We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using pre-diction...

We use a dynamic model of cash management in which firms face competitive pressure to show that competition increases corporate cash holdings as well as the frequency and size of equity issues. In our model, these effects are driven by small, financially constrained firms, in contrast with the...

This study analyzed the relationship between capital structure, cash holdings and firm value for a sample of publicly traded Brazilian firms, using panel data regressions, employing the fixed-effects estimator. Initially, regressions between capital structure (debt to total capital) and cash...

This article examines the non-linear relationship between financial leverage and cash holdings in the emerging market context-Vietnam. We use the dynamic model with the system generalized method of moments (SGMM) estimator and the comprehensive data set of stocks listed on the Vietnamese stock...

Current study presenting the recent puzzling issue that in spite of potential benefits of leverage why so many firms alleviate debt financing. We took sample of Pakistani nonfinancial listed firms for the period of 2009-2014 and investigated that either firms adopt such policy intentionally, or...

This paper examines capital structure determinants of non-financial firms in Nigeria using a panel of 33 large firms. Statistical tests are performed for the period 1990-2004. The results reveal that profitability, tangibility and company size are positively related to total debt and long-term...

We investigate the determinants of capital structure of public listed companies on Bursa Malaysia, Singapore Stock Exchange and Thailand Stock Exchange from 2004 to 2013. We also investigate how firm-specific factors such as profitability, firm size, tangibility of assets and depreciation to...

We propose a new order of financing investments based on the considerations of control and financial constraints in a market with the presence of business groups. We base our analysis on a sample of acquisitions, one of the largest forms of investments, made by India's publicly listed firms from...