This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)...This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)—are being explained.These two models are further developed under the Greek accounting standards(especially the first model,being a more fundamental approach),in order to be applied afterwards more correctly to Greek firms’data,leading to adjusted forms.The application of these two models comes right next upon privately held food&drinks firms’financial statements,collected for each year(2013 up to 2015).The final step consists of the analysis and discussion of the results with the help of descriptive statistics(frequencies),as well as the pearson statistic,as a simple correlation tool.展开更多
Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can ...Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.展开更多
Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms （N=3,459） by di...Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms （N=3,459） by difference-indifferences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems （as the abrupt crisis provides a natural experiment） and hold up against endogeneity and several other challenges in robustness tests. The findings offer important implications for researchers, business owners, policy makers and future research.展开更多
Since the advent of the U.S. Iraq war in 2003, there has seen an acceleration of functions and operations which used to be the province of government become increasingly privatized. The division of the world into publ...Since the advent of the U.S. Iraq war in 2003, there has seen an acceleration of functions and operations which used to be the province of government become increasingly privatized. The division of the world into public and private spheres is at the center of a debate over what the government＇s role should be. This paper seeks to frame the debate between public and private roles regarding security issues. The military has been one area where there has never been a question of nation states outsourcing or privatizing. This paper will touch on the use of mercenaries and then discuss the growing use of corporate entities to supply what were considered to be traditional military activities and objectives.展开更多
文摘This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)—are being explained.These two models are further developed under the Greek accounting standards(especially the first model,being a more fundamental approach),in order to be applied afterwards more correctly to Greek firms’data,leading to adjusted forms.The application of these two models comes right next upon privately held food&drinks firms’financial statements,collected for each year(2013 up to 2015).The final step consists of the analysis and discussion of the results with the help of descriptive statistics(frequencies),as well as the pearson statistic,as a simple correlation tool.
文摘Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.
文摘Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms （N=3,459） by difference-indifferences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems （as the abrupt crisis provides a natural experiment） and hold up against endogeneity and several other challenges in robustness tests. The findings offer important implications for researchers, business owners, policy makers and future research.
文摘Since the advent of the U.S. Iraq war in 2003, there has seen an acceleration of functions and operations which used to be the province of government become increasingly privatized. The division of the world into public and private spheres is at the center of a debate over what the government＇s role should be. This paper seeks to frame the debate between public and private roles regarding security issues. The military has been one area where there has never been a question of nation states outsourcing or privatizing. This paper will touch on the use of mercenaries and then discuss the growing use of corporate entities to supply what were considered to be traditional military activities and objectives.
