Ur Rehman, Ajid; Wang, Man; Yu, Haoyang - In: China finance and economic review : CFER 4 (2016), pp. 1-22
Background: This study tries to investigate how firms adjust their leverage policy across the firm’s life cycle. For … rate of leverage and its determinants in three different life stages of Chinese firms. We find that adjustment rate of … leverage varies for different life stages. Results: In accordance with trade off theory of capital structure this study reports …