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...

Efficiency has long been an issue of concern in the electricity sector. Most existing studies relate technical efficiency in the electricity sector to policy or environmental factors. The impact of firm operation factors has rarely been discussed. We estimate Stochastic Frontier models using...