firm-factor determinants of debt, such as firm size, asset structure, profitability, growth, business risk and age are also …

through the issuance of debt and equity securities that optimally meet investor demand. I show that, in equilibrium, firms … with high market risk have a lower debt ratio than firms with low market risk. Empirical evidence that completes this paper …

A well-known strategy of tax avoidance by multinationals is to locate debt in subsidiaries in countries with a high tax … rate. In case of M&As it is particularly advantageous to locate debt at the level of holdings. By using firm-level data … leads to a stronger effect of taxes on the debt ratio. However, I find this effect only for a sample of all firms and no …

relationship between the firm's capital structure choice and its profitability. The analysis is extended by including the debt … structure and differentiating between the types of debt such as the long-term and the short-term ones. The results of the … profitability depending on the capital structure choice. We found that an increasing proportion of short-term debt and long …