Strebulaev, Ilya A.; Yang, Baozhong - In: Journal of Financial Economics 109 (2013) 1, pp. 1-23
zero debt and almost 22% have less than 5% book leverage ratio. Zero-leverage behavior is a persistent phenomenon. Dividend …-paying zero-leverage firms pay substantially higher dividends, are more profitable, pay higher taxes, issue less equity, and have …) ownership and longer CEO tenure are more likely to have zero debt, especially if boards are smaller and less independent. Family …