Suk, Kim Sung; Juliana, Rita; Handoko, Liza - In: Asian Academy of Management journal 28 (2023) 2, pp. 333-369
The dominant view on firms’ financial leverage suggests a stable, long-term leverage ratio, while previous studies recognise that factors like macroeconomic fluctuations and unanticipated financing needs can cause deviations from this target leverage. This study seeks to explore the joint...