Hull, Robert; Van Dalsem, Shane A. - In: International Journal of Financial Studies : open … 9 (2021) 1/13, pp. 1-43
This paper's purpose is to compare nonprofits with pass-throughs in terms of valuation, leverage, and growth. To … set results on valuation, leverage and growth, our findings are value-additive in terms of the comparative research on … nonprofits are not taxed on earnings retained for growth. While nonprofits have somewhat greater optimal leverage ratios than …