Research has established that R&D-intensive firms are characterized by substantial future risk-adjusted stock returns. The reasons for this phenomenon and its policy implications, however, are widely debated. Some attribute the excess returns to investors‘ systematic undervaluation of R&D firms and argue for improved disclosure to mitigate the mispricing, while others claim that the excess retu...

This study examines the abandonment of organizational practices. We argue that firm choices in implementing practices affect how firms experience a practice and their subsequent likelihood of abandonment. We focus on utilization of the practice and staffing, i.e. career backgrounds of managers, as two important implementation choices that firms make. The findings demonstrate that practice utili...

As many larger secondary woodworking firms have moved production offshore and been adversely impacted by the recent housing downturn, smaller firms have become important to driving U.S. hardwood demand. This study compared and contrasted small and large firms on a number of factors to help determine the unique characteristics of small firms and to provide insights into useful areas for support....

Using data on listed and unlisted firms in the U.K., this study documents systematic changes of profitability with age. In their early years, firms realize substantial profitability increases, on average, while mature firms face slow declines in profitability. A model of endogenous profitability changes arising from product development captures this pattern. Investment in product development ge...

Facundo Albornoz, Matthew A. Cole, Robert J.R. Elliott and Marco G. Ercolani Department of Economics, University of Birmingham, UK 3 August 2009 Abstract Using Argentinean firm-level data, we identify and quantify the factors that influence the environmental actions of Argentinean firms. We examine various aspects of a firm‟s environmental actions (EAs), including the range of EAs adopted, the ...

The Internet has accelerated the capability of firms to coordinate processes and personnel across organizational and geographic boundaries, which has in turn facilitated a dramatic increase in globalization. This globalization includes the development of new multinationals from emerging economies that are challenging developed-economy firms. This paper investigates how firms use the Internet to...

This study investigates the magnitude of insider profits in Canada and the ability of outsiders to earn abnormal returns. We focus on three groups of Canadian firms, technology firms, firms whose revenues are contract-oriented, and firms that do not fall under these two categories (general firms). We propose that insiders of the first two groups are likely to possess information that are genera...

If menu costs have a non-negligible lump-sum component and with larger firms having greater benefits from price adjustments, then larger firms will change price more frequently than smaller firms. Data from New Zealand firms support this hypothesis. Price duration decreases as firm size increases. Ordered probit analysis indicates the effect comes primarily from larger firms being more likely t...

dividend policy is one of the most important financial decisions that managers encounter. this study contributes to the literature of dividend and empirical research investigating the effects of dynamic factors in tehran stock exchange. based on some criteria, the study contains 133 listed firms over a 10-year period from 2001 to 2010. to test the research hypotheses, this study uses fixed effe...