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on Corporate Finance |
| By: | Yuichiro KUBO; Tomohito HONDA; Hirofumi UCHIDA |
| Abstract: | This study examines whether, when acting as sellers in M&A transactions, privately held firms set sales conditions and make buyer selection decisions that reflect stewardship considerations. Using unique data on M&A involving privately held small and medium-sized enterprises (SMEs), our analysis reveals that many set sales conditions which reflect their preferences for stewardship-orientation. However, we do not find that family firms are more likely to do so, nor to select buyers with less informational asymmetry, than non-family firms. These findings indicate that in M&A transactions, privately held firms behave as suggested by stewardship theory, but there are no significant differences between family and non-family firms. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:26006 |
| By: | Bianca He (University of Chicago); Lauren Mostrom (University of Chicago); Amir Sufi (University of Chicago – Booth School of Business and NBER) |
| Abstract: | Financial Technology (“FinTech†) firms invest significantly more in customer capital relative to traditional financial firms, and such investment builds valuable customer capital. Higher investment by FinTech firms is not accounted for by sectoral focus or differences in firm age. Reasons for higher customer capital investment are explored, including the need to build trust with customers, the focus on downstream segments of the financial marketplace, the operation of platform-based business models, and a heavier reliance on valuable customer data. |
| JEL: | G23 M3 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:bfi:wpaper:2026-14 |
| By: | Saleh Goltabar (Academic Center for Education, Culture, and Research); Iman Cheratian (Academic Center for Education, Culture, and Research (ACECR)); Hamed Najaf (Economist, UN Administrative and Budgetary Expert, Iran Representative) |
| Abstract: | This paper examines the relationship between supply chain diversification (SCD) and the persistence of micro, small, and medium-sized enterprises (MSMEs) in Iran, with a focus on the moderating role of external finance. Using a Probit regression analysis and marginal effect estimations on a sample of 480 firms, the study reveals that SCD positively influences the persistence of firms with full access to external finance. However, for firms lacking external finance or relying solely on internal finance, SCD reduces their probability of persistence. These findings underscore the essential role of external finance in enabling MSMEs to leverage SCD as a resilience strategy. The paper provides policy recommendations to enhance MSMEs' access to external finance, especially in regions affected by sanctions. |
| Date: | 2025–05–20 |
| URL: | https://d.repec.org/n?u=RePEc:erg:wpaper:1774 |
| By: | Tseliso Isaiah Ramoeletsi (Westford University College, Scotland, UK) |
| Abstract: | This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure on the financial performance of firms listed on selected Southern African stock exchanges. A quantitative, comparative research design was employed using panel data covering 2018 to 2024. The sample comprised 72 randomly selected companies—10 each from the Johannesburg Stock Exchange (JSE), Zimbabwe Stock Exchange (ZSE), Botswana Stock Exchange (BSE), Dar es Salaam Stock Exchange (DSE), Malawi Stock Exchange (MalSE), Lusaka Securities Exchange (LuSE), and Stock Exchange of Mauritius (SEM), and two from the Eswatini Stock Exchange (ESE)—resulting in 504 firm-year observations. ESG disclosures were assessed using a structured 30-item index based on GRI, SASB, and TCFD frameworks, scored on a 0–2 Likert scale. Corporate financial performance was measured using a Composite Financial Performance (CFP) indicator, derived by standardizing and averaging Return on Assets (ROA) and Return on Equity (ROE). Data analysis included descriptive statistics, Pearson correlation, and panel regression. Findings indicate moderate ESG disclosure levels, with governance reporting being the most consistent. However, ESG scores exhibited no significant positive relationship with CFP, and environmental disclosures were negatively associated with financial performance, suggesting potential short-term cost implications. Traditional financial variables such as debt-to-equity ratio remained strong predictors of profitability. These results suggest that ESG practices among firms on Southern African stock exchanges are still evolving and may be driven more by compliance than strategic integration, limiting immediate financial benefits. |
| Keywords: | ESG disclosure, financial performance, SADC, panel data, responsible investment |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0566 |