Trade credit is pervasive in the UK economy and for all businesses it represents both an important element in gaining and managing customers and in financing the purchase of supplies. This is the first exploratory study to provide a comprehensive analysis of trade credit activity in the UK...

This article addressed one of the hardest unanswered legal questions facing the modern nonprofit corporation: How much discretion should nonprofit boards have to redefine an organization's mission - for instance by changing an acute care hospital into outpatient neighborhood clinics, or by...

As is well established, commercial real estate is a highly specific asset: heterogeneous, indivisible and with less information transparency than most other commonly held investment assets. These attributes negatively affect the liquidity of real estate and encourage the use of intermediaries...

Este artículo relaciona las implicaciones de la teoría sobre los costos de transacción de Ronald Coase. La economía de los costos de transacción (ECT) es un marco teórico de primer orden para la comprensión tanto de las limitaciones para el desarrollo de la empresa; y para advertir...

This paper investigates the effects of contractual arrangements of firms operating in a regulated environment on their investment behaviour. It studies the interaction between repeated auctions of rail franchises of different lengths, uncertainty and incentives for investment in rolling stock,...

Using Lancashire textile industry company case studies and financial records, mainly from the period just before the First World War, the processes of growth and decline are re-examined. These are considered by reference to the nature of Lancashire entrepreneurship and the impact on...

This paper investigates the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple incomplete contracts model. Then, we investigate these predictions using plant-level data for...

This paper reconsiders the orthodox Anglo-American understanding of labour as a constituency situated outside of the core corporate governance domain. It challenges the dominant neo-classical theory of the firm, which asserts that shareholders are in general the only group of ‘incomplete’...

Using a sample of 4,278 listed UK firms, we construct a social network of directorship-interlocks that comprises 31,495 directors. We use social capital theory and techniques developed in social network analysis to measure a director's connectedness and investigate whether this connectedness is...

Recent corporate governance initiatives encourage a culture of long-term value creation and growth but cannot work as intended by policymakers. The current discussion about corporate governance ignores the transition from a centralized to a decentralized, unmediated, and interconnected world and...