This paper examines the relationship between faculty participation in university decision making and university performance. Using an aggregated measure of faculty participation, McCormick and Meiners (1988) find that increased faculty control in decision making is associated with lower levels...

Using a large panel of UK manufacturing firms over the period 2000-2009, we consider how firms responded during the most recent financial crisis, estimating models for export market participation decisions and firm growth and survival. The results indicate that financial variables are highly...

This paper shows how the average maturity of corporate bonds can affect the transmission of shocks if financial frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for market-based debt which has a market-determined price....

Pforzheim University was one of the first 100 participants to sign the PRME initiative in March 2008. When we first learned about PRME we were immediately convinced that it was worthwhile joining it. It perfectly reflects our tradition and our mission statement. In the mission statements of our...

Data show that sovereign risk reduces liquidity, increases funding cost and risk of banks highly exposed to it. I build a model that rationalizes this fact. Banks act as delegated monitors and invest in risky projects and in risky sovereign bonds. As investors hear rumors of increased sovereign...

The present paper explores the possibility of forecasting company liquidity based on testing the coefficient of variability. Secondly, it analyzes static and dynamic liquidity measures to ascertain which are better at prediction in the traditional and technology-based sectors. It was assumed...

The problem of return on current assets and return on working capital related to the cost of equity invested in a company is analyzed in this paper. Risk - return and liquidity - profitability trade-offs influence the company's equilibrium and management decisions. Liquidity is measured by the...

This paper shows that long debt maturities eliminate equityholders' incentives to reduce leverage when the firm performs poorly. By contrast, short debt maturities commit equityholders to such leverage reductions. However, shorter debt maturities also lead to higher transactions costs when...

This study examines the relationship between cross-listing and managerial compensation of Chinese firms that concurrently issued A- and B-shares or A- and H-shares during 2001 - 2010. The results show that executive compensation is a positive factor to motivate Chinese A-share firms to...

The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009-2012. We found that the...