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Why are firms unlevered?

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Cited by:

  1. Easterwood, John C. & Paye, Bradley S. & Xie, Yutong, 2021. "Firm uncertainty and corporate policies: The role of stock return skewness," Journal of Corporate Finance, Elsevier, vol. 69(C).
  2. Taufiq Choudhry & Syed S. Hassan & Sarosh Shabi, 2019. "UK House Prices - Connectedness or Ripple Effect," Working Papers 2019-01, Swansea University, School of Management.
  3. Katsutoshi Shimizu & Kim Cuong Ly & Weihan Cui, 2018. "Why do firms choose negative net debt policy?," Working Papers 2018-32, Swansea University, School of Management.
  4. Francis Osei-Tutu & Laurent Weill, 2024. "Regional favoritism in access to credit," Public Choice, Springer, vol. 200(1), pages 293-321, July.
  5. Andrea Mina & Henry Lahr, 2018. "The pecking order of innovation finance," LEM Papers Series 2018/31, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  6. Dang, Viet Anh, 2013. "An empirical analysis of zero-leverage firms: New evidence from the UK," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 189-202.
  7. Nguyen, Thao & Bai, Min & Hou, Greg & Vu, Manh-Chien, 2020. "State ownership and adjustment speed toward target leverage: Evidence from a transitional economy," Research in International Business and Finance, Elsevier, vol. 53(C).
  8. Machokoto, Michael & Chipeta, Chimwemwe & Aftab, Nadeem & Areneke, Geofry, 2021. "The financial conservatism of firms in emerging economies," Research in International Business and Finance, Elsevier, vol. 58(C).
  9. Uz Zaman, Qamar & Ehsan, Sadaf & Hassan, Mohammad Kabir & Javed, Muzhar & Ul Hassan, Syed Iftikhar, 2022. "Corporate Social Responsibility and Zero Leverage," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 56(1), pages 33-46.
  10. Thi Kim Nguyen & Muhammad Najib Razali, 2020. "The dynamics of listed property companies in Indonesia," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 38(2), pages 91-106, January.
  11. Michael Espindola Araki & Henrique Castro Martins, 2022. "Integrating uncertainty and governance into a capital structure puzzle: can risk-taking and rule-taking explain zero-leverage firms?," Review of Managerial Science, Springer, vol. 16(6), pages 1979-2034, August.
  12. Choi, Young Mok & Park, Kunsu, 2022. "Zero-leverage policy and stock price crash risk: Evidence from Korea," International Review of Financial Analysis, Elsevier, vol. 81(C).
  13. Angelo Aspris & Edward Bi & Sean Foley & Jiri Svec, 2024. "Crisis Capital: Private Placements During COVID‐19," Abacus, Accounting Foundation, University of Sydney, vol. 60(3), pages 607-626, September.
  14. Zaman, Qamar Uz & Hassan, M. Kabir & Akhter, Waheed & Meraj, M.A., 2018. "From interest tax shield to dividend tax shield: A corporate financing policy for equitable and sustainable wealth creation," Pacific-Basin Finance Journal, Elsevier, vol. 52(C), pages 144-162.
  15. Bessler, Wolfgang & Drobetz, Wolfgang & Haller, Rebekka & Meier, Iwan, 2013. "The international zero-leverage phenomenon," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 196-221.
  16. Nguyen, Thao & Bai, Min & Hou, Yang & Vu, Manh-Chien, 2021. "Corporate governance and dynamics capital structure: evidence from Vietnam," Global Finance Journal, Elsevier, vol. 48(C).
  17. Samuel Jebaraj Benjamin, 2019. "The Effect of Financial Constraints on Audit Fees," Capital Markets Review, Malaysian Finance Association, vol. 27(2), pages 59-87.
  18. Sardo, Filipe & Serrasqueiro, Zélia & Armada, Manuel Rocha, 2024. "Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs," Research in International Business and Finance, Elsevier, vol. 69(C).
  19. Gopalan, Radhakrishnan & Gormley, Todd A. & Kalda, Ankit, 2021. "It’s not so bad: Director bankruptcy experience and corporate risk-taking," Journal of Financial Economics, Elsevier, vol. 142(1), pages 261-292.
  20. Cao, Cathy Xuying & Chen, Chongyang, 2023. "CEO turnover, product market competition, and leverage policy," International Review of Financial Analysis, Elsevier, vol. 90(C).
  21. Chen, Naiwei & Yu, Min-Teh, 2024. "Less is more: Evidence from firms with low cash and debt," Research in International Business and Finance, Elsevier, vol. 69(C).
  22. Thao Nguyen & Min Bai & Greg Hou & Cameron Truong, 2021. "Speed of adjustment towards target leverage: evidence from a quantile regression analysis," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5073-5109, December.
  23. Morais, Flávio & Serrasqueiro, Zélia & Ramalho, Joaquim J.S., 2022. "Capital structure speed of adjustment heterogeneity across zero leverage and leveraged European firms," Research in International Business and Finance, Elsevier, vol. 62(C).
