Por favor, use este identificador para citar o enlazar este ítem:https://uvadoc.uva.es/handle/10324/68066
Título
Debt, or not debt, that is the question: A Shakespearean question to a corporate decision
Año del Documento
2020
Editorial
Elsevier
Descripción
Producción Científica
Documento Fuente
Journal of Business Research, julio 2020, vol. 115, p. 378-392
Abstract
Capital structure theories are unable to properly explain the zero-debt puzzle, frequently observed in firms around the world. Our paper’s contribution is to identify the variables that measure either firm’s characteristics or environmental effects, in order to explain why firms have and eventually keep a debt-free policy. Our study includes a comprehensive sample of firms from 47 countries in the period 1996–2014. Our results indicate that all equity companies are small, with no growth opportunities, with a low level of tangible assets, high proportion of liquid assets, profitable, and with diluted insider ownership. Furthermore, it is more probable to find low levels of debt in countries with good governance indicators or when the economy is not growing.
Materias (normalizadas)
Sociedades - Deudas
Materias Unesco
5303.01 Contabilidad Financiera
Palabras Clave
Zero-debt
Capital structure
Panel data
Credit rationing
Agency conflicts
ISSN
0148-2963
Revisión por pares
SI
Propietario de los Derechos
© 2019 Elsevier Inc.
Idioma
eng
Tipo de versión
info:eu-repo/semantics/submittedVersion
Derechos
restrictedAccess
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