In this research using theoretical predictions from a real option-based investment framework, the present study aims to examine the effects of stock returns volatilities on changes of working capital accruals of firms. In addition, the moderating effect of variables such as, life cycle and ownership structure on the relationship between stock return volatilities and working capital accruals is ...

We investigate the agency costs of corporate ownership structure and the role of audit committees in mitigating their effect. Using China as a laboratory, where audit committees are voluntary, we study the demand for and value relevance of audit committees conditional on the various agency costs of corporate ownership. Audit committees complement existing internal governance systems by reducing...

Business groups organized by pyramids enable the ultimate shareholders to control a portfolio of firms with less cash requirement. Further, corporate pyramid induces an internal capital market and makes capital transfer more convenient within the pyramid. In China, the state and business groups control a large number of listed firms through pyramidal ownership structure. What role does the corp...

Impact investing and ESG are specific “ethical” types integrating social, environmental, moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact is largely unexamined, it not clear how they differ from conventional investment. To explain differences ESG, impact, investing, this paper draws on a dataset of over 8000 private market invest...

This paper makes use of a database of Spanish manufacturing firms to explore the effect of a firm’s ownership structure on its inventory policy. We have argued that the presence of institutional investors reduces a firm’s liquidity needs and nts overinvestment policies. This, in turn, leads to lower equilibrium inventory levels. Also, we expect, on average, ventory investment when bank-equity f...