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Dentistry And The Law: Length Of Covenants Not To Compete, Dan Schulte Jd Aug 2025

Dentistry And The Law: Length Of Covenants Not To Compete, Dan Schulte Jd

The Journal of the Michigan Dental Association

This article clarifies the distinct legal standards for covenants not to compete in Michigan, particularly relevant for dentists selling their practice and remaining employed. A covenant in an employment agreement is enforceable if "reasonable," typically limited to two to three years and the employer's patient draw area. In contrast, a covenant within a purchase agreement, considered a commercial contract, is judged under a more lenient "rule of reason" standard. This standard is easier to satisfy, requiring only that the covenant does not adversely impact the relevant market. Consequently, purchasers often use the purchase agreement to impose harsher, longer-term restrictive covenants.


Staff Matters: Adding Background Checks And Drug Testing To The Hiring Process, Jodi Schafer Sphr, Shrm-Scp Aug 2025

Staff Matters: Adding Background Checks And Drug Testing To The Hiring Process, Jodi Schafer Sphr, Shrm-Scp

The Journal of the Michigan Dental Association

This article advises dental practices on legally and carefully implementing pre-employment background checks and drug testing. It emphasizes ensuring non-discriminatory practices by consistently applying policies and clearly defining screening criteria. Practices must obtain written applicant authorization and provide notification of Fair Credit Reporting Act (FCRA) rights before conducting checks. When evaluating results, relevance to the job and timing of convictions should be considered, avoiding blanket bans. For drug testing, transparency is key. Given Michigan's recreational marijuana legality, a positive THC test does not automatically indicate impairment, requiring practices to define their approach. Using a reputable third-party provider for both screenings …


Mda Insurance: How Offering Great Benefits Makes Your Practice Attractive To Employees, Craig Start Mba Aug 2025

Mda Insurance: How Offering Great Benefits Makes Your Practice Attractive To Employees, Craig Start Mba

The Journal of the Michigan Dental Association

This article highlights the critical role of employee benefits in attracting and retaining staff in dental practices, particularly given the low unemployment rates for hygienists and assistants. Beyond competitive pay and flexible hours, a robust benefit package, including both employer-paid and voluntary options, is increasingly vital. The MDA Health Plan offers flexible group health insurance options for members. Voluntary benefits such as vision, life, disability, accident, critical illness, and hospital indemnity insurance are attractive, with Section 125 (cafeteria) plans allowing pre-tax premium payments and offering payroll tax reductions for employers. These benefits provide essential financial security and enhance overall compensation.


Expectations In Instructional Design: A Comparison Of Hampton Roads Industry Requirements And Old Dominion University’S Curriculum, Haley Aguilar Aug 2025

Expectations In Instructional Design: A Comparison Of Hampton Roads Industry Requirements And Old Dominion University’S Curriculum, Haley Aguilar

STEMPS Master's Level Projects and Papers

This master’s thesis aims to analyze the alignment between Old Dominion University’s Instructional Design and Technology program curriculum and employer expectations for instructional designers in the Hampton Roads region. The study examined job listings from 50 positions and curriculum content from 22 courses across six skill categories: technical skills, design and development competencies, communication and facilitation skills, analysis and assessment skills, project management capabilities, and specialized skills. The findings contribute to understanding the challenges of preparing instructional design graduates for workforce entry.


Where Intangibles Travel: Essays On The Tax-Motivated Geography Of Innovation And Capital, Xuerui Kou Aug 2025

Where Intangibles Travel: Essays On The Tax-Motivated Geography Of Innovation And Capital, Xuerui Kou

Dissertations and Doctoral Documents, University of Nebraska-Lincoln, 2023–

This dissertation explores how taxation and institutional environments shape the global strategies of United States multinational enterprises (MNEs), with a particular focus on intangible assets and the cross-border allocation of innovation. Positioned at the intersection of international trade, public economics, and innovation studies, the three chapters collectively examine firm responses to international tax incentives and regulatory asymmetries.

