Changes in the financial market and attempts at implementation of prudential regulation proposals after the recent financial crisis resulted in the scientific conference entitled International Conference on Management, Banking and Finance, held at the Faculty of Management, University of Warsaw,...

Cressy (2000) argues that the positive correlation between assets and the rate of business startups is due to DARA preferences. We show however that the required property is prudence,and prudence is consistent with DARA, IARA or CARA.

Using a large panel of UK manufacturing firms over the period 2000–9, 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 research explores whether management by family members creates or destroys firm value. We estimate the impact of family pervasiveness in top management (family members as executive officers or board members) on firm value as measured by Tobin's Q. Results indicate that family members acting...

The most significant structural change undergone by the British and Swiss economies during the past 25 years (1975-2000) is indisputably the development of their financial systems. From this point of view, the two countries show a number of similarities: the presence of one or more international...

We explore the relation between family ownership and corporate investment policy. Our analysis centers on two incentives, risk aversion and extended investment horizons, which potentially influence the level and type of investments that family firms undertake. We find that family firms devote...

From 1975 to 1995, the Swiss franc appreciated in a near constant manner compared with the currencies of all of the country’s commercial partners. This paper will seek to demonstrate that the various regions in Switzerland evolve diVerently when faced with a continuously appreciating currency....

This paper discusses two ways to amend the optimal lending contract under asymmetric information studied in Clementi and Hopenhayn (2006) to change its long-run implications so that firm growth and exit driven by borrowing constraints exist in the long run. One way assumes that the entrepreneur...

Mission, vision, or strategic intent, the articulation of a radical future is identified as a source of competitive advantage and sustainable performance. An exploratory study leads us to identify a new form of discourse : strategic ambition. The first objective of our research is to solve an...

Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with...