We review the literature on financial constraints and the performance of small and medium
enterprises (SMEs). We consider the important role that SMEs play in the economies of …

Since the mid-2000s there has been an increasing divergence in unemployment rates
across EU countries and age groups. We argue that this divergence has to do with labor …

How do entrepreneurs vary firm size, capital structure, and default to manage risk? We show
that more risk-averse entrepreneurs run smaller, more highly leveraged firms and default …

ABSTRACT I propose a financial channel of wage rigidity. In recessions, rather than
propping up marginal (new hires') costs of labor, rigid average wages squeeze cash flows …

We use variation in the degree of development of local credit markets and matched
employer–employee data to assess the role of the firm as an internal credit market. We find …

Purpose The purpose of this study is to examine the nonlinear relationship between
financial constraints and the chief executive officer (CEO) stock options compensation and to …

Whether firms founded during or outside economic crises have greater growth potential is an
important question for both prospective entrepreneurs and policy makers. Existing research …

The majority of academic economists share the view that a corporation should serve the
exclusive interests of its shareholders (shareholder value maximization). This view is fi rmly …

Strict environmental regulations may change the behavioral decisions of firms. Based on the
exogenous impact of the Chinese Central Government's inclusion of environmental …

Using a linked employer–employee dataset and taking the perspective of individuals rather
than firms, this paper analyzes some effects of joining startups. We show that entrants in new …