This article provides a comprehensive assessment of private firms' financing sources and their relation with financial reporting practices. We consider debt financing (bank financing, leasing, and government guarantees), equity financing (family ownership, government ownership, employee...

This article provides a comprehensive assessment of private firms' financing sources and their relation with financial reporting practices. We consider debt financing (bank financing, leasing, and government guarantees), equity financing (family ownership, government ownership, employee...

We employ 19,521 unique firms in 30 transition economies to investigate the relation between the origins of private firms and their financing patterns. In our sample, the private firms are either privatized former state-owned enterprises (SOEs) or ab initio (from the beginning) private firms....

This paper summarizes research examining how privatization programs implemented by governments over the past three decades have changed the size and efficiency of global financial markets, altered the practice of corporate finance in economies that experienced large privatizations, and impacted...

Government-linked companies (GLCs) have a significant presence in Singapore's corporate sector. Unlike parastatals in many other countries, these companies are run on a competitive, commercial basis, ostensibly without government privileges. Based on data from publicly listed GLCs and non-GLCs,...

Venture Capital and Private Equity backing prior to Initial Public Offerings influence the listed firm's financial policies. We find that, relative to the mean, VC-backed firms have 18.89% higher cash flow volatility, 23.12% lower leverage and a 36.76% higher likelihood to follow a zero-leverage...

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

When Minsky put forward his financial instability hypothesis, he resorted - among other macroeconomic tools of analysis - to categories like income, balance-sheet, and portfolio cash flows, so as to cope with the successive stages of hedging, speculative and Ponzi schemes. This paper makes two...

Members of cooperatives are patrons and owners simultaneously, which turns out to be a consequential feature ingrained in that sort of business associations. This paper puts forward some contributions to the subject. Firstly, it defines a primary cooperative, making hence a contrast with...

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...