In this paper we investigate, first, the characteristics of the firms that reduced their ICT investment due to the 2008 crisis, focusing on the firms’ ICT characteristics in terms of the ICT, budget, skills and applications used. The analysis of the ICT characteristics that may influence the likelihood of having reduced ICT investment as a consequence of the crisis is primarily explorative, thu...

The world financial crisis initiated in 2008 may have affected the international financing mix of firms in Brazil and their determinants, given its aftereffects. Financial crisis are recurrent events with varying degrees of severity. Many public Brazilian firms use international financing in their capital structure mix and it is relevant to understand their behavior during international crises....

We investigate whether foreign ownership shields firms from liquidity constraints following a financial crisis. Recent crises in East Asia, Latin America, and Russia have been characterized both by large currency devaluations and widespread collapse of the banking sector. Although a currency devaluation should increase exporters’ competitiveness and investment, a collapsing banking system may d...

The outbreak of the Panic of 1907 occurred following a series of scandalous revelations about the investments of some prominent New York financiers, resulting in widespread runs on trust companies throughout New York City. The connections between the trust companies that came under severe strain during the crisis, and their client firms, may have transmitted the financial crisis to nonfinancial...

Available online 24 January 2014 This study complements the governance literature by investigating how Taiwan listed firms adjusted their governance structure to cope with the 2008 financial crisis. The results from the principal component analysis (PCA) suggest that there are significant differences in the factor scores, such as Board Power (of the Largest Shareholders), Information Transparen...

This study investigates the value of the strategic flexibility provided by firms’ international investments during an economic crisis, defined here as an unanticipated significant downturn in the economy. To avoid below-par performance, firms need to adapt quickly to this significant change in their environment, making real options very valuable to them. Although firms’ international investment...

This study examines the financing choices of firms operating in a weak institutional environment. We argue that in relationship-based systems, global financing and strong political connections are alternative means to create firm value. Well-connected firms might be less inclined to access global capital markets because (state-owned) domestic banks provide capital at low cost. Moreover, the exp...

This paper examines how the Asian and Russian crises affected different types of firms around the world. It constructs a new data set of financial statistics, industry information, geographic data, and stock returns for over 10000 companies in 46 countries. Results show that firms competing with exports from the crisis countries, or with direct sales exposure to the crisis countries, had signif...

Design andreas korn visual communication, Dar es Salaam The responsibility for opinions expressed in signed articles, studies and other contributions rests solely with their authors, and publication does not constitute an endorsement by the International Labour Office or the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH of the opinions expressed in them. Reference to names of fir...