This study investigates empirically the value investors place in excess cash holdingand how managerial ability impact on the value of cash holding for Iranianfirms from 2006 to 2014. In this research, managerial ability calculated by usingthe data envelopment analysis (DEA). Following the approach of Faulkender andWang, we find that the relation between managerial ability and value of cash hold...

Which manager should a firm promote to CEO? How do the attributes of a managerial workforce affect firms’ placement decisions and wage offers, and managers’ quit decisions? The existing literature offers trivial answers to this nuanced question. In one class of models, placement decisions are determined on an individual-by-individual basis, so that promotion of one worker does not crowd out ano...

company’s value depends on its longterm ability to generate cash to fund value-creating growth and pay dividends to its shareholders. Even so, investment managers commonly base their stock selections on short-term earnings and portfolio tracking error rather than discounted cash flow (DCF)—the standard for valuing financial assets in well-functioning capital markets. Financial analysts fixate o...

Research on relationship lending focuses attention on economic factors which influence the relationships between SMEs’ owners/managers and banks but no previous work has focused on the role of trust. Trust is expected to reduce agency costs, the perceived credit risk and, thus, influence credit availability and credit terms. Trustworthiness is associated with three attributes of SME owner manag...

Protected areas are a crucial tool for halting the loss of biodiversity. Yet, the management of protected areas is under resourced, impacting the ability to achieve effective conservation actions. Effective management depends on the application of the best available knowledge, which can include both scientific evidence and the local knowledge of onsite managers. Despite the clear value of evide...

In this study we attempt to understand why formal evaluations of IT investment projects have not yet become an organizational routine. Using survey data gathered from business and IT managers in Sweden, we tested the research hypotheses about the factors influencing the attitudes and behaviour of managers towards using formal evaluation methods based on the theory of planned behaviour. We found...