This paper focuses on the effect of managerial ownership on cash holdings in a sample of private family firms. Our results suggest that managerial ownership has a significant impact on cash holdings. Cash holdings are largest in the firms with no managerial ownership and lowest in the firms in...

This study investigates the role that board structure has on the demand for audit quality in connection with family ownership in a sample of private firms. In addition to this, we also shed light on whether ownership structure and board structure are substitute mechanisms in resolving agency...

The purpose of this paper is to investigate whether auditor gender has an impact on the magnitude of corporate earnings management in small and medium-sized private Finnish firms. Our results concerning gender differences in audit practices are twofold. First, when we regress the absolute...

This study examines the use and determinants of covenants in Finnish small firms' loans. The results show that 72 of the 642 loan contracts examined include at least one covenant. Negative covenants are more common than affirmative covenants in our sample. We use loan characteristics, firm...

This study investigates the determinants of start-up survival in a sample of Finnish firms. Our database allows us to investigate how qualitative information based on the personal history and characteristics of the owner, firm specific characteristics and credit analysts' subjective evaluation...

This study investigates the impact that ownership structure and board composition have on performance in a sample of Finnish SMEs. Our study is one of few that shed light on how corporate governance and ownership structures affect performance of small firms. Our results suggest that the...

This study examines the determinants of the decision to raise foreign currency denominated debt by taking advantage of a unique and comprehensive sample of private and public debt raised by 44 Finnish corporations. The results suggest that small firms borrow from domestic banks and insurance...

This paper examines the determinants of cash holdings in a sample of Finnish small and micro firms. Our results suggest that lending relationships and the share of managerial ownership both have a significant impact on cash holdings. The results on the relationship lending variables indicate...

This paper examines the impact of firm level variables on the growth of small and micro firms operating in Finland. This study is the first one to investigate the impact that lending relationships have on growth. The results of our primary regressions show that close lending relationships...

This study investigates empirically the effect that bank equity claims in borrowing firms have on the availability of finance to the firm. The results suggest that allowing banks to hold equity claims in borrowing firms enhance debt availability to the firm. The results are consistent with...