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The purpose of this paper is to identify whether the rise in intangible asset investment is related to trade credit investment and whether this relationship is driven by financial constraint and other firm factors.

The study conducts fixed effect regressions testing the relationship between trade credit investment and intangible asset levels. The relationship is further examined for all firms based on product type, financial constraint and sales growth.

There is a negative relationship between investment in trade credit and the level of intangible assets as a proportion of total assets. This negative relationship is largely explained by firms in industries that traditionally utilize more trade credit, firms with financial constraints and firms with low sales growth.

The level of investment in intangible assets continues to rise, while investment in trade credit is declining. This paper is the first to identify whether these trends could be related and to provide some explanation why.

This study is the first to link investment in trade credit with investment in intangible assets. There is a negative relationship that is most pronounced for firms that typically offer more trade credit, that are experiencing financial constraint and that are experiencing low growth.

The purpose of this paper is to identify the relation between cash flow volatility and trade credit offered by firms in developing Asian economies.

The study conducts country fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is then examined with all firms separated into two groups based on firm size, and then again comparing the relation before and after the 2008 finasncial crisis.

Higher levels of cash flow volatility are negatively related to the amount of trade credit offered. The negative relationship with cash flow volatility is greater amongst smaller firms that may have less access to external sources of capital. Additionally, the negative relationship is greater following the 2008 financial crisis.

Trade credit plays an important role in the business process, particularly in developing economies. However, these firms may not be able to maintain their investment in trade credit when experiencing greater levels of cash flow volatility. These results are especially pronounced after the 2008 financial crisis and for small firms.

This study identifies an important connection between cash flow volatility and firm investment in trade credit among firms in developing Asian economies.

The purpose of this paper is to identify whether negative operating cash flows are related to investment inefficiency, and specifically whether they are related to subsequent overinvestment and if this relationship is driven by agency problems within the firm.

The study conducts fixed effect regressions, testing the relationship between negative operating cash flows and the firm’s subsequent investment inefficiency. The relationship is further examined for all firms based on size, corporate governance and cash holdings – all of which are related to agency problems.

The proportion of firms reporting negative operating cash flows has been increasing over time and is positively related to subsequent investment inefficiency. This increase is explained not only by the rise in investment of intangible assets. The positive relationship is not explained by the firm size or corporate governance, but is related to cash holdings. These results are consistent across four different measures of firm investment.

The percentage of publicly traded firms with negative operating cash flows has never been higher. This paper is one of the first to identify factors that may be contributing to this rise.

This study extends prior findings by identifying previously unexplored factors related to the rise in firms with negative operating cash flows. The rise in investment of intangible assets does not explain the increase alone. High cash holdings also influence the rise in negative operating cash flows.

The purpose of this paper is to identify three factors leading to the observed decline in trade credit offered from publicly traded firms.

The study conducts firm fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit. The relationship is further examined with all firms separated into two groups, based on SIC codes, designating if they are in industries that traditionally offer higher amounts of trade credit.

The proportion of US firms that has traditionally extended the most trade credit has been decreasing over time, contributing to part of the decline in trade credit offered. Increases in cash flow volatility have also contributed to decreasing investment in trade credit. The negative relationship with cash flow volatility is greatest amongst firms that traditionally place the highest value on trade credit. Firms with access to credit, proxied by investment grade debt ratings, do not experience the same decline in trade credit offered.

Firms that value the ability to extend trade credit may maintain their level of investment in trade credit, even with increased risk of cash flow volatility, by maintaining a comparative advantage in access to credit.

This study extends prior findings by providing three previously unexplored explanations for the decline in offered trade credit seen in the USA. The changing make-up of publicly traded firms, a market-wide increase in cash flow volatility, and access to credit all play an important role in observed declines of trade credit investment.

The sociology of childhood is fraught with problems, not least those centred on the idea, notion or concept of ‘childhood’, and in particular, the issue of how to define, distinguish and identify ‘childhood’ for sociological purposes. The study, analysis and understanding of childhood hinge upon how ‘childhood’ is defined, either explicitly or implicitly, one problem being the plethora of quite diverse approaches in both popular and sociological discourses. While there cannot be a correct definition of ‘childhood’, there can be a best definition, such as for sociological purposes, those of making sense of ‘childhood’ in particular and of social life, relationships and experience in general.

Examines how one of Britain′s largest bingo companies, Top Rank put in place a major training programme in 90 clubs across Britain to improve customer service. Shows the process of identifying the need for training, finding a suitable programme (actually customizing an existing one) and measuring the results. Particularly stresses the growing importance of trainer training in industry – i.e. companies training their own people to become trainers. The training programme, customised to Top Rank′s needs by the Hotel and Catering Training Company, proved highly effective in achieving the desired goals. Craft Trainer Awards were given to 250 managers who were trained in the art of training their staff.

Text book theories of motivation are abundant. Content theories such as Maslow's hierarchy of needs and Herzberg's two factor theory or process theories such as expectancy theory and reinforcement theory are practiced in most American companies. The key difference between the best managed companies and other companies is their methods of implementation in their particular environment. Black and Decker, Lincoln Electric, Honeywell, Walmart, Dupont and Phillip Van Heusen are seven of America's best managed companies who use creativity and innovation to motivate employees.