Chapter 1 introduces the motivation and theoretical foundations of the dissertation, reviews related literature, and outlines the core research questions and empirical strategies. It highlights the increasing policy and academic interest in the geographic mobility of intangible capital, particularly in the context of …


The Eu Ai Act’S Impact On Artificial Intelligence Applications In Financial Services, David K. Krause, Eric Krause Aug 2025

The Eu Ai Act’S Impact On Artificial Intelligence Applications In Financial Services, David K. Krause, Eric Krause

Management Faculty Research and Publications

This paper examines the significant implications of the European Union’s Artificial Intelligence Act (EU AI Act) for US and other non-EU financial technology firms involved in developing or deploying AI systems within the EU. The Act’s risk-based classification and stringent compliance obligations present considerable regulatory and operational hurdles for AI applications in crucial financial services like credit scoring and algorithmic trading. The analysis details how requirements for conformity assessments, data governance, human oversight, and auditability impact these applications. Furthermore, the paper evaluates the contrasting regulatory philosophies of the EU and the US, offering strategic recommendations for firms and policymakers navigating …


Hospitality In Crisis: Evaluating The Downside Risks And Market Sensitivity Of Hospitality Reits, Davinder K. Malhotra, Raymond Poteau Aug 2025

Hospitality In Crisis: Evaluating The Downside Risks And Market Sensitivity Of Hospitality Reits, Davinder K. Malhotra, Raymond Poteau

School of Business Faculty Papers

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical …


Fostering Economic Advancement Through Tourism Development In Dangriga, Belize, Ella S. Baker Aug 2025

Fostering Economic Advancement Through Tourism Development In Dangriga, Belize, Ella S. Baker

Economics Undergraduate Honors Theses

This paper discusses the relationship between economic development and the development of the tourism industry, based on a two-month project in Dangriga, Belize, which existed through collaboration of four University of Arkansas students, local community members and business owners, and organizational partners. This project explored sustainable tourism with the goal of benefiting the community's continued economic advancement.


Signals Of Trust: How Privacy Disclosures And Public Responses Drive User Behavior In Digital Markets, Jose Pius Nedumkallel Aug 2025

Signals Of Trust: How Privacy Disclosures And Public Responses Drive User Behavior In Digital Markets, Jose Pius Nedumkallel

All Dissertations

This dissertation examines how data privacy practices and complaint response strategies influence user behavior and market outcomes in digital marketplaces. The first study analyzes the impact of Google Play’s Data Safety Label, launched in April 2022 to standardize data collection, third-party sharing, and security disclosures. Grounded in signaling and prospect theories, the label is treated as a compound signal users interpret holistically. A difference-in-differences analysis of 23,877 top Android apps over two years shows that disclosures increase user app adoption. Internal data collection boosts adoption, while third-party sharing reduces it, reflecting behavioral loss aversion. Security disclosures moderate these effects by …


Sustainability: Buzz Word Or Future Of Fashion? Measuring The Feasibility Of Outright Sustainability Among Fast Fashion’S Biggest Agents, Ryan Miller Aug 2025

Sustainability: Buzz Word Or Future Of Fashion? Measuring The Feasibility Of Outright Sustainability Among Fast Fashion’S Biggest Agents, Ryan Miller

Apparel Merchandising and Product Development Undergraduate Honors Theses

Abstract


The fashion industry is currently experiencing unsustainable rates of pollution within its supply chains. The rapid increase in demand for short lead times perpetrated by large-scale retailers has led to hazardous practices negatively affecting both the environmental conditions and working conditions of producing countries. With this increased pressure, relationships between brands and suppliers have become untenable. Limited transparency and imbalanced power dynamics at the hand of the industry’s leading retailers require restructuring in order to build more sustainable and equitable supply-chain practices. Further, governmental regulation is currently limited in its capacity to enforce sustainable business practices on a global …


Autonomous, Yet Anchored: Exploring The Interplay Of Self-Reliance And Personal Spirituality On Employee Outcomes, Alexander Schad Aug 2025

Autonomous, Yet Anchored: Exploring The Interplay Of Self-Reliance And Personal Spirituality On Employee Outcomes, Alexander Schad

All Dissertations

The modern workplace increasingly requires employees to function autonomously while managing limited psychological resources, presenting a tension between the benefits of self-reliance and its potential costs to well-being. This dissertation examined how self-reliance simultaneously influences task persistence and emotional exhaustion, and explores whether personal spirituality moderates these relationships. Drawing on the Strength Model of Self-Control (SMSC), I develop and test a theoretical framework investigating the relationships between self-reliance, work overload, task persistence, emotional exhaustion, and workplace spirituality.

