rights and profitability on market leverage. It suggests that the more shareholder rights there are, the fewer asymmetric …

employee rights and firms' use of debt. This is because when employee rights are high, shareholders intend to use more debt … also document a negative relationship between creditor rights and firm debt ratio. When creditor rights are high, creditors … have more negotiation power to obtain good terms in debt contracting. If shareholders cannot get a favorable debt contract …

creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage … policy. We show that the two indexes have at most a statistically weak effect on the level of long-term debt. Instead, the … two indexes affect the distribution of long-term debt into bank debt, public debt and private placements. Bank debt …

We use a new international setting to test and strengthen the identification of “target leverage hypothesis” in the … economies and analyze its influences on leverage dynamics. Under-leveraged firms before legalization are more likely to buy back … facilitate firms’ movement towards target leverage, especially for under-leveraged firms. This facilitating effect is stronger …

the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and … conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate … leverage. This relationship holds across most of the firm-size distribution – with the important exception of the largest …

the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and … conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate … leverage. This relationship holds across most of the firm-size distribution, with the important exception of the largest …

, in particular, long-term debt. An active, though not necessarily large, stock market and a large banking sector are also …

sheets and liquidity by raising funds from banks, bonds, and equity markets. While listed firms reduced their leverage …