The profit non-distribution constraint (NDC) is the basic requirement for non-profit tax privileges all over the world. In donative non-profits it is justified by the need to prevent donors' exploitation by firm owners. Donative non-profits, however, are not the only type of third-sector...

We provide empirical evidence that uncertainty (rather than risk) and optimism are distinctive characteristics of high-impact entrepreneurial firms (recently listed firms) relative to old, incumbent firms. Based on this evidence, we construct an entrepreneurial entry predation model with...

New entrants very often spin out from established firms and because they set on a course at founding, their learning and capabilities become inextricably linked to their organizational and technological heritage. But while this heritage may provide an initial advantage, it can also generate...

Using a long-panel dataset of Japanese firms that contains firm-level sales forecasts, we provide evidence on firm-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated forecast errors. However, they make more precise...

Using a long-panel dataset of Japanese firms that contains firm-level sales forecasts, we provide evidence on firm-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated forecast errors. However, they make more precise...

During transition, maintaining employment and providing a social safety net to the unemployed are important to social stability, which in turn is crucial for the productivity of the whole economy. Because independent institutions for social safety are lacking and firms with strong profit...