Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future
is at the heart of the practice of financial management. However, although discussion of …

This survey provides a synthesis of the empirical capital structure literature. Our synthesis is
divided into three parts. The first part examines the evidence that relates to the cross …

Given the rapid development of the digital economy, clarifying the relationship between
corporate digital transformation and trade financing behaviour and identifying the …

Subsidies greatly matter for green performance and sustainable growth through alleviating
financial needs. However, once a subsidy shock occurs, caused at the point at which the …

内容提要: 企业财务保守行为近年来在资本结构研究中颇受关注. 本文构造了一个两阶段模型,
考察当企业必须加大投资的条件下, 产品市场未来竞争程度与企业当前债务规模的关系 …

We model a firm's demand for liquidity to develop a new test of the effect of financial
constraints on corporate policies. The effect of financial constraints is captured by the firm's …

This paper investigates the relationship between capital structure and firm performance,
paying particular attention to the degree of industry competition. The paper applies a novel …

Pledgeable assets support more borrowing, which allows for further investment in
pledgeable assets. We use this credit multiplier to identify the impact of financing frictions on …

Switching costs and network effects bind customers to vendors if products are incompatible,
locking customers or even markets in to early choices. Lock-in hinders customers from …

Firms strategically choose more conservative capital structures when they face greater
competitive threats stemming from the potential loss of their trade secrets to rivals. Following …