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Why are firms unlevered?

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:

  1. 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).
  2. 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).
  3. 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).
  4. 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).
  5. Khoo, Joye & Durand, Robert B., 2017. "Japanese corporate leverage during the Lost Decades," Pacific-Basin Finance Journal, Elsevier, vol. 46(PA), pages 94-108.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. Samuel Jebaraj Benjamin, 2019. "The Effect of Financial Constraints on Audit Fees," Capital Markets Review, Malaysian Finance Association, vol. 27(2), pages 59-87.
  13. Cao, Cathy Xuying & Chen, Chongyang, 2023. "CEO turnover, product market competition, and leverage policy," International Review of Financial Analysis, Elsevier, vol. 90(C).
  14. 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.
  15. 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).
  16. 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.
  17. Taufiq Choudhry & Syed S. Hassan & Sarosh Shabi, 2019. "UK House Prices - Connectedness or Ripple Effect," Working Papers 2019-01, Swansea University, School of Management.
  18. 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.
  19. 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.
  20. 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.
  21. 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.
  22. 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.
  23. 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.
  24. 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).
  25. 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).
  26. 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).
  27. 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.
  28. 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.
  29. 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.
  30. 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.
  31. 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.
  32. 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).
  33. Merkoulova, Yulia & Zivanovic, Branislav, 2022. "Financial constraints and financing sources in mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
  34. 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.
  35. 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).
  36. 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).
  37. Francis Osei-Tutu & Laurent Weill, 2024. "Regional favoritism in access to credit," Public Choice, Springer, vol. 200(1), pages 293-321, July.
  38. 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.
  39. 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.
  40. 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.
  41. 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).
  42. 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.
  43. 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.
  44. 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.
  45. 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.
  46. Koussis, Nicos & Martzoukos, Spiros H., 2022. "Credit line pricing under heterogeneous risk beliefs," International Journal of Production Economics, Elsevier, vol. 243(C).
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