Abstract:The paper seeks to extend Biger, Nguyen, and Hoang' (2008) findings regarding the determinants of capital structure. Empirical results show that that leverage is negatively related to the firm's profitability. This paper offers useful insights for the service industry owner/operators and managers based on empirical evidence.

The paper seeks to extend Amidu and Abor [1] and Anil and Kapoor [2] findings regarding the determinants of dividend payout ratios by examining the same for the American service and manufacturing firms. We find that for the entire sample the dividend payout ratio is the function of profit margin, sales growth, debt-to-equity ratio, and tax. For firms in the Services industry the dividend payout ratio is the function of profit margin, sales growth, and debt-to-equity ratio. For manufacturing firms we find that dividend payout ratio is the function of profit margin, tax, and market-to-book ratio. We also found that the results are different when the dividend payout ratio is defined as the ratio between the cash dividend that the after-tax cash flow, not the after tax earnings of the companies.

Purpose -The purpose of this study is to investigate the impact of corporate governance on working capital management efficiency. This study also seeks to extend the findings of Gill and Shah. Design/methodology/approach -This study applied a co-relational research design. A sample was selected of 180 American manufacturing firms listed on the New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011). Findings -The findings of this study indicate that corporate governance plays some role in improving the efficiency of working capital management. Research limitations/implications -This is a co-relational study that investigated the association between corporate governance and working capital management efficiency. There is not necessarily a causal relationship between the two, although the paper provides some conjectures to the findings. The findings of this study may only be generalized to firms similar to those that were included in this research. Originality/value -This study contributes to the literature on the factors that improve the efficiency of working capital management, and in particular on the association between several features of corporate governance and the efficiency of working capital management. The findings may be useful for financial managers, investors, financial management consultants, and other stakeholders.

Purpose -The paper seeks to extend the findings of Okpara and Wynn and Robson and Obeng related to "barriers to small business growth" by using Canadian data. Design/methodology/approach -The study utilized survey research (a non-experimental field study design). Small business owners from Western Canada were surveyed to gather information.Subjects were asked about their beliefs and feelings regarding barriers to growth of their small businesses. To test the hypotheses, p , 0.05 significance level was used to accept or reject a null hypothesis. Findings -The findings of this paper indicate that lack of financing, market challenges, and regulatory issues are perceived as barriers to small business growth in Canada. The results also show that sales level of small firms ("past success") has positive impact on small business growth in Canada.Research limitations/implications -This is an exploratory study to determine perceived barriers to small business growth in Canada, so the findings do not necessarily apply to other North American countries. The present study asks for responses from fixed format, set-questions survey tools, which could exclude additional factors. Originality/value -The findings may be useful for the Canadian governments and small business management advisors.

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This study examines the relationship between corporate governance and capital structure of small business service firms in India. This study also seeks to extend the findings of Gill et al. (2012). The owners of small business service firms in the Punjab area of India were surveyed to collect data. Subjects were asked about their perceptions, beliefs, and feelings regarding the corporate governance and capital structure of their small business service firms. Results show that CEO Duality, Board Size, Small Business Growth, and Family positively impact on the capital structure of small business service firms in India. This study contributes to the literature on the relationship between corporate governance and capital structure of small business firms. The findings may be useful for small business management consultants.

Purpose -The paper aims to study how shame, guilt and fear experienced by failing employees determine their explanation of the failure. Design/methodology/approach -Employees participated in two studies, one assessing actual personal examples of failures and another used imaginary vignettes. To manipulate the extent to which guilt or shame was the dominant emotion experienced by the failing employee, participants were asked to generate counterfactual thoughts typical of each of these feelings. Fear was manipulated by describing a threatening atmosphere in the organization. Measured was the likelihood that the employee took responsibility for what happened and provided a valid explanation. Likelihood of explaining the event by using excuses, justifications, concessions or denials was also measured. Findings -Findings indicate guilt was associated with explanations that help the organization learn from the failure and assist employees in restoring their relationships with the organization and co-workers. Heightened levels of fear, however, decreased this desirable effect of guilt. Shame had no unique contribution to an employee's choice of explanations.Research limitations/implications -The use of self-reports and vignettes limits the ecological validity of the present findings. Nevertheless, it provides preliminary evidence for the importance of the factors under study. Practical implications -These findings contribute to an understanding of the ways organizations can provide emotional settings conductive to constructive failure inquiries both for organizations and employees. Originality/value -The role emotions play in explanation of failures is an understudied issue both in social psychology and organizational research. The present study opens an avenue for more studies in this direction.