Bessler, Wolfgang; Drobetz, Wolfgang; Haller, Rebekka; … - In: Journal of Corporate Finance 23 (2013) C, pp. 196-221
We analyze the zero-leverage phenomenon around the world. Countries with a common law system, high creditor protection, and a dividend imputation or dividend relief tax system exhibit the highest percentage of zero-leverage firms. The increasing prevalence of zero-leverage firms in all sample...