Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim … - In: BRQ Business Research Quarterly 27 (2024) 3, pp. 301-323
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 … unconstrained firms that maintain zero leverage as a consequence of a financing decision, which supports the financial flexibility …
