Here, we use a sample of firms from 30 countries during the period 1995-2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country's...

The availability of internal and external financing sources significantly influences firms' investments and growth. Even profitable firms with ample financing in normal times can be adversely affected by demand and supply shocks such as the COVID-19 pandemic, the energy crisis, or the recent...

Numerous papers have shown that developing economies are more volatile. This paper shows despite greater aggregate and industry stability, performance and size of individual firms in developed countries are more volatile. In developing countries, market imperfections insulate incumbent firms...

Measures of institutional quality are strong predictors of cross-country differences in income and productivity. The institutional economics literature has long maintained that one way institutions influence economic growth is by impacting the efficient allocation of production factors across...

This paper adds to the scarce empirical evidence related to the impact of climate change on the manufacturing sector. To study the effect of temperature on energy use and CO2 emissions daily temperature information from 11.000 German municipalities are combined with the census of the...

This paper is an attempt to understand the effects of leaders on organizational performance. We argue for an "expert leader" model of leadership. We differentiate between four kinds of leaders according to their level of inherent knowledge and industry experience. After controlling for...

Using the World Bank Enterprise Survey (WBES) data from 2006-2017 on 130,000 firms in 130 countries across the globe, we document that women-led firms tend to underperform men-led firms. The main contribution of this work is to shed light on three mechanisms that help explain the...

Bank survival is essential to economic growth and development because banks mediate the financing of the economy. A bank's overall condition is often assessed by a supervisory rating system called CAMELS, an acronym for the components Capital adequacy, Asset quality, Management quality,...

The objective of the research undertaken in this paper is to highlight the importance of gender and cultural diversity, social inclusion and both personal and professional development of the employees, in order to mitigate the risks faced by companies, such as to improve the profitability and,...