Recent evidence suggests that private firms in the United Kingdom rely heavily on debt financing, have leverage ratios significantly higher than their public counterparts, and their access to external sources of capital remains limited. We extend these findings by examining the implications of...

This study comparatively examines the determinants of working capital management for listed vs. unlisted firms, and assesses the impact of this policy on profitability by focusing on the cash conversion cycle, a commonly used measure of working capital management. By using a large UK public and...

Research suggests that the cash ratios of private firms are lower than the ones of public firms, which is not consistent with an expectation for increased importance of the precautionary motive for firms with fewer funding options. The study provides a significant explanation on these lower...

It has been documented that investments in Research and Development (R&D) are associated with increased errors and inaccuracy in earnings forecasts made by financial analysts. These deficiencies have been generally attributed to information complexity and the uncertainty of the future benefits...

We examine the effect of employee quality development on investment efficiency. Employees at all levels of an organization, as well as the corporate executives, may play a significant role for efficient corporate investment. Thus, human capital development efforts that improve employee quality...

There is compelling evidence from both the United States and United Kingdom suggesting that Ramp;D investment is positively related to operating and/or market performance. This study extends prior research on Ramp;D and valuation by further examining the sustainability or persistence of...