This study uses a 34 years' standardized balance sheet data of the manufacturing firms in Pakistan to know the leverage behaviour of these firms over time. The results indicate that leverage has two pervasive and significant relationships: one, negative relationship with current and past...

Purpose – The purpose of this study is to determine and investigate the relative importance of different factors that result in profit heterogeneity at firm level. Design/methodology/approach – This study uses analysis of variance (ANOVA) random effect model for a broad-based panel data of...