Securities exchanges have greater roles to play in regard to economic and social development in both developed and developing economies. Hence, this paper examined the influence of firm financial characteristics on the leverage of manufacturing listed companies in Nairobi securities exchange....

This study examines the impact of debt financing on the productivity of capital invested and the mediating role of corporate investment using data from manufacturing firms in China, Japan and the United States. We find that firms that use more debt capital are less likely to make overinvestment....