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CROWDFUNDING SUCCESS EFFECTS ON FINANCING OUTCOMES FOR STARTUPS: A SIGNALING THEORY PERSPECTIVE.
Publication Type: Academic Journal
Source(s): MIS Quarterly. Sep2023, Vol. 47 Issue 3, p1271-1301. 31p. 16 Charts, 1 Graph.
Abstract: This study adopts a signaling theory perspective to examine whether and how crowdfunding (relative to angel financing) influences subsequent venture capital (VC) investments in startups. We used a bivariate probit model with propensity score matching t...
"We Can't Compete on Human Rights": Creating Market-Protected Spaces to Institutionalize the Emerging Logic of Responsible Management.
Publication Type: Academic Journal
Source(s): Academy of Management Journal. Aug2023, Vol. 66 Issue 4, p1071-1101. 31p. 2 Diagrams, 3 Charts, 1 Graph.
Abstract: To what extent are multinational corporations able to address societal challenges through voluntary corporate social responsibility (CSR)? Based on an in-depth qualitative study of how apparel multinational corporations have addressed labor standards v...
The Leading Premium.
Publication Type: Academic Journal
Source(s): Review of Financial Studies. Aug2023, Vol. 36 Issue 8, p2997-3033. 37p.
Abstract: In this paper, we consider conditional measures of lead-lag relations between aggregate growth and industry-level cash flow growth in the United States. Our results show that firms in leading industries pay an average annualized return 3.6 |$\%$| highe...
Regulatory Intensity and Firm-Specific Exposure.
Publication Type: Academic Journal
Source(s): Review of Financial Studies. Aug2023, Vol. 36 Issue 8, p3311-3347. 37p.
Abstract: Building on administrative data and machine-learning models, I develop a firm-specific measure of regulatory intensity: cost of compliance with all federal paperwork regulations. Regulatory intensity increases the cost of goods sold and overhead spendi...
The Distribution of Voting Rights to Shareholders.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Aug2023, Vol. 58 Issue 5, p1878-1910. 33p.
Abstract: This is the first comprehensive study of the distribution of voting rights to shareholders. Only individuals owning stock on a record date may vote. Firms, however, reveal record dates after the fact 91% of the time. With controversial votes, firms are...
State Controlling Shareholders and Payout Policy.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Aug2023, Vol. 58 Issue 5, p1943-1972. 30p.
Abstract: We study the role of state controlling shareholders in corporate payout policy. The State Capital Operation Program in China requires parent central state-owned enterprises (CSOEs) to contribute part of their consolidated income to a new fiscal fund. W...
M&A Activity and the Capital Structure of Target Firms.
Publication Type: Academic Journal
Source(s): Journal of Financial & Quantitative Analysis. Aug2023, Vol. 58 Issue 5, p2064-2095. 32p.
Abstract: We study 6,083 European firms that were acquired between 1999 and 2015. Soon after the acquisition, the acquired firms promptly and substantially close the gap between their actual leverage ratios and their target (optimal) ratios. Firms that were over...
Power and Dominant Coalitions in Family Business.
Publication Type: Academic Journal
Source(s): Academy of Management Review. Jul2023, Vol. 48 Issue 3, p530-555. 26p. 1 Diagram, 3 Charts, 4 Graphs.
Abstract: We address a key theoretical issue in the literature of dominant coalitions by explaining why, contrary to conventional wisdom, we observe the emergence of different coalitions under identical equity holdings of shareholders. Shifting the focus from ex...
Auditor Appointment Strategy and Intragroup Value Transfers: Evidence From Family Business Groups.
Publication Type: Academic Journal
Source(s): Journal of Accounting, Auditing & Finance. Jul2023, Vol. 38 Issue 3, p620-647. 28p. 1 Diagram, 8 Charts, 1 Graph.
Abstract: Family business groups (FBGs) typically control several member firms and can hire a single auditor or multiple auditors to audit their member firms. This article examines what type of auditor appointment strategy constrains intragroup value transfers w...
The $12 Billion Question.
Publication Type: Periodical
Source(s): Entrepreneur. Jul/Aug2023, Vol. 51 Issue 4, p66-71. 6p. 2 Color Photographs.
Abstract: As Brex tried to solve these problems, its team came to realize just how different these two kinds of businesses were - and it became clear that, as the company's product roadmaps diverged, many of its customers were left unhappy. FEATURES When a handf...