The paper considers direct and indirect impacts of bank concentration, property rights and financial freedom on corporate leverage in 12 Asian developing countries from 2000 to 2013. Our result shows that bank concentration has a directly negative relationship with leverage in these countries...

The paper finds that the debt deficit and window of opportunities significantly affect firms' financing decisions in developing Asia. Firms tend to increase the probability of issuing pure debt rather than other financing sources if room to the optimal level of debt is still available. While an...

Two dysfunctions can affect the credit market: credit rationing and firm's discouragement. While the former has been studied in detail for more than 40 years, the latter has only been in the spotlight since 2003. In this work, we contribute to the understanding of this “demand-side failure”...