Through a time-lagged field study with 453 working professionals across three measurement waves, I found that self-reliance positively predicted task persistence, supporting the …


Too Many Mergers? The Golden Parachute As A Driver Of M&A Activity In The 21st Century, Jeffrey N. Gordon Aug 2025

Too Many Mergers? The Golden Parachute As A Driver Of M&A Activity In The 21st Century, Jeffrey N. Gordon

Faculty Scholarship

This Article argues that the corporate governance regime in the United States has produced a level of mergers and acquisition activity greater than the social optimum because of the current version of the “golden parachute,” a super-bonus payoff to a target CEO. In the late nineteenth through the twentieth century, M&A activity was characterized by “waves” that reflected adaptations to changing external environment, whether the efficient production frontier, regulatory constraints, or capital market developments. Economically-motivated parties saw the opportunities in changing the boundaries of the firm; successful first-movers spawned imitators, hence a wave, which eventually subsided, often alongside deteriorating capital …


Beyond The Individual: A Dyadic Mixed-Methods Study Of Work–Life Balance In Entrepreneurial Households., Juliana Binhote Aug 2025

Beyond The Individual: A Dyadic Mixed-Methods Study Of Work–Life Balance In Entrepreneurial Households., Juliana Binhote

Electronic Theses and Dissertations

Entrepreneurs operate at the intersection of work and family systems; yet, their experiences with work–life balance (WLB) remain underexplored—particularly in relational contexts. While existing research highlights the psychological demands of entrepreneurship, it often overlooks how family dynamics shape entrepreneurs’ experiences of balance, conflict, and boundary management. Guided by boundary theory, conservation of resources theory, and the goal attainment balance model, this dissertation investigates the question: How do entrepreneurs experience and make sense of their work-life balance? To answer this question, I designed a dyadic exploratory mixed-methods study. In Study 1, I conducted in-depth interviews with family business entrepreneurs and their …


College Students And Wearable Health Technology: A Study On Digital Health Literacy, Gavin Wright Aug 2025

College Students And Wearable Health Technology: A Study On Digital Health Literacy, Gavin Wright

Undergraduate Honors Thesis Collection

The market for wearable devices has seen significant growth in the last decade and is only expected to increase as the world enters a new age of health literacy known as digital health literacy. Digital health literacy, or eHealth literacy, is defined as “the ability to seek, find, understand, and appraise health information from electronic sources and apply the knowledge gained to addressing or solving a health problem.” The issue with this new age is that most consumers have access, but lack the ability to apply the knowledge that they must improve their health. The goal of this study is …


Loyal By Nature: How Uncertainty Avoidance Shapes Dispositional Brand Loyalty, Khondoker Sayeed Hossain Aug 2025

Loyal By Nature: How Uncertainty Avoidance Shapes Dispositional Brand Loyalty, Khondoker Sayeed Hossain

Theses and Dissertations

Loyal consumers are prized assets for brands, as even minor improvements in customer retention can lead to significant increases in company profits. Most research has examined brand loyalty as a brand-specific concept and explored what brands can do to develop loyal consumers, overlooking the role of individual-level psychological and cultural factors.

This dissertation aims to address this gap by examining brand loyalty as a personality disposition and investigating its relationship with cultural values. Drawing on the extensive body of research linking culture to consumer judgments and decisions, the central hypothesis proposes that cultural values, particularly uncertainty avoidance, systematically influence individuals' …


A Monte Carlo Analysis Of Cost Competitiveness Of Chinese And U.S. Fine Chemical Exports To Europe Under Europe’S Energy Crisis, Lin Luo Aug 2025

A Monte Carlo Analysis Of Cost Competitiveness Of Chinese And U.S. Fine Chemical Exports To Europe Under Europe’S Energy Crisis, Lin Luo

Dissertations

The European energy crisis, driven by geopolitical conflicts, has created a significant supply-demand gap in Europe’s fine chemical sector, necessitating reliance on imports from the United States and China. This quantitative study examined how energy, labor, and logistics costs interacted to shape the cost competitiveness of U.S. and Chinese fine chemical exports to Europe, using a Monte Carlo simulation parameterized with historical data from 2015-2023, to provide a probabilistic forecast of competitive outcomes. The findings revealed that while China holds a 76.55% probability of being the lower-cost supplier, its advantage is characterized by high volatility primarily due to its logistics …


