This article provides empirical evidence on the zero-leverage phenomenon for a sample of European listed firms for the period 1995-2016. It is shown that there are two types of firms with zero leverage: the financially constrained firms that face obstacles in obtaining external finance, as...

Purpose: The purpose of this paper is to investigate whether the effect of country and corporate governance mechanisms on zero leverage is heterogeneous across market- and bank-based financial systems. Design/methodology/approach: Using logit regression methods and a sample of listed firms from...

Purpose: From the network approach, the purpose of this paper is to provide empirical evidence about the role of international cooperative alliances (CAs) in the decision of small- and medium-sized enterprises (SMEs) to internationalize and remain in the external market....