, industry leverage, asset growth, tangibility, firm size, state control, and the largest shareholding as reliable core factors … explaining book leverage. Compared with evidence from the United States and other countries, we identify three new core factors … state-control dummy is negatively associated with book leverage, contrary to findings in certain previous studies …

This paper investigates the interactions between preemptive competition and leverage in a duopoly market. We … the leader, although the leader may exit before the follower's entry. The leverage effects of debt financing can increase … constraints can delay preemptive investment and improve firm values in preemptive equilibrium. Indeed, the leader's high leverage …

This paper investigates the interactions between preemptive competition and leverage. We find that the second mover … see the leverage effects of debt financing increasing firm values and accelerating investment, even in the presence of … firm values in preemptive equilibrium. Indeed, the leaderfs high leverage due to the financing constraints can lower the …

structure is path-dependent. Leverage accounts for most of the macroeconomic risk relevant for predicting defaults. The paper …

participation, and examine how the impact of leverage on firms' exporting decisions varies depending on financial constraints, using … a panel of 3,353 Korean manufacturing firms over the period of 1994-2011. First, we find that leverage for financially …-constrained firms is negatively associated with the probability of exporting while leverage for financially-unconstrained is not. Also …