This study examined the effect of tax planning on firm value manufacturing firms listed at Nairobi Securities Exchange for a ten-year period 2010 to 2019. Specifically, sought to: evaluate influence assets’ tangibility Exchange; determine leverage and establish effective rate Exchange. The was anchored three theories: pecking order theory; agency theory political power theory. adopted longitudi...

This study analyzes cash-cash flow sensitivity by comparing financially constrained and unconstrained firms in eight markets. 486 manufacturing are examined between 2005 2018 using the Generalized Method of Moments. These categorized based on size, age, Size-Age, Sales-Age, Kaplan Zingales indices. We find that both evince positive sensitivity. Although obtain external financing easily, they pr...

Family firms are one of the most ubiquitous forms business organizations worldwide. Their survival and growth thus not only crucial for themselves but also overall economy. One factors that influence their development financing decisions. These decisions generally described through pecking order theory. However, much is known about applicability this theory in private family firms. Given shortc...

The article examines and analyzes the relationship of key performance indicators (ROA, ROIC, change in market capitalization price-to-book ratio) capital structure company based on pharmaceutical industry UK for 2009-2019 period. study seeks to provide a practical evidence impact external financing company’s financial test applicability pecking order theory chosen companies. research conducted ...

This study contributes with an integrated understanding of SME capital structure patterns at the nexus internal (firm-specific) and external environment determinants. The hypotheses draw on pecking order theory (POT), agency theory, business cycle theories, estimates are obtained from a data panel 424 UK SMEs, over ten-year period. Furthermore, findings discussion both static dynamic models str...

We analyze the relation between transaction costs and venue choice using proprietary transaction-level data from institutional trade executions in U.K. equity market. show that, for a given investor, higher share of dark trading (midpoint pools) is associated with lower execution costs. In context recent ban on trading, we provide evidence consistent migration towards substitute venues such as ...

This experiment investigated effects of environmental enrichment and beak-trimming during the rearing period on behavior in rearing and plumage damage later in life. Treatments were applied in a 2 × 2 factorial arrangement. Half of the birds were beak-trimmed at 1 d of age using an infra-red laser. A follow-up light-trim was performed at 11 wk of age with a hot blade. Environmental enrichment c...

The aim of this experiment was to study the relationship between feather pecking and ground pecking in laying hens and the effect of group size on feather pecking behaviour. Hisex White hens were kept in floor pens in group sizes of 15, 30, 60 and 120 birds, each with four replicates. Behavioural observations were performed at four different ages and focused on the number of feather pecks and a...

Behavioural finance maakt inzichtelijk door welke sociaal-psychologische drijfveren mensen zich laten leiden bij financiële beslissingen. In onze exploratieve studie naar financiering van het mkb wij zien hoe professionals worden geleid gewoonten en routines. Het blijkt dat hun afweging veel componenten kent niet alleen de kapitaalkosten belangrijk zijn. Adviseurs hebben een sterke voorkeur voo...