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This study suggests the preponderance of the pecking order theory over the trade-off theory when there are greater problems of information asymmetry, which is more usual in small-sized firms. The results show that debt level has an inverse relationship with non-debt tax shield and direct...
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sample of non-financial corporations (around 120,000 firms) in six euro area countries (Belgium, Germany, France, Italy, the … appears to be especially large in the Netherlands and Italy and relatively small in Germany …
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