In emerging markets, the deviation between the ultimate controlling shareholders’ voting rights and their cash flow rights (hereafter “DVC”) in the listed firms is quite prevalent. DVC could be introduced due to the ultimate controlling shareholders’ opportunistic incentives, as well as by their incentives to improve firm efficiency. This study uses 229 listed firms ultimately controlled by ind...

Using both multivariate regressions, simultaneous nonlinear equations and a discrete time hazard model, I find that the level of CSR in a firm is a significant determinant of distress, even after controlling for previously identified drivers of firm distress. The relationship is robust to the endogeneity of CSR investments and free cash flow and suggests that there is informational value in ext...

Over recent years stricter EU capital requirements have resulted in constraining bank lending to SMEs. Alternative finance is expected ease such constraints, but what would it be its impact on fragility? This paper examines whether alternative for Small and Medium Enterprises (SMEs) the euro area moderate fragility. We employ a profit model from which we derive novel measure of fragility that b...

One of the most valuable assets of each firm is the brand of that firm. Whatever the �brand equity is more in the consumers, mind, the firm can gain more benefits from the consumers in its shadow. The continuous controlling of this concept is as a necessary step in its effective management. In recent decades, studying and searching about the brand has allocated a special position in different d...

the question that most of management, organization and strategy scholars would like to find some answer for it is: “why some firms outperform the others?” in various time periods, scholars have considered to different factors for answering that question. some scholars in industry structure view (porter, 1985), had highlighted the environmental and out of organization factors and industry type i...