This paper investigates the firm-level determinants of debt policy in private family SMEs. It employs a comparative analysis of two sub-samples of family and non-family SMEs using panel data from 200 Moroccan SMEs over the period from 2018 to 2022. The findings reveal that family SMEs adopt a...

We examine the relationship between capital structure and carbon intensity in manufacturing firms using a novel dataset that combines information from the EU Emission Trading System with firm-level financial accounts. Our findings indicate that higher financial leverage is associated with lower...

Purpose - This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt maturity structure. It also aims to provide some policy implications for corporate debt financing and further...

To what extent can private firms' external equity substitute for debt financing in a banking crisis? To answer this question, I use firm-level data and firm-bank linkages to estimate the causal effect of an imported lending cut from a large German bank on firms' capital structure and real...

The survey is based on feedback concerning the economic situation from April to September 2024, collected from 16,000 European businesses, gathered through interviews carried out from September to October 2024. Over 92% of these businesses are SMEs, coming from EU27 as well as Iceland,...

This study examines the role of board gender diversity in shaping cor‑ porate financial decisions, particularly in terms of debt structure and risk management. Focusing on the Tehran Stock Exchange, it explores how female representation on boards influences long‑term and short‑term...

Past research shows that firms with constrained access to debt are more likely to withdraw from exporting. We argue that a firm's debt maturity structure (i.e., the short-term/long-term debt mix) also matters because short-term debt entails liquidity risk and long-term debt entails higher costs....

Household debt is a critical component of family financial management, especially considering the prevalence of credit constraints. This study investigates the determinants of Chinese household debt structure, focusing on the choice between formal and informal borrowing and the proportion of...

The choice between short- and long-term debt impacts a firm's financial flexibility and its capacity for sustainable investment. This study examines how Initial Public Offerings (IPOs) and main bank relationships shape debt maturity structures, focusing on Japanese firms listed on the Tokyo...

This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin's Q as a firm value metric and employing robust econometric techniques...

Micro, Small and Medium-sized Enterprises (MSMEs) are crucial drivers of economic growth. In Kenya, MSMEs represent about 98 percent of all businesses and contribute over 30 percent to the GDP. Despite their essential role in the economy, these enterprises face substantial challenges in...

This study investigates the impact of Environmental, Social, and Governance (ESG) investments on corporate debt financing (CDF) in the BRICS (Brazil, Russia, India, China, and South Africa) economies throughout 2010 to 2022. A central aspect of this research is the moderating role of financial...

Several studies have investigated the determinants of firms' capital structure choices. Though an intercorporate loan is an essential source of corporate debt, there are no studies that examine the determinants of firms' preference to use the intercorporate loan as a source of debt. This study...

Producers can leverage their bargaining power vis-'a-vis consumers by entering bargaining with debt. We discover novel general-equilibrium effects of such strategic debt by developing a money-search framework featuring heterogeneous consumers. Debt distorts trade along two margins: it destroys...

Purpose This paper studies the determinants of the debt maturity of Mexican-listed companies by analysing the effects on the extensive (issuing or liquidating debt) and the intensive (debt maturity renegotiation) margins. Design/methodology/approach This study, using a Tobit model for panel data...

Globally, the unravelling of the corporate scandals leading to big multinational firms stumbling down to bankruptcy suits caused enormous loss of wealth to the investors. This study explores how the earnings management and capital structure can signal an early stage of the distressed financial...

This paper investigates the effect of external financing on earnings management in Vietnam, a bank-dominated economy. Using a sample of 494 listed non-financial firms from 2009 to 2018, we find that external financing is positively related to earnings management, implying that firms have...

The study investigates the factors that influence dividend payout policy in public Pakistani manu- facturing companies throughout the timeframe 2010-20. Pooled OLS technique was used for regression purposes, as the majority of companies do not pay a dividend at all or do not do so regularly so...