The effect of corporate social responsibility (CSR) disclosure on zero-leverage policies is examined for listed firms … significant positive relationship between CSR disclosure and zero leverage. Increased CSR disclosure raises the propensity of … firms to have zero leverage. Moreover, the negative effect of CSR disclosure on debt ratios further confirms these findings …

Purpose: This study verifies the debt covenant hypothesis by exploring the earnings management of zero-leverage firms … that are not constrained by debt covenants. Furthermore, this study investigates whether the earnings management of zero-leverage … firms varies depending on financial constraints, whether a consecutive zero-leverage period is associated with the level of …

This article provides empirical evidence on the zero-leverage phenomenon for a sample of European listed firms for the … hypothesis. The zero-leverage phenomenon is also influenced by the financial system that prevails in each country, being boosted … period 1995-2016. It is shown that there are two types of firms with zero leverage: the financially constrained firms that …

Purpose: This study verifies the debt covenant hypothesis by exploring the earnings management of zero-leverage firms … that are not constrained by debt covenants. Furthermore, this study investigates whether the earnings management of zero-leverage … firms varies depending on financial constraints, whether a consecutive zero-leverage period is associated with the level of …