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Green leverage : how CO₂ emissions shape capital structures in EU corporations

Dsouza, Suzan; Krishnamoorthy, K.; Franklin, M.; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616872

Fresh start or fresh water : the impact of environmental lender liability

Bellon, Aymeric - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609690

Asset pricing robustness in venture capital

Michopoulos, Ioannis; Scaillet, Olivier; Topaloglou, Nikolas - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609793

Government arrears and corporate policies : lessons from a natural experiment

Abad, José M.; Bermejo, Vicente J.; Cuñat, Vicente; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611089

From cash to capital : leveraging remittances for Yemen's economic future

Sritharan, Narayani; Ba Abbad, Istanbool; Ghaleb, Aymen … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612506

The role of corporate governance mechanisms, leverage, and financial distress for improving audit quality

Kalbuana, Nawang; Uzliawati, Lia; Taqi, Muhamad; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614112

Financial leverage, political connection, profitability and firm value during global crisis era : a moderated mediation analysis

Sari, A.A. Pt. Agung Mirah Purnama; Tjahjadi, Bambang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614139

Corporate leverage and geopolitical risks : evidence from Vietnam

Vong, Thinh Nam; Thinh, Bui Tien - 2026

This study investigates the impacts of geopolitical risks on corporate leverage decisions of Vietnamese listed firms from 2017 to 2024. The research findings reveal a negative impact of geopolitical risks on both corporate leverage and short-term leverage. That is, Vietnamese listed firms...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614154

Modeling recurrent financial distress : a survival analysis of structured dependence

Uğur, Mehmet; Zeynalov, Ayaz - 2026

Existing research on financial distress typically treats failure as a single event and pays limited attention to the dynamic dependence between recurrent distress episodes. Ignoring such dependence can lead to biased hazard estimates and weaker predictive performance. We propose a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015616221

Geopolitical risk and firm financing decision : can ESG performance act as a buffer?

Rakiman, Darryl Philip; Wilson, Eric; Wahyudi, Steven; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620171

When risk meets confidence : how ESG and innovation shape corporate finance in emerging markets

Husni, Tafdil; Rahim, Rida; Mardiani, Sari; Dwipananda, … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620268

Sustainability versus financial fundamentals : what investors should watch in ASEAN firms

Febriana, Kim Bella; Chan, Felicia Stefanie; Fitriya Fauzi - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015620757

Influence of company's tax exposure as capital structure decision on financial performance of state-owned sugar manufacturing corporation projects in Western Kenya

Kawour, Mathew Elijah; Rambo, Charles Mallans; Odundo, … - 2026

This study examined how a company's tax exposure, conceptualized as a capital structure decision factor, influences the financial performance of state-owned sugar manufacturing corporations in Western Kenya. Grounded in Modigliani and Miller's capital structure model and drawing on trade-off,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626433

The financing structure of CESEE nonfinancial corporations during the 2020–2024 crises

Walko, Zoltan - 2026

This report analyzes and compares the financing structures of non-financial corporations (NFCs) in eleven CESEE economies (CESEE EU-MS) against the background of the recent COVID-19 and energy crises. It also puts developments across the region in a broader EU context. In addition, this report...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015627130

A bargaining theory of the leverage-profitability relationship

Panteghini, Paolo - 2026

This paper shows that a static trade-off model generates a negative cross-sectional relationship between leverage and profitability once ex ante Nash bargaining over the perpetual debt coupon is introduced. The central mechanism works as follows: higher shareholder bargaining power lowers the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015638858

Firm performance, liquidity and capital structure nexus : evidence from the PMG panel-ARDL approach

Marozva, Godfrey - 2026

Utilising data from the selected companies listed on the Johannesburg Stock Exchange and using the Panel Autoregressive Distributed Lag (ARDL) specifically employing the Pooled Mean Group approach, this study examines the cointegrating and causal relationships among firm liquidity, performance...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639035

Exploring intangible assets' contribution to capital structure in Thailand's listed companies during COVID-19

Chen, Xiaoque; Trairong Swatdikun; Pankaewta Lakkanawanit; … - 2026

This study examines whether IAS 38-recognized identifiable intangible assets (excluding goodwill) are associated with corporate leverage in Thailand, an emerging bank-dominated financial system, and whether that relationship changed after the COVID-19 shock. Panel on listed firms supports a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640208

Major customers and firms' reliance on bank debt

Liu, Shiang; Sun, Liang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640599

Runs on tokenized debt

Araujo, Luis; Izumi, Ryuichiro; Mattesini, Fabrizio - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641911

CSR disclosure and the zero-leverage phenomenon : evidence from Pakistan listed firms