Between Two Worlds: A Case Study Of Third Culture Identity And Reentry For Unl International Students, John S. Tessalee Aug 2025

Between Two Worlds: A Case Study Of Third Culture Identity And Reentry For Unl International Students, John S. Tessalee

Department of Agricultural Leadership, Education, and Communication: Dissertations, Theses, and Student Research

Third Culture Kids (TCKs) and international students share many commonalities, such as their globalized nature, adaptability, and the adoption of cultural components from their host country versus their home country. However, they contain enough differences to be considered separate groups. Traditionally, people need to be immersed in a culture different from their parents’ culture between the ages of 0 and 18 to be considered a TCK, whereas international students are typically between 18 and 24 years old by the time they attend universities overseas. The cultural absorption of TCKs in their formative years is usually greater than that of international …


The Effects Of The Chief Information Officer’S Presence And Tenure On Financial Performance, Xuemei Li Aug 2025

The Effects Of The Chief Information Officer’S Presence And Tenure On Financial Performance, Xuemei Li

Theses and Dissertations in Business Administration

CIOs should be at the core of the organization. They play more and more critical roles in organizations. However, CIOs have not been paid enough attention in many firms. This can be partially observed in a lack of studies about CIOs, for instance, how CIOs influence the organizations, and how organizations' settings influence the CIOs. Technical initiatives or innovations may be the bridge between CIOs and firm performance. Different theories have been employed concerning CIOs, innovations, and firm performance. For instance, the resource-based view (RBV) has served as a theoretical foundation in related studies.

Drawing on RBV, attention-based view (ABV), …


Two Essays On Lottery-Like Stocks, Reihaneh Haghighi Zadeh Aug 2025

Two Essays On Lottery-Like Stocks, Reihaneh Haghighi Zadeh

Theses and Dissertations in Business Administration

Essay 1: Momentum and Investors' Lottery-like Preference

Previous empirical studies have consistently shown that lottery-like stocks exhibit unconditionally low average returns due to investor overreaction to extreme short-term gains. However, the results show when the momentum strategy is jointly conditioned on stocks with high maximum daily returns (MAX), high-MAX stocks yield significantly higher future returns than their low-MAX counterparts. For value-weighted portfolios, a momentum strategy applied within the high-MAX category generates an average monthly return of 2.5%, compared to only 0.25% in the low-MAX category. This return premium exceeds that of the standard momentum strategy proposed by Jegadeesh and Titman …


The Role Of Managerial Support In Influencing The Attitudes Of Highly Educated Millennials In Serbia, Dimitrije Gasic, Vladimir Dzenopoljac, Mladen Cudanov, Jozsef Poor, Nemanja Berber Aug 2025

The Role Of Managerial Support In Influencing The Attitudes Of Highly Educated Millennials In Serbia, Dimitrije Gasic, Vladimir Dzenopoljac, Mladen Cudanov, Jozsef Poor, Nemanja Berber

All Works

This study explores the influence of managerial support on the attitudes of highly educated (BSc, MSc, and PhD) millennials in Serbia, focusing on job satisfaction, turnover intention, and job stress. Understanding this relationship is crucial for enhancing employee retention and organisational efficiency given the evolving workplace dynamics. Managerial support, encompassing emotional, instrumental, and informational assistance, is hypothesised to positively impact job satisfaction while reducing turnover intention and job stress. Data were collected through an online survey from 367 respondents in two waves (the first wave in January 2024 and the second in July 2024) and analysed using partial least squares …


The Impact Of Culture And Language On Internal Communication And Patient Care In Small To Medium-Sized Black Immigrant-Owned Healthcare Practices In Texas., Chisom Nwosu Aug 2025

The Impact Of Culture And Language On Internal Communication And Patient Care In Small To Medium-Sized Black Immigrant-Owned Healthcare Practices In Texas., Chisom Nwosu

