Purpose The purpose of this paper is to provide new insights into the low-leverage phenomenon by analyzing the dynamics … use a multinomial ordered logit model, the authors break down the low-leverage firms into several levels of debt aversion …. Findings The empirical analysis provides four main findings. First, there is a dynamic behavior regarding leverage policy …

structure and corporate governance practices. Firms with low level of collateralizable assets have low leverage and chose better …

Purpose This paper studies the relationship between characteristics of firms’ and their propensity to maintain zero-leverage …

leverage. It also reveals the dominance of pecking order theory in explaining capital structure of firms theoretically as well … meager. As majority of the research papers are written only at the organizational level, the impact of leverage on various …

/methodology/approach Different conditional theories of capital structure like trade off theory, pecking order theory and agency theory are reviewed … consistent with predictions of trade off, pecking order and agency theory of finance which helps in understanding financing …

model is performed based on Trade-off Theory (TOT) and Pecking Order Theory as a starting point to provide expectations on … evidenced a positive relationship with REITs’ financial leverage, operating risk and growth opportunities variables displayed a … market. The FEC also had a substantial indirect impact on the financial leverage determinants of US REITs, the latter being …

’s cost of debt and optimal leverage. Findings In contrast to the tradeoff theory of capital structure, it is found that asset …Purpose The purpose of this paper is to investigate whether higher asset risk can be associated with higher leverage … risk and leverage are positively (instead of negatively) related. Furthermore, leverage is lower than when lenders are …

macroeconomic anomalies, pervasive credit risk, poor corporate governance, and inefficient legal and regulatory framework; leverage …