This paper examines whether reported cash flows from operating, investing and financing activities coincide with corresponding cash flows estimated from firms' income statements and balance sheets. The findings obtained from a sample of listed Finnish firms for 1995-1997 are the following. (i)...

This paper examines factors affecting the owner-manager's voluntary decision to hire an auditor in small firms. Using a random sample of 412 small private companies in Finland responding to an Internet survey, we first probe the institutional boundaries of a prior UK study [Collis et al., 2004]...

The usefulness of segment reporting is grounded on the presumption of diversities of returns and risks across reported segments. We examine the effect of country-specific factors, reporting incentives and choices on an ANOVA-based measure of cross-segment diversities (CSD) in risk and returns...

A central managerial concern is how to generate a "proper mix" of investment projects. Funds are needed for the strategic search for new investment opportunities as well as for the maintenance of operational business lines. Any investment, especially in strategic projects such as new technology,...