With the rise of the knowledge economy, the importance of intellectual capital has grown. The concept of intellectual capital was raised by Galbraith in 1969, since when the market to book value of corporations around the world has increased dramatically. The implication of this phenomenon is that value creating factors have shifted from tangible assets to intangible ones. Thus, in order to cre...

One of the reasons that companies avoid paying their taxes is that they choose to use debts for their funding. In other words, tax saving, an activity of companies to avoid taxpaying, can be used to finance corporate projects. Furthermore, since institutional owners are more inclined to supervise, they may shrink managerial behaviors to avoid taxpaying. In this study, institutional owners’ supe...

We analyze the financial leverage of firms that collude to soften product market competition by forming a cartel. find cartel have lower during collusion periods. This is consistent with idea strategically reduce make their cartels more stable, because high makes deviations from agreement attractive. Given large economic footprint, study also relevant for capital structure literature, which has...