This study examines the impact of financial flexibility on the investment and performance of
East Asian firms over the period 1994–2009. We employ a sample of 1,068 firms and place …

This study investigates how a firm's climate change risk (FCCR) and financial flexibility
(FIFL) affect its value and environmental, social, and governance (ESG) performance. We …

This study examines whether firms operated by superior managers can obtain more
favorable investment opportunities using data on US industrial firms during 1988–2015. The …

We analyze the zero-leverage phenomenon around the world. Countries with a common law
system, high creditor protection, and a dividend imputation or dividend relief tax system …

This paper examines why some firms have no debt in their capital structures despite the
potential benefits of debt financing. It adds new insights to this zero-leverage phenomenon …

We use a very large sample of European private and public firms to show that financial
flexibility attained through a conservative leverage policy is more important for private, small …

We present evidence consistent with operational constraints leading firms to use high
discount rates that average twice the firms' cost of financial capital. Based on a survey of …

Stock price crash risk is of particular interest in developing countries as it poses a significant
threat to investors and can have detrimental effects on the stability of emerging markets. This …

In the context of emerging countries trying to attract foreign investors, building governance
strategies and risk management of firms is an increasing concern. This study investigates …

Capital structure theories are unable to properly explain the zero-debt puzzle, frequently
observed in firms around the world. Our paper's contribution is to identify the variables that …