non-debt tax shields affect SME leverage; 2) Policies addressing the term spread and economic uncertainty influence debt … the importance of factors such as the non-debt tax shield, firm size, interest rate spread, and the economic policy … Panel Fractional (DPF) estimator to identify the key variables influencing the debt-to-equity ratio. The findings underscore …

) which factors - country- or firm-specific - are more relevant in explaining leverage in Poland, (2) which theory - trade … itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the … importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage …

underlying mechanisms differ. The tax shield incentivises debt financing as it reduces tax payments to the government. The …Systemically important banks are subject to at least two departures from the neutrality of debt versus equity financing …: the tax deductibility of interest payments and implicit funding subsidies. This paper fills a gap in the literature by …

We contribute to the empirical literature on the debt bias of corporate income taxation through a micro …-econometric evaluation of the so-called ACE corporate tax reform in Belgium based on firm-level accounting data. We interpret the tax reform … that came into effect in January 2006 as an economic quasi experiment. We identify its causal impact on the leverage ratio …

operating in countries with stronger governance decrease their leverage while increasing their debt maturity. Specifically, we … show that they decrease their reliance on short-term debt issuance while they increase their reliance on long-term debt and …

This study investigates the impact of Environmental, Social, and Governance (ESG) investments on corporate debt … may initially restrict access to debt financing. Nonetheless, FSD serves as an important moderating variable, converting …