1,721,255 research outputs found
IPO mechanisms, informations asymmetries and institutional details: the French Second Marché
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IPO mechanisms, informations asymmetries and institutional details: the French Second Marché
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Estimating individual financial constraints
No full textWe estimate firm-specific cash flow sensitivities of investment for a panel of manufacturing SMEs, using the
generalized maximum entropy-estimator (GME). Since this estimator easily allows for slope heterogeneity, we
no longer have to rely on ex-ante sample splitting, which has been common practice in this literature. The results
show a wide variation in individual sensitivities in every year, demonstrating the relevance of estimating firmspecific
coefficients rather than an aggregate coefficient for assumed sub-samples. On the basis of the
distribution of estimated sensitivities, differences in financial profile and financing behaviour between high
sensitivity firms and the remainder of the sample were analysed . The results provide evidence for the existence
of financial constraints for the high sensitivity sub-sample based on financial profile, but not on the actual use of
various funding sources
Ownership, governance and financial performance in small and medium-sized family firms.
No full textUsing a cross sectional sample of 2,865 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine ownership dispersion proxies with several moderating governance and management variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in the “cousin consortium” generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms
Ownership, governance and financial performance in small and medium-sized family firms.
No full textUsing a cross sectional sample of 2,865 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine ownership dispersion proxies with several moderating governance and management variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in the “cousin consortium” generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms
Estimating individual financial constraints
No full textWe estimate firm-specific cash flow sensitivities of investment for a panel of manufacturing SMEs, using the
generalized maximum entropy-estimator (GME). Since this estimator easily allows for slope heterogeneity, we
no longer have to rely on ex-ante sample splitting, which has been common practice in this literature. The results
show a wide variation in individual sensitivities in every year, demonstrating the relevance of estimating firmspecific
coefficients rather than an aggregate coefficient for assumed sub-samples. On the basis of the
distribution of estimated sensitivities, differences in financial profile and financing behaviour between high
sensitivity firms and the remainder of the sample were analysed . The results provide evidence for the existence
of financial constraints for the high sensitivity sub-sample based on financial profile, but not on the actual use of
various funding sources
The degree of international trade and exchange rateexposure - Firm-level evidence from two small openeconomies
No full textThis study investigates exchange rate exposure by comparing Dutch and Belgian listed firms at each point in time using monthly data from 2006 to 2015. Gaps in previous research are addressed by using disaggregated firm-level data to construct trade-weighted firm-specific effective exchange indices and by applying copula theory. Our findings are as follows. First, extreme events leading to non-normality of stock returns are, at least partially, caused by a firm's international trade status. Second, Dutch listed firms experience stronger exchange rate exposure since they engage more into trade outside the Eurozone than the Belgian listed firms. Third, listed importing firms experience stronger exchange rate exposure than listed exporting firms, which indicates a dual effect of exchange rate risk arising from cash flow effects in both the domestic economy and the foreign market. Overall, our proposed methodology contributes to a better understanding of the link between exchange rate changes and trade, and may therefore be of use to policy makers involved with exchange rate or monetary policy.The authors gratefully acknowledge the financial support of the NBB (Project No. 3H130602) and also thank the NBB for dealing with the foreign trade and national accounts database from the Central Balance Sheet Office. The views expressed in this article represent the views of the authors and not necessarily those of the National Bank of Belgium or Statistics Netherlands.
We would like to thank the participants of the internal seminar at the National Bank of Belgium on the 17th of September 2018 in Brussels and the participants of the 4th International Workshop on Financial Markets and Nonlinear Dynamics (FMND–www.fmnd.fr) from 31 May to June 1, 2019 in Paris for fruitful discussions.Annelies, V (corresponding author), Hasselt Univ, Fac Business Econ, Martelarenlaan 42, B-3500 Hasselt, Belgium.
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The distinctiveness of family firm intangibles
No full textIn this paper we review the theoretical and empirical literature on the resource-based view in the context of family businesses using a framework of intangible resources. This approach allows us to structure the present research on value adding resources in family firms into four clearly distinctive groups, namely organizational culture, reputation, human capital, networks, and gives us furthermore the opportunity to look into the interactions of these intangible resources. We build on these relationships to offer a future research agenda that is focused on the creation of competitive advantage through the combination and recombination of these resources
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