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We consider conditions under which firms hire an intermediary advisor in acquisition deals. Although acquirers pay large advisory fees to investment banks for their assistance in acquisitions, we know little about the conditions under which acquirers form a relationship with an investment bank for an acquisition deal. Specifically, we examine the role of overall acquisition experience, acquisition experience specific to the target’s industry, prior relationship-specific experience, and deal size in relationship formation and continuation. We test their hypotheses using a dataset of US-based acquirers and targets between 1991 and 2015. Our findings provide nuanced insights into the role of acquisition experience for acquirer–investment bank pairing up on acquisition deals.

The spread of capitalism has been associated with the adoption of egalitarian achievement‐oriented values. Perhaps it is this emphasis on reward for personal achievement that led some economists to investigate the causes of women's unequal economic and social status in nineteenth century Europe. A handful of those economists underscored the discrepancies in the treatment of men and women in the workplace, a treatment which resulted in significantly lower wages for women than men.

The purpose of this study is to determine the impact of environment, social and governance (ESG) disclosure on credit ratings of companies in India.

Firms under study are listed on the Bombay Stock Exchange (BSE) 500 and represent almost 93 per cent of the total market capitalization on BSE. This study considers a sample of 122 firms from a population of 500 to examine the relationship between ESG scores and Credit Rating. The scope of this study is confined to those firms listed on the S&P BSE 500 which have made ESG disclosures and were rated by various credit rating agencies like Crisil, ICRA and CARE. Data were sourced from Bloomberg. Ratings were given in ascending order. In the first model, credit rating was used as predicted variable; ESG score as predictor variable and market capitalization, net debt to equity, and total debt to asset as control considering the ordered nature of dependent variable in the study, ordered logistic regression was applied. It was repeated taking individual scores on environment rating, social rating and governance rating as predictors. The authors further segregated the 122 selected firms into large, medium and low capital firms and assessed separate logistic regression models taking credit rating as the predicted variable and overall ESG score as the predictor.

It was found that overall ESG performance and performance of individual components (environment, social and financial variables such as market capitalization, and debt to equity ratio) had significant positive indicators of creditworthiness as measured through credit rating. Governance score had a positive and insignificant relation with credit rating. Market capitalization was observed to have significant direct relationship with credit worthiness. On the other hand, number of independent directors in companies showed significant inverse relationship with creditworthiness. ESG significantly impacted credit rating in the desired direction only for small- and middle-level firms; for large firms which already had higher credit rating, ESG showed no effect. It was also found that credit rating itself determined significantly the extent of overall ESG reporting and disclosure of its components.

This is unique study that covers the aspects of ESG reports and its impact on credit rating.

Literature on the relationship between social performance and economic performance of social enterprises has long been inconclusive. This paper aims to investigate whether and, if so, how social performance contributes to economic performance of social enterprises. Specifically, drawing from the resource-based view and signalling theory, the study examines how the development of reputation, which enables social enterprises to signal the enterprises' stakeholders' commitment towards social causes, mediates the relationship between the two.

Employing a quantitative research design, data were collected from a sample of 164 social enterprises in the UK and analysed using structural equation modelling (SEM).

The results illustrate that whilst the direct relationship between social and economic performance is inconclusive, social performance contributes indirectly to improve economic performance through improving social enterprise reputation.

To the best of the authors' knowledge, this study is the first of this kind in the context of social enterprises which sheds light on the long-standing conflicting literature on the relationship between the dual objectives (i.e. social and economic) by providing reputation as the mediating variable.

The purpose of this study is to analyze the systematic relationships among dynamic capabilities in startups’ survival.

This study is based on a systematic literature review on dynamic capabilities related to startups’ survival, following the content analysis approach.

This study presents four different perspectives of analysis about dynamic capabilities from resources exchange and business factors that meet needs of startups' survival. It also points out new area for future research in this field. In doing so, this study differentiates itself by its approach not limiting dynamic capabilities research and enriching entrepreneurs' capability theory.

By indicating an evolution of dynamic capabilities theory among tangible and intangible resources exchange in a more favorable adaptation to startups growth, this study boosters and contributes to the society, economy in general and to the science of business management in various perspectives such as overcoming cognitive barriers, entrepreneur’s commitment, innovation capabilities and knowledge capacity of startups.

This study amplifies dynamic capabilities vision in startups’ survival as one of the main sources for growth in this type of organizations. It also develops a deeper understanding about new avenues for dynamic capabilities theory among tangible and intangible resources exchange.