Butt, Affaf Asghar; Shahzad, Aamer; Anis, Sadia; … - 2026

The effect of corporate social responsibility (CSR) disclosure on zero-leverage policies is examined for listed firms at the Pakistan Stock Exchange (PSX) from 2010 to 2021. Binary logistic regression models show a statistically significant positive relationship between CSR disclosure and zero...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643134

Bankruptcy law reform and its impact on firms' borrowing : a South Asian experience

Puri, Swati Kumaria; Fang, Jiali; Wongchoti, Udomsak; … - 2026

With the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016, India reformed and unified its fragmented insolvency frameworks into a single comprehensive law designed to prioritize asset maximization and ensure time-bound resolutions. Through a quasi-experimental setting, we examine...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643181

Liquidity, leverage and financial performance nexus : insights from sub-Saharan Africa's healthcare sector

Dangs, Ayuba Zakka; Ojeka, Stephen Aanu; Uthman, Ahmad … - 2026

This study investigates how liquidity and leverage shape financial performance in sub-Saharan Africa's listed healthcare firms and concludes that internal liquidity capacity is a more reliable driver of performance than debt. Using an ex post facto design, the study examines 60 firm year...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643324

Beyond carry-trading : new insights into the uses of foreign-denominated bond issuances by Latin American firms

Pérez Artica, Rodrigo; Rabinovich, Joel; Zeolla, … - 2026

Corporate bond issuances originating from developing and emerging market economies have emerged as the primary catalyst for the expansion of global debt following the Global Financial Crisis, Although Asia has dominated this trend, Latin American firms have significantly contributed, emerging as...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644021

Trends in capital structure : a bibliometric analysis to support the construction of decision-support methodologies

Passos, José Matheus Ferreira Gomes dos; Fonseca, … - 2026

This paper presents a bibliometric analysis and literature review of methodologies for optimal capital structure decision making, focusing on research published between 2000 and 2024. This study reviews current research, identifies gaps, and outlines a plan to support with financial decisions. A...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644227

The bank leverage response to tax shield changes

Ward, Felix; Vries, Casper G. de - 2026

Does the preferential tax treatment of debt over equity cause banks to increase their leverage? We construct a novel dataset tracing the evolution of the debt tax shield for banks in advanced economies from 1870 to 2020. Exploiting variation from nearly all changes in banking-sector tax shields...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644862

Demand shocks in equity markets and firm responses

Broner, Fernando; Cortina, Juan J.; Schmukler, Sergio L.; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655743

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Demand shocks in equity markets and firm responses

Broner, Fernando; Cortina, Juan J.; Schmukler, Sergio L.; … - 2026

Book / Working Paper

Demand shocks in equity markets and firm responses

Broner, Fernando; Cortina, Juan J.; Schmukler, Sergio L.; … - 2026

Book / Working Paper

The effect of regulatory liquidity measure on bank capital structure

Mabandla, Ndonwabile Zimasa; Marozva, Godfrey - 2026

This study investigates the effects of liquidity regulation, specifically the liquidity coverage ratio (LCR), on the capital structure of South African banks, with a focus on debt maturity composition. Using panel data covering the period 2015-2024, the analysis applies the Generalized Method of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015656185

Corporate governance characteristics, shareholder dissent and agency cost of debt

Ding, Wenjie; Hemmings, Danial; Hodgkinson, Lynn; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647421

Real estate risk in capital markets : evidence from REIT debt and equity markets

Kozak, Jakob - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015647626

Differentiated deleveraging : how do banks respond to capital ratios and capital requirements?

Bun, Maurice J. G.; Cuijpers, Eric - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652048

The effects of technology and liquidity on bank capital structure

Mabandla, Ndonwabile Zimasa - 2026

This research enhances the literature on bank capital structure by combining financial intermediation theory with technological innovation to analyse the impact of FinTech adoption and liquidity management on leverage choices in South African banks. Utilising panel data spanning 2015 to 2024 and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652196

Contract enforcement and young firm capital structure : a global perspective

Basante, Gonzalo; Simonovska, Ina - 2026

We develop a framework to measure the severity of financial constraints for young firms across countries. Using ORBIS balance-sheet data for 23 economies, we show that short-term leverage rises while long-term leverage falls early in firms' life cycles, with this pattern persisting longer where...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632173

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Contract Enforcement and Young Firm Capital Structure : A Global Perspective

Basante, Gonzalo; Simonovska, Ina - 2026

Book / Working Paper

Capital structure decisions and business excellence : benchmarking financial performance in Vietnamese listed companies

Nguyen Duy Hung; Tuan Anh Truong - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015632744

From theory to debt decisions : evidence on financial literacy among university students

Kovalova, Erika; Durana, Pavol; Zvarikova, Katarina; … - 2026

Financial literacy represents a fundamental competence in contemporary knowledge-based economies, particularly in the context of increasingly complex corporate financing instruments. Insufficient financial literacy may lead to suboptimal debt decisions, inefficient capital structures, and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015633099

