investment with credit rationing and real estate collateral. We show that real estate prices affect firms' borrowing capacities through two channels. An...

In this paper, we investigate the effect of real estate prices on productive investment. We build a simple theoretical framework of firms' investment with credit rationing and real estate collateral. We show that real estate prices affect firms' borrowing capacities through two channels.An...

In this paper, we investigate the effect of real estate prices on productive investment. We build a simple theoretical framework of firms' investment with credit rationing and real estate collateral. We show that real estate prices affect firms' borrowing capacities through two channels. An...

This paper investigates a relationship between economic governance and the dual objectives of Microfinance Institutions (MFIs): poverty reduction and financial viability. Using an unbalanced panel of 531 MFIs the important role of other institutions such as country-level business registry...