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This paper documents the findings from an extensive postal survey conducted in 1997‐98, which looks at the tax affairs of small firms, both incorporated and unincorporated. Tax planning practices of small firms in the UK, and the implications of these practices on working capital and investment in these businesses, are considered. The results indicate that tax planning in most small firms is not very sophisticated and this has an effect on investment decisions in these businesses. As a result of poor tax planning practices small firms are not in a position to utilise fully all available tax reduction mechanisms. Instead they have to rely on mechanisms that can be decided upon after the accounting year end; unfortunately these involve the withdrawal of money from the business (eg pension schemes, salaries/bonuses). The results presented in this paper illustrate that the decision concerning the level of pension fund contributions and drawings/salaries, and subsequently the level of retained profits, will depend on both financial (business needs and market characteristics) as well as non‐financial (management characteristics) factors. However, the present combination of these factors in the small business sector favours the extraction of profits out of the business rather than the reinvestment of profits that will enhance the creation of wealth and employment. Based on the beliefs and expectations of small business owner/directors a number of tax incentives are discussed that the government could introduce in order to enhance the financial development and prosperity of small firms.

Aims to ascertain the extent to which industry appears to influence the financing behaviour of a sample of Australian small and medium‐sized enterprises (SMEs).

The research employs data for several thousand SMEs taken from the Australian federal government's Business Longitudinal Survey undertaken over four financial years from 1994‐1995 to 1997‐1998. The principal analytical technique employed is logistic regression modelling with various financial structure measures as dependent variables, and with industry as the independent variable of central interest.

The research findings reported in the paper provide substantial empirical evidence that cross‐industry differences in financing behaviour do exist even after controlling for other relevant influences on SME financing choices such as enterprise size, business age, profitability, growth, asset structure and risk. The key finding is that industry does not simply proxy for one or more of these other factors, but is an important influence in its own right.

There are evidently effects arising from the fundamental nature of industries that require better understanding before a reliable prescriptive position on SME financing can be reached. What these effects are cannot really be ascertained using the research data and methods employed in this study, which give a relatively superficial perspective on the matter. A need for more in‐depth qualitative investigation is indicated.

The main implication of this research for scholars and policy‐makers concerned with SMEs is clearly the need to regard industry as an important independent influence on financing behaviour.

The purpose of this paper s to study the financing behavior of family firms (FF), as these differ from their small- and medium-sized enterprise (SME) counterparts in their capital structure decision, mainly due to an increased risk aversion and the desire to maintain control over the firm.

A sample of 470 SMEs from a bank-based environment is examined for the period of 2005-2010. A dynamic panel data model is utilized to assess both the role of several capital structure determinants and the target-adjusting behavior for different subsamples of firms.

The results show that FF, whether controlled by founders or not, are relatively more leveraged. The aim to maintain long-term control and limited financing options and other factors seem crucial to the observed differences in leverage and dominate risk considerations associated with higher debt. Presumed differences in agency costs across generations do not drive capital structure decisions, as overall leverage does not differ between founder- and descendant-controlled family firms (FCFF and DCFF, respectively). Firms with a founder-chief executive officer (CEO), however, adjust faster to deviations from a target debt ratio. The effects of many proposed capital structure determinants differ across firm types, but are highly consistent with predictions from the pecking order theory.

Based on the results of this study, we suggest policy-makers in bank-based economies like Austria to strongly focus on mechanisms that facilitate the access to bank debt to ensure adequate allocation of finances to SMEs. This is especially important to stimulate growth and further innovation for the dominant group of FF, as they rely on debt the most to maintain family control.

This paper makes a novel contribution to the literature, as it combines an analysis of the capital structure of non-listed family firms (NFF) in a bank-based economy, the respective role of founder management, the dynamic adjustment to a presumed debt target and joint tests of capital structure theories.

After loan interest rate upper limit deregulation in October 2004, the financing environment in China changed dramatically, and the banks were eligible for risk compensation. The purpose of this paper is to focus on the influence of the loan interest rate liberalization on firms’ loan maturity structure.

Based on Rajan's (1992) model, the authors constructed a trade-off model of how the banks choose long-term and short-term loans scales, and further analyzed banks’ loan term decisions under the loan interest rate upper limit deregulation or collateral cases. Then the authors used an unbalanced panel data set of 586 Chinese listed manufacturing companies and 9,376 observations during the period 1996-2011 to testify the theoretical conclusion. Furthermore, the authors studied the effect on firms with different characteristics of ownership or scale.

The results show that the loan interest rate liberalization significantly decreases the private companies’ reliance on short-term loans and increases sensitivity to interest rates of state-owned companies’ long-term loans. But the results also show that the companies’ ownership still plays a key role on the long-term loans availability. When monetary policy tightened, small companies still have to borrow short-term loans for long-term purposes. As the bank industry is still dominated by state-owned banks and the deposit interest rate has upper limits, the effect of the loan interest rate liberalization on easing long-term credit constraints is limited.

From a new perspective, the content and findings of this paper contribute to the study of the effect of the interest rate liberalization on China economy.

