One of the most puzzling, stylized facts in modern corporate finance is that many companies
worldwide persistently follow a zero-debt or almost-zero-debt policy. This paper reviews the …

This paper examines the real effects of the financial crisis on private firms in the
Netherlands. We find that investments of small and medium-sized private enterprises …

Family firms are one of the most ubiquitous forms of business organizations worldwide. Their
survival and growth are thus not only crucial for the firms themselves but also for the overall …

The purpose of this paper is to explore determinants of the debt financing of FinTech start-
ups. Using a new hand-collected multisource database that maps FinTech start-ups …

This paper seeks to analyse the persistence of zero leverage policy in a panel data of
Portuguese small and medium-sized enterprises for the period 2011-2017. Using transition …

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 …

This study examines the influence of CEO gender on returns and risk for a sample of 2,157
Spanish publishing firms in 2013. The publishing sector is relevant in Spain, in terms of …

We investigate whether firm-level political risk affects corporate cash holdings. Taking a
sample of 5424 US firms with 129,750 firm-quarter observations from 2002Q1 to 2021Q3 …

The aim of this work is to analyze the factors that help companies avoid liquidation following
the spirit of the Spanish insolvency law. This work focuses on the phase starting when …

A pesar de que existe evidencia empírica de que las ventajas fiscales de la deuda se
suman al valour de la empresa, es necesaria más investigación para explicar la política de …