The purpose of this paper is to provide with a preliminary analysis of corporate governance in Argentina. One of the particular features of the local scenario is that many of the most significant local firms have an important degree of ownership concentration. At the same time, this ownership is in the hands of families. The economic reform of the nineties created a significant transfer of owne...

The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings is greater for firms with weaker governance and firms facing more financial constraints prior to the ...

Using firm-level data from Changzhou, one of the representative prefectural cities in the Yangzi River Delta in China, we investigate the performances of both internal and external R&D in high-tech firms. We find that, on average, high-tech firms with more internal R&D expenditure apply for more patents in terms of both the total number of patents and the number of invention patents. Internal R...

Today, small and medium-sized enterprises (SMEs) play a key role in both developing and developed economies. However, the uncertainty of macroeconomic indicators, such as economic growth, may affect financing and investment of the SMEs in an economy. The present study explores the effect of the economic growth rate uncertainty on financing SMEs in Iran. To this end, the study has applied the Br...

We study the nexus between enterprises and the state in transition countries, using new enterprise survey data. We examine the quality of governance, state intervention in enterprise decision-making, state benefits to firms and corruption payments. The quality of governance varies both across countries and across different dimensions of governance within countries. Economic reform improves gove...

Integrating new institutional economics and resource dependence theory, this study investigates whether in transition economies, characterized by shifting from centrally commanded to more market-oriented there are performance differences among family firms (FFs), nonfamily (non-FFs), former state-owned enterprises (former SOEs), political connections affect these differences. Our findings sugge...

Purpose – Recent developments in the literature on international trade and foreign direct investment (FDI) emphasise the role of firm characteristics in shaping firm participation in exports and FDI. The seminal work of Melitz and Helpman-Melitz-Yeaple (HMY) places heterogeneity in firm productivity at the heart of exporting and FDI. While the HMY hypothesis finds support for firms in the indus...

Access to finance is widely recognized as one of the main impediments for growth and development of the small and medium enterprises. This article presents certain aspects of development of stock exchanges oriented towards small and mediumsize enterprises. It aims to contribute towards the growing debate on funding of small and medium enterprises through dedicated stock exchanges and serve as a...