TY  - JOUR 
AU  - Saona, Paolo
AU  - San Martin, Pablo
AU  - Vallelado González, Eleuterio
PY  - 2024
SN  - 1566-0141
UR  - https://uvadoc.uva.es/handle/10324/68063
AB  - This study analyzes the zero-debt decisions of BRICS firms using a bivariate probit model. The leading hypotheses are financial flexibility and financial constraints. On the demand-side, our findings reveal that managerial debt aversion, early...
LA  - eng
PB  - Elsevier
KW  - Zero leverage
KW  - BRICS
KW  - Financial flexibility
KW  - Financial restrictions
KW  - Capital structure
KW  - Bivariate probit model
TI  - The zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses
DO  - 10.1016/j.ememar.2024.101163
ER  -