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The prevalence of zero-leverage firms is a puzzle in corporate finance. We analyze the acquisition behavior of zero …-leverage firms and offer a new venue to the studies on zero-leverage puzzle and the interdependence of capital structures and … debt market, managerial preference, and financial flexibility. While non-persistent zero-leverage firms show similar …
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firms. The results demonstrate a significant, positive correlation between CEO financial work experience and the scale of … by ownership type and scale, with state-owned and large-scale firms receiving greater benefits. …
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