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 …

adjustment behavior towards target leverage policy, this study uses the GMM (generalized method of moments) models of Arellano … targeting behavior of Chinese firms towards leverage and the determinants of leverage policy in China at various levels. Methods … adjustment speed towards a target level of leverage. The study finds that Chinese firms have a target level of leverage and firms …