This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in ten developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating tha...

In recent years, it is becoming common to apply the metaphor of „economic bubble” to the description of certain phenomena in the academic field. The metaphor is generally used to refer to the difference between the expectable market value of the degree and the investments needed to receive it (see Deresiewicz 2011, Williams 2011, Wood 2011, Reynolds 2012). The analogy is with the economic pheno...

This keynote paper provides a control systems perspective of failed internationalised institutional arrangements. In the past years we have experienced dramatic international systems failure across important institutions. Banks, religious institutions and governmental systems have all experienced catastrophic crises which have proven difficult to assess and address. This paper examines these fa...

Article history: Received 31 December 2013 Received in revised form 17 April 2015 Accepted 20 April 2015 Available online 25 April 2015 This paper investigates how cross-country variations in institutional variables affect the relationship between rating changes and firms' capital structure adjustment. Our results demonstrate first that the asymmetric effect exists, that is, firms adjust their ...

We study the e¤ect of culture on important economic outcomes by using the 1970 Census to examine the work and fertility behavior of women 30-40 years old, born in the U.S., but whose parents were born elsewhere. We use past female labor force participation and total fertility rates from the country of ancestry as our cultural proxies. These variables should capture, in addition to past economic...

This paper presents a study that was designed to examine efforts undertaken by two cities—Atlanta and LaGrange, Georgia—to redress the digital divide. Atlanta’s initiative has taken the form of community technology centers where citizens can come to get exposure to information technology and to learn something about computers and their applications. LaGrange has taken a very different approach,...

Appropriate spending of leisure time has an important  role in the formation of  youth personality. Different types of capital- social, cultural and economic- have implications for  social status of individual actor. Bourdieu  ’s analysis of leisure time is based on cultural capital. The main goals of this study are the examination of the relationships between leisure time activities, cultural ...

In this article, the role of cultural capital in strengthening social trust in Iran has been studied. Social trust is one of the most important components of social development. It is one of the important aspects of social relations. Cultural capital, which is an indicator of cultural development, is used objectively and the scientific and cultural qualities of a person can affect social trust....