Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim … - In: Business research quarterly : BRQ 27 (2024) 3, pp. 301-323
face obstacles in obtaining external finance, as predicted by the financial constraints hypothesis; and the financially … unconstrained firms that maintain zero leverage as a consequence of a financing decision, which supports the financial flexibility … hypothesis. The zero-leverage phenomenon is also influenced by the financial system that prevails in each country, being boosted …