Internal cash flow, insider ownership, and capital expenditures: a test of the pecking order and managerial hypotheses

Article Abstract:

The pecking order and managerial hypotheses are evaluated to establish the function of internal cash flow in corporate capital expenditure levels. Both bivariate and multivariate analysis showed that no relationship existed between insider ownership and expenditure levels. Such cash flow for financing expenditures is generated by information asymmetries between corporate executives and potential new stakeholders.

Research, Capital investments, Cash flow

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Determinants of the Capital Structures of European SMEs

Article Abstract:

Analysis of 4,000 small to medium-sized business in eight European countries indicates that variations in capital structures result not only from firm-specific differences but differences in national characteristics as well. Long-term and short-term debt were used as dependent variables; firm age, size, asset structure, growth, and profitability were used as independent variables.

Financial management, Comparative analysis, Capital assets, Company financing, Small and medium sized companies

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Efficiency and stock performance in European banking

Article Abstract:

The existing literature on market-based accounting is extended to evaluate the stock performance and efficiency in European banking.

Methods, Evaluation, Economic aspects, Bank stocks, Financial accounting

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