This article aims to analyze the phenomenon of financial conservatism in firms' capital structures and relate it to their employment variation for a sample of Spanish companies during the 2007 - 2010 period. Financial conservatism consists of a low-leverage/high cash no-short-term capital...

The objective of this work is to analyse the factors motivating firms to follow a conservative (or low-leverage) financial policy over several years. We carry out a study on a sample of 1,396 Spanish firms in the period 1993-2001. Using logit regression and various difference of means analyses,...

This article aims to analyze the phenomenon of financial conservatism in firms’ capital structures and relate it to their employment variation for a sample of Spanish companies during the 2007 - 2010 period. Financial conservatism consists of a low-leverage/high cash no-short-term capital...