Acedo-Ramírez, Miguel A.; Ayala Calvo, Juan Carlos; … - In: SERIEs : Journal of the Spanish Economic Association 4 (2013) 2, pp. 155-173
. However, the positive coefficient of growth opportunities and negative coefficient of debt cost, age and cash flows is … issue debt in order to discipline the firm’s managers. The relationship between growth opportunities and debt level was … firms are likely to have insufficient earnings to finance internally all of their growth. Furthermore, the low debt level of …