emerging market economy, Turkey. We study both statistical and economic significance of four types of leverage factors: Firm … inflation is an important determinant of leverage and the most economically significant macroeconomic factor. Moreover, we … provide evidence that firms adjust their leverage towards the industry median, that firms match the maturity of their assets …

show that South African firms adjust relatively fast towards a target leverage level. It is also found that asset … tangibility, growth, size and risk are positively related to leverage, while profitability and tax are negatively related to … leverage. The results also suggest that capital structure decisions of South African listed firms follow both the pecking order …

companies, the importance of tangible assets and business risk are positively related to leverage, while growth and … profitability are negatively associated with leverage. The sign of these relations suggest that both the pecking order theory and …

analysis of natural log of sales (size of the firm), against leverage (total debt to total asset and short-term debt to total … asset)with the objective of size effect on leverage on observed firms. Results shows that listed firms on the Nigeria stock … positive correlation between leverage of Nigerian firms in relation to size, however, is not statistically significant. This …