Firm-level geopolitical risk and bank debt financing : global evidence

Akyildirim, Erdinc; Colak, Gonul; Gozgor, Giray; Ho, Thang - 2026

This paper constructs a novel firm-level measure of geopolitical risk using textual analysis of 130,061 earnings conference call transcripts and examines its impact on firms' reliance on bank-based financing. Using a panel of 4,692 listed firms across 38 countries over 2005-2024, we find that...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015635459

The impact of internationalisation through export growth on debt financing in construction firms : evidence from the Americas

Bogołębska, Justyna; Gostkowska-Drzewicka, Magdalena; … - 2026

Objective: This study investigates the impact of internationalisation on the indebtedness of construction companies in the Americas. We measured internationalisation as the share of exports in total revenues, reflecting a firm's engagement in cross-border sales. Research Design & Methods: The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015636927

Time-varying repayment contracts for financial resilience in mortgage lending

Mai, Chung; Scheule, Harald - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015559008

Stakeholder-centric corporate misconduct and financing policies : a precautionary tale

Attig, Najah; El Ghoul, Sadok; Hossain, Ashrafee Tanvir - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015559066

LBO debt package structuring : from classic syndicated structures to the age of private credit

Zeisberger, Claudia; Kupryte, Ugne; Al Yakub, Muhammed; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667012

Financing R&D and shaping capital structure in Türkiye

Uğurluay, Vijdan; Oran, Jale - 2026

This study explores how financial constraints shape firms' innovation activities and capital structure choices when financing research and development (R&D). The main objective is to determine whether internal finance helps firms sustain R&D investment when access to external funds becomes...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015668190

A enewed EU budget support framework to maximise leverage and impact

Camps-Adrogue, Bernat; Drummond, Tay; Gavas, Mikaela; … - 2026

Amid mounting pressure on European development budgets, the EU must maximise the effectiveness and impact of its development finance toolkit. Although the European Commission is among the world's largest providers of budget support, its allocations are not systematically aligned with partner...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669551

How do brick-and-mortar businesses leverage financial markets in China?

Bai, Min; Zhang, Dong; Sun, Shan; Qin, Yafeng - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015667560

How do credit unions adjust their capital ratios? : evidence from Brazil

Zancan, Flávia; Moraes, Marcelo Botelho da Costa - 2026

The purpose of this paper is to analyze the speed at which credit unions adjust their capital ratios.The systemic Generalized Method of Moments (GMM-Sys) was applied to 704 Brazilian individual credit unions from 2014 to 2022, with a total of 5,864 observations.The results indicate that the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015644821

On the capital structure of foreign subsidiaries : evidence from panel data quantile regression models

Miniaci, Raffaele; Panteghini, Paolo - 2026

This paper investigates how business taxation and profitability affect the capital structure of European subsidiaries controlled by foreign multinational corporations. While traditional financial theories, such as the Pecking Order Theory (POT) and Trade-Off Theory (TOT), offer contrasting...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015677836

Debt Overhang and Growth : Firm-Level Heterogeneity in an Emerging Market

Şengül, Aykut; Merter, Abdullah Kürşat - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672797

Local opioid exposure and corporate debt structure

Gozgor, Giray; Ho, Thang; Li, Jing - 2026 - This version: July 14, 2026

This paper examines how local opioid exposure affects firms' debt structure. Motivated by evidence that the opioid crisis weakens labor supply, impairs human capital, and increases operating uncertainty, we argue that firms exposed to greater local opioid distress rely more heavily on bank debt...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015675115

Issuance yield of MREL-eligible bank debt : a benchmarking model

González Rodríguez, Francisco; Orts Torres, Alberto; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015672711

Leveraging AI and digital tools for SME sustainable finance

2026

Small and medium-sized enterprises (SMEs) remain underrepresented in sustainable finance markets. The principal obstacles are informational: sustainability data are costly to generate, difficult to verify and fragmented across incompatible reporting frameworks, while administrative burden of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015677007

Internationalization and financing decisions of Chinese enterprises : evidence from Hong Kong listings

Lin, Pujie; Yip, Tsz Leung - 2026

This study explores the impact of internationalization on the financing decisions and finance costs of Chinese enterprises listed in Hong Kong, extending the pecking order theory to an international context. Utilizing data from 785 companies from 2010 to 2020, the research investigates how the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016059548

Firm-level determinants of the cost of debt : new empirical evidence from a bank-based economy

Boumlik, Zouhair; Colot, Olivier; Oulhadj, Badia - 2026

The purpose of this paper is to investigate the firm-level determinants of the cost of debt in a bank-based emerging economy, where debt serves as the primary external financing mechanism, enabling firms to maintain operations, pursue growth opportunities, and ensure long-term financial...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061616