Boyer, Marcel; Jacques, Armel; Moreaux, Michel - Centre Interuniversitaire de Recherche en Analyse des … - 2002
We study the interactions between equity financing and strategic technological flexibility choices of firms facing a …. We show that the level of financial hardship has a non-monotonic effect : as the level of equity financing increases, the … an all equity (no debt) firm. The level of external financing (debt) may be used strategically as a non …