tax burden. We study this trade-off in a model with distortionary taxes and endogenous rationing of external finance. The …, especially in firms that depend more on external finance, and are negatively correlated with tax pressure. Second, transparency … is negatively correlated with tax pressure, particularly in sectors where firms are less dependent on external finance …

partially debt-financed investments. In a partial equilibrium setting we find that such agency costs are significantly lower …

firms balance the tax advantages of borrowing against the costs of financial distress; (3) agency theories, in which …

report high equity earnings. Managers rely most heavily on debt to finance their asset growth when their future earnings … perspective equity is "expensive". Managers of high debt issuing firms are more likely to be newly appointed and also more likely … to be replaced in subsequent years. Abnormal returns on portfolios formed on the basis of asset growth and debt issuance …

businesses: Financial Flexibility, Short-term Credit, Long-term Capital Investment, Convertible Debt Usage, and Preferred Stock …

Persuaded by the pecking order assumptions, where internal fund is preferred over debt and equity when financing … debt structure, and the effect of this on corporate profitability. The assumption on which the study was based is that, if … results suggested a significant negative relationship between firm's working capital composition and their debt structure …