排序方式: 共有4条查询结果,搜索用时 15 毫秒
1
1.
The study reported here examines the financing choices of small and medium-sized firms, i.e., those most vulnerable to information
and incentive problems, through the lens of the business life cycle. We argue that the controversy in the empirical literature
regarding the determinants of capital structure decisions is based on a failure to take into account the different degrees
of information opacity, and, consequently, firms' characteristics and needs at specific stages of their life cycles. The results
show that, in a bank-oriented country, firms tend to adopt specific financing strategies and a different hierarchy of financial
decision-making as they progress through the phases of their business life cycle. Contrary to conventional wisdom, debt is
shown to be fundamental to business activities in the early stages, representing the first choice. By contrast, in the maturity
stage, firms re-balance their capital structure, gradually substituting debt for internal capital, and for firms that have
consolidated their business, the pecking-order theory shows a high degree of application. This financial life-cycle pattern
seems to be homogeneous for different industries and consistent over time. 相似文献
2.
La Rocca Maurizio Staglianò Raffaele La Rocca Tiziana Cariola Alfio Skatova Ekaterina 《Small Business Economics》2019,53(4):1051-1078
Small Business Economics - For the first time, this paper examines the way in which cash holdings affect firm operating performance in a wide sample of European small and medium-sized enterprises... 相似文献
3.
The traditional mechanistic approach to Strategic Thinking influenced the rationales and consequently the early experiences of Technology Forecasting in Europe. On the other hand, the more recent dynamic non-linear approaches to Strategic Thinking and a gradual regionalization of the innovation policy have favoured the replacement of Forecasting with Foresight and, more recently, with Regional Foresight, where the complexity of phenomena is taken into greater account. In fact, during the last few decades, a transition has occurred from a mainly hierarchic capitalism to a flexible one. At micro-economic level, this has caused a gradual transition from hierarchical organisational models with tangible assets to network organisational models, which are knowledge-based and face complex and unsettled scenarios.
This paper tries to demonstrate that the concepts of Forecasting and Foresight cannot be considered outside of this context and of changes that have occurred in Strategic Thinking, where the needs for more global and interdisciplinary views of problems are striving to integrate Strategic management and Entrepreneurship into the new concept of Strategic Entrepreneurship.
In order to demonstrate this evolution in the rationales of foresight and in its applications, this work analyses and compares some among the more significant experiences of transition towards Regional Foresight in Europe. 相似文献
4.
Maurizio La Rocca Raffaele Staglianò Tiziana La Rocca Alfio Cariola 《Applied economics》2013,45(41):4442-4457
This article sheds light on the mixed empirical evidence concerning financial constraint and investment sensitivity to cash flow. The literature suggests that measuring financial constraint is far from straightforward, and we therefore propose a cluster analysis procedure to identify unambiguous groups of constrained firms. We found the investment results to be highly sensitive to cash flow for financial constraint firms. Moreover, in line with previous research, our results showed that the traditional criteria used to identify financially constrained firms led to ambiguous interpretations. Overall, our results propose that the cluster analysis can be used to encompass the various single-criterion approaches, thereby providing a finer measurement of the financial constraint construct and deeper insight into the relationship between investment sensitivity to cash flow and financial constraint. 相似文献
1