We study factors affecting micro, small and medium-sized enterprises (MSMEs) receiving loans and the effect of these loans on MSMEs performance. We study two types of loans – a new type based on cash flows and a traditional-style loan based on collateral. We use unique surveys of MSMEs from...

This paper examines the influence of cash flow on the relationship between net working capital and firm performance. The paper employs unbalanced panel data regression analysis on a sample of 6,926 non-financial small and medium enterprises in the United Kingdom for the period from 2004 to...

We examine a large and unique panel containing survey and financial statement data on small and medium sized private enterprises (SMEs) in Germany from 1991 to 2011. From the survey data, we derive a financial constraints measure based on managers' self-perception. We find that our measure...

Environmentally-sustainable investment can impact firm financial performance through multiple channels. We concentrate on disentangling the related cash flow and valuation impacts. By using an instrumental variable approach, we find that U.S. REITs with a more environmentally-sustainable...

Investor sentiment is believed to play an increasingly significant role in business and economic activities. By analyzing data collected from a sample of listed nonfinancial firms in Pakistan for the period 2009-2018, we quantify investor behavior and how it affects market returns, cash flows,...