This study investigates the influences of social media marketing activities (SMMAs) on brand preference by focussing on the mediation influence of brand recognisability and the moderator influence of brand signature in higher education institutions in Germany. A total of 257 students were surveyed and the data gathered were tested through partial least squares structural equation modelling. The findings demonstrated that higher-education institutions’ SMMAs had a significant effect on both brand recognisability and students’ brand preference. The findings also empirically proved the significant mediator influence of brand recognisability and the moderator influence of brand signature upon the association of higher education institutions’ SMMAs and students’ brand preference. It is anticipated that the findings of this research could be utilised as a significant solution in the improvement of higher education institutions’ SMMAs, specifically focussing on the significance of each component of SMMAs.

This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt.

Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period.

The results indicate that eight explanatory variables – i.e. size, age, growth, profitability, liquidity, asset tangibility, non-debt tax shields and industry affiliation – are associated to various extents with SME debt policy.

The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods.

As debt policy influences firm performance, value and survival, SME owners and managers, regulators and financial institutions may benefit from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways.

This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

The purpose of this paper is to highlight important issues in the study of dysfunctional customer behavior and to provide a research agenda to inspire, guide, and enthuse. Through a critical evaluation of existing research, the aim is to highlight key issues and to present potentially worthy avenues for future study.

In reviewing recent and past advances in the study of customers behaving badly, an overview of existing research into customers behaving badly and addressing issues of terminology and definition is provided. Thereafter, three perspectives that provide the most opportunity and insight in studying the darker side of service dynamics are outlined. This leads to a review of some of the research design and methodological problems and issues that are faced when rigorously studying these issues. Subsequently, the paper devotes a section to the provocative idea that while dysfunctional customer behavior has many negative influences on customers, employees, and service firms, there are actually some positive functions of customers behaving badly.

A research agenda is provided that is believed to identify and discuss a range of projects that comprises not only insightful theoretical contributions but is also practically relevant.

The paper identifies a range of issues about which managers should be aware and proactively manage.

The purpose of this paper is to optimize the performance of an incinerator plant in terms of NO emissions and temperature of particles 2 s after the last air injection, which must be above 850°C as established from the Directive 2000/76/EC of the European Parliament and of the Council – December 4, 2000 on dioxins formation in waste incineration plants.

Investigation is made by coupling proper models developed within three commercial software environments: FLUENT, to reproduce the thermodynamic field inside the combustion chamber of the incinerator plant taken into account, MATLAB, to evaluate the position and temperatures of the particles 2 s after the last air injection, MODEFRONTIER, to change both the secondary air mass flow rate and the equivalent heat transfer coefficient of the refractory walls to fulfill the conflicting objectives of reducing the NO formation and increasing the mean gases temperature as required by the Directive.

The investigations suggest that it is possible to create the conditions allowing the reduction of NO emissions and the fulfilment of the European limits. In particular, the obtained results suggest that increasing the overall mass flow rate of the secondary air and using a different refractory material on the walls, the environmental performance of the incinerator plant can be improved.

Many other parameters could be optimized and, at the same time, more detailed models could be used for the Computational Fluid Dynamics simulations. Moreover, also the energy generated at the plant would need a better investigation in order to understand if optimal conditions can be really achieved.

The work covers new aspects of Waste-to-Energy (WtE) systems, since it deals with an optimization study of plant design and operating parameters. This kind of investigation allows not only to improve already existing technologies for WtE systems, but also to develop new ones.

The purpose of this study is to examine the determinants of capital structure decisions of small and medium enterprises (SMEs) in Ghana. The issue is very relevant considering that SMEs have been noted as important contributors to the growth of the Ghanaian economy.

Regression model is used to estimate the relationship between the firm level characteristics and capital structure measured by long‐term debt and short‐term debt ratios.

The results of the study suggest that variables such as firm's age, size, asset structure, profitability, and growth affect the capital structure of Ghanaian SMEs. Short‐term debt is found to represent an important financing source for SMEs in Ghana.

The findings of this study have important implications for policy makers and entrepreneurs of SMEs in Ghana.

The purpose of this paper is to study the influence of various corporate characteristics on the capital structure of French small and medium‐sized enterprises (SMEs).

OLS fixed‐effect regressions are used to estimate the influence of SME corporate characteristics on three capital structure measures, namely total, long‐term and short‐term debt.

The findings suggest that size, profitability, growth and tangibility of assets influence, in a significant way, the capital structure of French SMEs. Furthermore, when decomposing the sample into two groups: small (1) and medium‐sized (2) firms, the findings indicate that corporate characteristics affect the capital structure of these two subsamples in the same direction, but with different amplitudes.

The evidence presented and discussed in this paper extends the existing literature. From an academic perspective, the methodological approach and the empirical results provide a level of analysis unmatched by the previous research on French firms. Moreover, the findings can add to the knowledge and the understanding of SME corporate managers. They can provide useful information to assist them in their decision making regarding the capital structure of their firms at a time when difficulties of SME financing are more and more evoked in the French context.