  24. Keefe, Michael O’Connor & Nguyen, Phoebe Huyen, 2023. "The influence of cash flow volatility on firm use of debt of different maturities or zero-debt: International evidence," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 684-700.
  25. Khoo, Joye & Durand, Robert B., 2017. "Japanese corporate leverage during the Lost Decades," Pacific-Basin Finance Journal, Elsevier, vol. 46(PA), pages 94-108.
  26. Attaoui, Sami & Cao, Wenbin & Duan, Xiaoman & Liu, Hening, 2021. "Optimal capital structure, ambiguity aversion, and leverage puzzles," Journal of Economic Dynamics and Control, Elsevier, vol. 129(C).
  27. Zhou, Qing & Tan, Kelvin Jui Keng & Faff, Robert & Zhu, Yushu, 2016. "Deviation from target capital structure, cost of equity and speed of adjustment," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 99-120.
  28. Bigelli, Marco & Martín-Ugedo, Juan Francisco & Sánchez-Vidal, F. Javier, 2014. "Financial conservatism of private firms," Journal of Business Research, Elsevier, vol. 67(11), pages 2419-2427.
  29. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
  30. D'Mello, Ranjan & Gruskin, Mark & Kulchania, Manoj, 2018. "Shareholders valuation of long-term debt and decline in firms' leverage ratio," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 352-374.
  31. Maria Kokoreva & Anastasia Stepanova & Kirill Povk, 2017. "Could High-Tech Companies Learn from Others While Choosing Capital Structure?," HSE Working papers WP BRP 62/FE/2017, National Research University Higher School of Economics.
  32. Xiaoyi Li & Yung-Ming Shiu, 2021. "Reinsurance, debt capacity and financial flexibility," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(4), pages 664-687, October.
  33. D’Mello, Ranjan & Gruskin, Mark, 2021. "To be or not to be all-equity for firms that eliminate long-term debt," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 183-206.
  34. Saona, Paolo & Vallelado, Eleuterio & San Martín, Pablo, 2020. "Debt, or not debt, that is the question: A Shakespearean question to a corporate decision," Journal of Business Research, Elsevier, vol. 115(C), pages 378-392.
  35. Jean-Baptiste Marigo & Laurent Weill, 2024. "Once Upon a Loan: How Folk Tales Shape Access to Credit," Working Papers of LaRGE Research Center 2024-06, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  36. D'Mello, Ranjan & Gruskin, Mark, 2014. "Are the benefits of debt declining? The decreasing propensity of firms to be adequately levered," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 327-350.
  37. Armanious, Amir & Zhao, Ruoyun, 2024. "Stock liquidity effect on leverage: The role of debt security, financial constraint, and risk around the global financial crisis and Covid-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 92(C).
  38. Cuong, Ly Kim & Shimizu, Katsutoshi & Cui, Weihan, 2021. "The determinants of negative net leverage policy: New evidence from Japan," Economic Modelling, Elsevier, vol. 97(C), pages 449-460.
  39. Michael Machokoto & Geofry Areneke & Davis Nyangara, 2021. "Financial conservatism, firm value and international business risk: Evidence from emerging economies around the global financial crisis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4590-4608, July.
  40. Saona, Paolo & San-Martin, Pablo & Vallelado, Eleuterio, 2024. "The zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses," Emerging Markets Review, Elsevier, vol. 61(C).
  41. Hamza Nidaazzi & Hind Hourmat Allah, 2024. "Financial Conservatism in Family Businesses: A Double-edged Sword [Conservatisme Financier des Entreprises Familiales : un Biais à Double Tranchant]," Post-Print hal-04518830, HAL.
  42. Morais, Flávio & Serrasqueiro, Zélia & Ramalho, Joaquim J.S., 2020. "The zero-leverage phenomenon: A bivariate probit with partial observability approach," Research in International Business and Finance, Elsevier, vol. 53(C).
  43. Merkoulova, Yulia & Zivanovic, Branislav, 2022. "Financial constraints and financing sources in mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
  44. Maria Kokoreva & Anastasia Stepanova & Kirill Povkh, 2023. "The New Strategy of High-Tech Companies Hidden Sources of Growth," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 17(1), pages 18-32.
  45. Koussis, Nicos & Martzoukos, Spiros H., 2022. "Credit line pricing under heterogeneous risk beliefs," International Journal of Production Economics, Elsevier, vol. 243(C).
  46. Zhang, Sijia & Gregoriou, Andros, 2020. "Post earnings announcement drift, liquidity and zero leverage firms: Evidence from the UK stock market," Journal of Business Research, Elsevier, vol. 116(C), pages 13-26.
  47. Joo, M. Hashemi & Parhizgari, A.M., 2021. "A behavioral explanation of credit ratings and leverage adjustments," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
  48. Jiang, Wenwen & Kang, Jangkoo & Kim, Hwa-Sung, 2024. "Is the zero-leverage policy value-enhancing?," The Quarterly Review of Economics and Finance, Elsevier, vol. 93(C), pages 176-189.
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