The purpose of this paper is to investigate whether human capital affects firm value by following a positive methodological approach. According to the clas- sical theory of economic growth, the output of a country depends on its human and physical capital. At the micro-level, the same theory...

This paper addresses the differences between the Modigliani-Miller [M&M] model (1958, 1963) and the Miles-Ezzell [M&E] model (1980, 1985). The main difference between these two models concerns the stochasticity of the free cash flows. While M&M assumes a strictly stationary process, M&E's...

Corporate social responsibility (CSR) is a topic which has recently been attracting an increasing amount of attention with respect to corporate operations, and shareholder proposals on CSR are also one of the main types of proposals at firms' annual shareholder meetings. However, even though the...

The proportion of exchange‐listed firms with negative earnings has increased to over 40% in recent years. Previous research shows that the valuation of these loss firms is comparably difficult due to their uncertain future earnings path. Given these valuation issues, we argue that the stocks...

The goal of this paper is to present a formal model of firm innovation that simultaneously analyzes innovation factors characteristic to the Schumpeterian strand of industrial organization literature and the know-how strand. Corporate R&D intensity serves here as an input measure of firm...

In training networks, particularly small and medium-sized enterprises pool their resources to train apprentices within the framework of the dual VET system, while an intermediary organisation is tasked with managing operations. Over the course of their apprenticeship, the apprentices switch from...

Der Artikel basiert auf einem Vortrag des Vorstandsvorsitzenden der Deutsche Leasing AG im Rahmen des 3. Kölner Finanzsymposiums der Finance-Institute der Universität zu Köln am 30.10.2008. Anhand der Deutsche Leasing AG stellt Hans-Michael Heitmüller dar, wie sich eine große...

Small firms are important to all economies. This is especially true with the rise of the information and communication technologies (ICTs), as the technical characteristics of information goods lower entry barriers for small firms seeking to take advantage of the growing global demand for ICTs....

Although firms increasingly rely on interfirm collaboration to explore new technological opportunities, few studies have examined the ways in which this collaboration form is governed. In this paper, we attempt to increase our understanding of governing explorative R&D alliances. First, we argue...