enhance its bargaining power during negotiations with non-financial stakeholders. I show that reimbursement rates negotiated … between a hospital and insurers for a specific procedure are higher when the hospital has more debt. I show that this effect … provide direct evidence that debt improves a firm's bargaining outcomes …

) which factors - country- or firm-specific - are more relevant in explaining leverage in Poland, (2) which theory - trade … itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the … importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage …