Purpose: The purpose of this paper is to investigate the influence of cash flow volatility on firm’s leverage levels. It also analyzes how cash flow volatility influences the debt maturity structure for the Chinese listed firms. Design/methodology/approach: The authors construct the measure...

Purpose: The purpose of this paper is to examine how corporate governance instruments impact firm value in the context of Pakistan. This paper considers state- and non-state-owned enterprises and examines whether the influence of corporate governance on firm value varies across firms having...

Purpose: The potential of diversified portfolio leads to the risk capital allocation problem. There are many kinds of methods or rules to allocate risk capital. However, they have flaws, such as non-continuity, unfairness. In order to get a better method, we propose a new risk measure to be the...

Purpose: The purpose of this study shows how overall board diversity influences corporate risk-taking. Board diversity is quantified into task-oriented diversity (tenure and education) and relation-oriented diversity (age and gender). Further, this study tests whether the association of board...

Purpose: This study sought to evaluate the relationship between value relevance of financial information and conditional conservatism of non-financial companies listed in China. Design/methodology/approach: Using panel data comprising of 28,723 firm years, the authors determine the value...

There exists a large literature on two-person bargaining games and distribution games (or divide-the-dollar games) under simple majority rule, where in equilibrium a minimal winning coalition takes full advantage over everyone else. Here we extend the study to an n-person veto game where players...

Former reports of Environmental, Social and Governance (ESG) tended to focus on the equity side of investing, and today green bonds also offer and introduce sustainability factors. This paper is about the relevance, potential benefits and key arguments for countries with low-and middle-incomes...

This paper models how consumers make brand choice when they have limited information. In an experience good market with frequent product entry and exit, consumers face two types of information problems: first, they have limited information about product existence; second, even if they know a...