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We provide the first analysis of management turnover and ownership change as determinants of post-bankruptcy failure of small businesses. Examining micro-level data on Slovenian firms that attempted bankruptcy reorganization and utilizing multiple empirical approaches, we find that changes prior to completed reorganization proceedings never reduce, and in the case of foreign incoming owners or insider incoming managers in fact increase, prospects of firm liquidation. Firm liquidation prospects robustly decrease only with changes that occur after completed proceedings, involve ownership transfer, and feature domestic incoming owners. These results continue to hold under an alternative conceptualization of firm failure. Our findings are consistent with the importance of disruption costs in the process of turning around ailing small businesses. Our analysis casts novel light on the ongoing debate about the consequences of debtor-in-possession rule in bankruptcy and the relevance of successor origin in management turnover and ownership change for firm outcomes.

This study examines the deferred tax valuation allowance disclosures of a sample of venture-capital-backed IPO firms that incurred a net operating loss (NOL) in the period prior to their public offering (IPO). I find that 82 percent of these firms record an allowance that reduces the associated deferred tax asset to zero, that the choice to record the allowance is largely driven by a firm’s history of losses, and that the allowance is associated with lower future book income. I further propose a new explanation for the presence of the allowance: the Section 382 ownership change limitation, which can cause firms to record an allowance independent of their past profitability or expectations about future earnings. I find that firms consider this limitation when recording the allowance, and that controlling for it can enhance the signal regarding future income.

Although acquisitions of high-tech entrepreneurial firms are of great popularity within the technology transfer process, the limited empirical evidence on this type of technology transfer shows that these acquisitions often lead to dismal results in that a large number of acquired key inventors leave their companies after an acquisition and those that remain exhibit poor performance. This study aims at explaining this phenomenon and adds additional empirical results and explanations to the matching theory of ownership changes. Using a hand collected dataset of all German IPOs from 1997 until 2006, this study shows that the probability of ownership in a young and high-tech firm’s assets being reallocated by means of a takeover significantly decreases with the amount of intangible and complementary assets that are owned by the owner-manager.

Changes in equity ownership between international joint venture (IJV) partners over an IJV life-course represent an important behavioral manifestation of relational dynamics. We examine each occurrence of equity ownership change for two salient temporal properties: frequency (how often ownership change occurs) and directional reversal (when a partner buys and then sells, or vice versa, equity shares from another partner). Building on social exchange theory, we propose that initial partner equity imbalance and partners’ country’s individualism-collectivist culture has an imprinting effect on the likelihood of ownership change for both temporal properties. We developed a data set consisting of all equity changes in 200 Japanese automotive suppliers’ IJVs and found support for our hypotheses while controlling for transaction cost explanations. Our findings contribute to IJV research by shedding light on temporal aspects of equity ownership change over an IJV’s life course as well as the underlying exchange dynamics and the stability of IJV equity ownership distribution among partners.

Purpose This study aims to investigate the impact of environmental performance, social responsibility and corporate governance (ESG) on bank performance (BP) in the Italian banking sector. It analyzes the relationships between 10 dimensions of ESG pillars and BP indicators during the period 2016–2020. Design/methodology/approach This study examines a sample of 105 Italian banks and develops three econometric models to verify the effect of ESG initiatives on BP indicators. The independent variables are the ESG dimensions collected from the Refinitiv database, whereas the explanatory variables are performance indicators measured through accounting and market variables. Findings The findings show that ESG policies negatively affect operational and market performance in the banking sector, suggesting that Italian banks have not fully embraced strong sustainability procedures. However, the relationships between ESG dimensions are mixed if measured individually. The results show a significant positive impact of emission and waste reductions on financial and operating performance, but regarding social aspects, it is proved that better product responsibility decreases accounting performance. Research limitations/implications This study offers an in-depth examination of ESG practices in relation to current and future performance. In particular, the findings provide practitioners and academics with an actual set of predictors in the ESG area to improve BP. Originality/value To the best of the authors’ knowledge, this is the only study that has investigated the impact of ESG issues on BP in Italy. Few prior studies have used all dimensions of ESG policies at a disaggregated level to investigate their effect on various performance indicators.

Car owners underestimate total vehicle costs. Giving consumers this information could encourage the switch to cleaner transport and reduce emissions. Running a car costs much more than you think Car owners underestimate total vehicle costs. Giving consumers this information could encourage the switch to cleaner transport and reduce emissions.