Dissertations

This qualitative phenomenological study explored how cultural competency in small to medium-sized Black immigrant-owned healthcare practices in Texas affects internal communication and patient care. Through semi-structured interviews with nine clinical and administrative leaders in Dallas and Houston, five themes emerged: culturally competent leadership, intentional communication structures, language and interpretation practices, patient-centered cultural sensitivity, and the use of technology for adaptation. Findings suggest that culturally aware leadership and inclusive communication strategies foster team cohesion and improve patient trust and care. Participants reported adapting workflows to meet religious, language, and communication needs through human and technological tools. The study underscores embedding cultural …


Leaning Into The Messiness Of Authentic Engagement: Fostering Reciprocity In Foundation Strategy, Learning, And Evaluation, Sonia Taddy-Sandino, Jennifer Ho, Kim Ammann Howard, Clare Nolan Aug 2025

Leaning Into The Messiness Of Authentic Engagement: Fostering Reciprocity In Foundation Strategy, Learning, And Evaluation, Sonia Taddy-Sandino, Jennifer Ho, Kim Ammann Howard, Clare Nolan

The Foundation Review

Over the last several years, numerous foundations have endeavored to forge deeper relationships with grantees and challenge the status quo in strategy development and evaluation design. Encouraged by efforts such as the Trust-Based Philanthropy Project and the Equitable Evaluation Initiative, some funders are seeking to redefine how they engage grantees and field partners by navigating the nuances of power dynamics, mutual interests, and genuine collaboration. While there are encouraging signs of progress, there are also plenty of examples of foundation and nonprofit leaders getting stuck or reverting to the modus operandi. Competing agendas, the lack of sustained political will, and …


Birth Outcomes In The Hispanic Population In The United States: Trends, Variation, And Determinants (2011–2021), Yanchao Yang Aug 2025

Birth Outcomes In The Hispanic Population In The United States: Trends, Variation, And Determinants (2011–2021), Yanchao Yang

Business Analytics Faculty Publications

Background: Cesarean section (C-section) is the most common surgical procedure in the United States, yet its use varies widely across regions and institutions. Although clinical risk factors are central to delivery decisions, geographic context, health system capacity, and local practice patterns may also influence C-section use. Understanding both the determinants and predictability of C-section delivery is important for improving obstetric quality and equity.

Objective: This study aims to document geographic variation in C-section use across the United States, identify maternal and county-level factors associated with C-section delivery, and evaluate the predictive performance of machine learning models across clinically defined risk …


Popular Culture As Conduit: Navigating Integrated Marketing Communication In An Age Of Hyperconsumerism, Abbey N. Mccann Aug 2025

Popular Culture As Conduit: Navigating Integrated Marketing Communication In An Age Of Hyperconsumerism, Abbey N. Mccann

Electronic Theses and Dissertations

This dissertation examines the discipline and practice of integrated marketing communication, acknowledging the limitations inherent in analyzing a field deeply embedded in the structures of hyperconsumption. This inquiry adopts a constructive hermeneutic approach, interpreting the dialectical tensions that define integrated marketing communication. These tensions include that between commercial imperatives and cultural critiques, which are further complicated by the influence of popular culture and shifting political climates. As popular culture increasingly intersects with sociopolitical discourse, brands are compelled to navigate these dynamics publicly. This evolving landscape reshapes consumer perceptions and brand strategies, reinforcing integrated marketing communication’s role as both a cultural …


Invisible Algorithms, Visible Outcomes: Roles Of Emotional Labor And Work Gamification In Gigs, Yali Zhang, Liaoliao Li, Xiaoyu Ma, Jun Sun, Yifei Dong, Zhaojun Yang Aug 2025

Invisible Algorithms, Visible Outcomes: Roles Of Emotional Labor And Work Gamification In Gigs, Yali Zhang, Liaoliao Li, Xiaoyu Ma, Jun Sun, Yifei Dong, Zhaojun Yang

Information Systems Faculty Publications

As algorithm governance becomes increasingly crucial in gig economy ecosystems, understanding the behavioral impact of algorithmic transparency remains a key research gap. Using the stimulus-organism-response framework and uncertainty management theory, this study examines how platform algorithmic transparency affects gig workers’ in-role and extra-role service behaviors, with emotional labor acting as a mediator and work gamification as a moderator. Analyzing survey data from 325 ride-hailing drivers using partial least squares structural equation modeling (PLS-SEM), the findings reveal that greater algorithmic transparency enhances both in-role and extra-role behaviors. Emotional labor mediates this relationship: deep acting strengthens both behaviors, while surface acting primarily …


