This study addresses an important shortcoming of most of the existing literature on credit availability by including a set of unlisted firms (which are the firms most likely to be bank dependent) in the analysis, and by investigating differences between the treatment of listed and unlisted firms...

This study investigates how the performance of venture capital-backed companies is influenced by institutional factors and venture capital (VC) strategies in China. We conducted empirical analysis using national-level data and data obtained from companies listed on China’s Growth Enterprise...

This paper examines whether the financial strategies of family firms in Japan differ from those of non-family firms, and whether financial strategies affect the relationship between family involvement and firm performance. Based on a dataset of 3,559 firms and 65,608 firm-year observations, our...

This paper examines the impact of economic policy uncertainty on initial public offering (IPO) underpricing, using a large sample of IPO firms in China. We find that heightened economic policy uncertainty leads to increasing IPO underpricing. Our results are robust to a battery of sensitivity...

In contrast to prior studies suggesting that overallotment option (OAO) provisions reflect underwriters' exploitation of IPO firms, we provide evidence that they benefit both issuers and underwriters. We estimate that OAO provisions lead to lower underwriting fees, less underpricing, less...

It is a widely held perception, although empirically contentious, that credit rationing is an important phenomenon in the UK small business sector. In response to this perception the UK government initiated a loan guarantee scheme (SFLGS) in 1981. In this paper we use a unique dataset comprised...

A simple model of the firms’ decision to pay workers performance related pay (PRP) is tested using company level data for 1,001 UK private sector businesses. From the basic sample statistics we observe that, on average, 26.5% of workers are covered by PRP systems. Yet this hides the fact that...

There is increasing evidence of a widening in the cross-country dispersion in general working hours. More recently, however, there has been considerable attention given to the “long hours culture” phenomenon identified in certain segments of the labour market, in particular amongst...