This paper investigates the effect of managerial flexibility on the choice of capital structure for a firm and the corresponding valuation of its long term debt. We consider a general model in continuous time where the manager (who is not a shareholder) of a firm with long term debt in place may dynamically switch strategies at random times so as to maximize his expected discounted compensation...

Superficially, Actor Network Theory (ANT) and critical realism (CR) are radically opposed research traditions. Written from a realist perspective, this paper asks whether there might be a basis for finding common ground between these two traditions. It looks in turn at the questions of realism, structure, and agency, analysing the differences between the two perspectives and seeking to identify...

Background: Organizational learning theory has retained considerable attention in the past decades from a wide array of academic disciplines in social sciences. Yet few integrative efforts have satisfactorily offered a comprehensive and systematic articulation of the concept of organizational learning with regards to: (a) its core constitutive dimensions and associated mechanisms; (b) the analy...

reemphasized a classic issue within political and cultural theory – the relationship between individual human agency and social structure: to what extent do local actions reproduce or transform global structures? Several early accounts of the internet expressed high hopes, not least, regarding its participatory potential and transformative capacity. Could clicks cumulatively change the world? –...

The intention of this paper is to highlight and demonstrate the importance of three ontological assumptions in information technology for development (ITD) research; structure, agency, and causality. We argue that these three assumptions are 1) inherent in all social theory, and thus in ITD research, and 2) underdetermined by the current dominant philosophical approaches to research. Therefore,...

We administered the revised Assessment of Qualitative and Structural Dimensions of Object Representations (Blatt, Chevron, Quinlan, Schaffer, & Wein, 1992) to 279 male and female undergraduate students and carried out independent principal components analyses of maternal and paternal ratings. Three stable factors, Agency, Communion, and Structure, were found in both sets of ratings. This factor...

Modern knowledge-intensive economies are complex social systems where intertwining factors are responsible for the shaping of emerging industries: the self-organising interaction patterns and strategies of the individual actors (an agency-oriented pattern) and the institutional frameworks of different innovation systems (a structureoriented pattern). In this paper, we examine the relative prima...

This paper shows that corporate debt type, maturity and priority structures and their determinants are not homogeneous across firms of different size. Small firms use leasing and bank loans and overdraft while large companies rely on loan capital, convertible and subordinated loans. Small companies depend more on secured debt while large companies’ debt is unsecured and subordinated. The result...

This article constructs a real options model in which a firm has a privileged right to exercise an irreversible investment project with a stochastic payoff. Supposing that the investment costs are fully sunk, a firm that exercises the investment option after debt is in place will then choose a better state to exercise this option as it issues more bonds. This debt-overhang phenomenon, however, ...