Examining a sample of 87,288 firm-year observations between 1969 and 2003, we find that firms slow the speed of adjustment toward their optimal cash holdings following the state’s adoption of labor protection laws. This effect is more pronounced for firms subjected to financial...

Groundwater contamination near landfills is commonly caused by leachate leakage, permeable reactive barriers (PRBs) are widely used for groundwater remediation, however, the deactivation and blockage of the reactive medium in PRBs limit their long-term effectiveness. In the current study, a new...

We provide novel evidence showing that shareholder litigation risk influences firms’ choices of external growth strategies. Using staggered adoption of universal demand (UD) laws, we find that firms under the threat of litigation tend to choose corporate alliances over mergers and acquisitions...

We study a novel mechanism through which real options play a prominent role in inducing the skewness of stock returns. Building on the investment-based asset pricing framework, we show that firms’ real options to contract (expand) their businesses when productivity is low (high) can increase...

In this study, a triangular honeycomb reactor using zeolite 13X-H 2 O working pairs is developed to investigate the reactor thermal performance. Also, a three-dimensional transient heat and mass transfer model has been used to predict the adsorption and desorption processes occurring in the open...

We examine whether external finance pressure influences information disclosure of Chinese non-state-owned enterprises (NSOEs), which are often entrepreneurial firms. Existing Chinese stock exchange regulations stipulate that firms need to meet certain earnings performance criteria to qualify for...

Purpose – The aim of this paper, which is based on Cheng et al. ’s (2012) research, is to re-examines the relationship between a firms’ voluntary disclosure of forward-looking non-financial information (FNFI) and investment efficiency. Design/methodology/approach – The authors chose...