Exploring The Mediating Role Of Individual Performance In The Relationship Between Work-Life Balance And Attrition, Grace O. Leasure Aug 2025

Exploring The Mediating Role Of Individual Performance In The Relationship Between Work-Life Balance And Attrition, Grace O. Leasure

Research Psychology Theses

Extensive research has established a relationship between work-life balance and employee attrition. However, limited attention has been given to the potential mediating role of individual performance within this dynamic. The present study aims to address this gap by examining whether individual performance mediates the relationship between work-life balance and attrition. It is hypothesized that higher work-life balance will be associated with lower attrition rates, partially explained by improved individual performance. Data will be collected via employee surveys and analyzed using mediation analysis. Anticipated results may provide organizations with a quantifiable, performance-based justification for investing in work-life balance initiatives.


Multi-Theoretic Perspective Of Backer Decision-Making In Crowdfunding: Interplay Of Backer, Founder And Ai, Maliha Alam Aug 2025

Multi-Theoretic Perspective Of Backer Decision-Making In Crowdfunding: Interplay Of Backer, Founder And Ai, Maliha Alam

Theses and Dissertations

Crowdfunding has become a transformative mechanism for financing innovation, connecting creators directly with backers while bypassing traditional funding barriers. Despite its rapid global growth, only about 33.7% of campaigns succeed, largely due to ineffective communication of value propositions and lack of backer engagement. This dissertation investigates the complex interplay between project founders, backers, and emerging AI technologies to understand the factors influencing donation intention and to enhance crowdfunding success prediction.

Adopting the behavioral decision-making framework, I draw on multiple theoretical perspectives- signaling theory, the dual-process model of persuasion, and the cognitive-affective trust framework to examine founder- backer interactions. Using a …


Performance And Feasibility Of Pasture Rangeland And Forage Insurance In The Delta Region, Walker Bradley Davis Aug 2025

Performance And Feasibility Of Pasture Rangeland And Forage Insurance In The Delta Region, Walker Bradley Davis

Graduate Theses and Dissertations

Despite being available nationwide since 2016, enrollment in Pasture, Rangeland, and Forage (PRF) insurance remains low in many regions of the country. The program's performance also presents regional discrepancies, with loss ratios varying significantly. Studies that have simplified the complexity of interval selection for producers have been shown to positively affect PRF enrollment. Such studies remain limited in several forage-producing areas. This study aims to address the lack of information in Arkansas specifically. Arkansas has among the nation's lowest participation rates and loss ratios. Low loss ratios signal that participants pay more in premiums than received in indemnities and may …


Research On The Relationship Between Manufacturing Process Digitalization And Product Quality Performance: A Case Study Of Discrete Manufacturing, Baozhong Zhang Aug 2025

Research On The Relationship Between Manufacturing Process Digitalization And Product Quality Performance: A Case Study Of Discrete Manufacturing, Baozhong Zhang

Dissertations and Theses Collection (Open Access)

The study aims to explore the impact of digital transformation on product quality in discrete manufacturing enterprises. As the global economy and technology rapidly advance, the manufacturing industry faces unprecedented challenges and opportunities. Digital transformation has emerged as a key strategy for tackling these challenges and has become a significant trend in the manufacturing industry. The discrete manufacturing industry, which demands high product quality, faces even greater challenges in digital transformation. However, if discrete manufacturing enterprises successfully navigate this transformation, they can significantly improve quality, gain a competitive edge, and unlock even greater opportunities for their business.

The study combines …


Two Essays On Firms’ Reactions To Major Events In Rival Companies, Alireza Askarzadeh Aug 2025

Two Essays On Firms’ Reactions To Major Events In Rival Companies, Alireza Askarzadeh

Theses and Dissertations in Business Administration

The first essay of this dissertation examines the influence of peer credit rating downgrades on firms’ financial decisions. The results show that firms respond to a rival’s downgrade by increasing excess debt capacity, excess cash holdings, excess net working capital, and the excess cash conversion cycle. They also accelerate their speed of adjustment (SOA) toward target capital structures. These adjustments are motivated by a desire to mitigate the higher costs and risks associated with financial distress and to preserve competitive advantage. Moreover, firms with more capable managers, and those operating in environments with greater market competition, higher information asymmetry, and …