This study provides the first empirical assessment of the causal impact of bureaucratic corruption on firms' financial constraints in Nigeria by calculating treatment effects using linear and non-linear estimators to account for potential heterogeneous treatment effects across firm groups....

Previous studies show that climate vulnerability affects capital structure. This research goes beyond by extending to cross-sessional analysis emphasizing the impact of climate vulnerability on capital structure conditional on firm-level financial constraints, country-level financial...

We study endogenous, credit-financed innovation under uncertainty in dynamic contexts. In our model, a firm with limited cash reserves decides how much to invest in an R&D project, potentially using external financing. Investing more increases the probability of a sooner innovation, but higher...