Recent longitudinal studies of household car ownership have examined factors associated with increases and decreases in car ownership level. The contribution of this panel data analysis is to identify the predictors of different types of car ownership level change (zero to one car, one to two cars and vice versa) and demonstrate that these are quite different in nature. The study develops a large scale data set (n = 19,334), drawing on the first two waves (2009–2011) of the UK Household Longitudinal Study (UKHLS). This has enabled the generation of a comprehensive set of life event and spatial context variables. Changes to composition of households (people arriving and leaving) and to driving licence availability are the strongest predictors of car ownership level changes, followed by employment status and income changes. Households were found to be more likely to relinquish cars in association with an income reduction than they were to acquire cars in association with an income gain. This may be attributed to the economic recession of the time. The effect of having children differs according to car ownership state with it increasing the probability of acquiring a car for non-car owners and increasing the probability of relinquishing a car for two car owners. Sensitivity to spatial context is demonstrated by poorer access to public transport predicting higher probability of a non-car owning household acquiring a car and lower probability of a one-car owning household relinquishing a car. While previous panel studies have had to rely on comparatively small samples, the large scale nature of the UKHLS has provided robust and comprehensive evidence of the factors that determine different car ownership level changes.

Abstract Home health care serves over 5 million Americans “aging in place”. In January 2016, home health value-based purchasing model (HHVBP) was introduced and piloted in 9 states in the US with a purpose of improving care quality and efficiency, and expanded nationwide in 2023. This study aimed to examine the impact of HHVBP on business operation of home health agencies (HHA), including ownership changes. This is a longitudinal study using 7 years (2013-2019) of data from two national data sources. A dummy variable was used to indicate whether an HHA is in a state with HHVBP or not. Ownership measures included both the type and changes of ownership between 2013-2017. A total of 14,334 HHAs (95,137 agency-years) were included in analysis. Of the 14,334 agencies, about 19% were in HHVBP states, 88% continued business in all study years, 1679 were new agencies and 49 agencies discontinued business. In HHVBP states, 363 out of 2781 (13%) were newly added, compared to 1316 out of 11,553 (11%) in non-HHVBP states. Agencies in HHVBP states were more likely to be public agencies (e.g., 6.08% vs. 4.97% in 2013; 5.62% vs. 4.60% in 2018), though it slightly decreased over time; and experience changes in ownership and particularly the years after the implementation of HHVBP (e.g.,2.44% vs. 2.38% in 2013; 7.03% vs. 4.39% in 2018). The HHVBP can have a significant impact on the operation and ownership type of home health agency, which in turn may impact availability and quality of home health care.

We explore how changes in ownership affect the productivity and profitability of producers. Using detailed data from the Japanese cotton spinning industry at the turn of the last century, we find that acquired firms' production facilities were not on average less physically productive than the plants of the acquiring firms before acquisition. They were much less profitable, however, due to higher inventory levels and lower capacity utilization—differences that reflected problems in managing the uncertainties of demand. After acquisitions, less profitable acquired plants saw drops in inventories and gains in capacity utilization that raised both their productivity and profitability levels.

Nursing home ownership has become increasingly complicated, partly because of the growth of facilities owned by institutional investors such as private equity (PE) firms and real estate investment trusts (REITs). Although the ownership transparency and accountability of nursing homes have historically been poor, the Biden administration's nursing home reform plans released in 2022 included a series of data releases on ownership. However, our evaluation of the newly released data identified several gaps: One-third of PE and fewer than one-fifth of REIT investments identified in the proprietary Irving Levin Associates and S&P Capital IQ investment data were present in Centers for Medicare and Medicaid Services (CMS) publicly available ownership data. Similarly, we obtained different results when searching for the ten top common owners of nursing homes using CMS data and facility survey reports of chain ownership. Finally, ownership percentages were missing in the CMS data for 82.40 percent of owners in the top ten chains and 55.21 percent of owners across all US facilities. Although the new data represent an important step forward, we highlight additional steps to ensure that the data are timely, accurate, and responsive. Transparent ownership data are fundamental to understanding the adequacy of public payments to provide patient care, enable policy makers to make timely decisions, and evaluate nursing home quality.