marginal tax rates affect the debt policies of Spanish listed companies, and the existence of non-debt tax shields constitutes … an alternative to the use of debt as a tax shelter. Consistent with theoretical expectations, there is a stronger … relation between debt and taxation in less levered firms. Finally, we empirically estimate the impact of the new thin …

itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the …

predictions for debt use and restores the prospect of capital structure irrelevancy despite the existence of corporate taxes. …

derived from the business to be positively associated with debt use and the owner's age to be negatively associated with debt … use. We find that more debt is obtained if the business owner is married and less if he or she is black. Similarly, more … debt is prevalent among start-up firms in transportation and utilities than those in other industries. When debt obtained …

debt has a negative agency advantage (defined as reducing agency costs of equity) for small businesses, a significant but …

's overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its … disciplinary role of debt might become a false friend when money abounds. …

information and reduce the agency costs of debt, as it has a positive relationship with the maturity of debt and a negative … relationship with the cost of debt. These results are consistent with the predominance of the monitoring effect in bank ownership … over the expropriation effect. The role of banks as shareholders and lenders also contributes to reduce agency cost of debt …

internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …