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http://hdl.handle.net/11701/15001
Полная запись метаданных
Поле DC | Значение | Язык |
---|---|---|
dc.contributor.author | Iliasov, D. V. | - |
dc.contributor.author | Kokoreva, M. S. | - |
dc.date.accessioned | 2018-10-23T16:40:46Z | - |
dc.date.available | 2018-10-23T16:40:46Z | - |
dc.date.issued | 2018-09 | - |
dc.identifier.citation | Iliasov D. V., Kokoreva M. S. 2018. Financial constraints versus financial flexibility: What drives zero-debt puzzle in emerging markets? Russian Management Journal 16 (3): 407–434. | en_GB |
dc.identifier.other | 10.21638/spbu18.2018.305 | - |
dc.identifier.uri | http://hdl.handle.net/11701/15001 | - |
dc.description.abstract | This study is focused on gaps in the theory of capital structure research regarding the phenomenon of zero-debt behavior. On the sample of firms from 21 countries with emerging capital markets over the period of 2010–2015, we show that the zero-debt policy choice is firstly driven by financial flexibility motive, while financial constraints could be regarded as the second motive. We show that major determinants of the zero-leverage choice are growth opportunities, profitability, business risk and cash holdings. We find that all these firms are smaller, less profitable, riskier and possess high cash holdings. Moreover, we find that macroeconomic conditions have lower influence on the debt policy decision in comparison with corporate determinants. | en_GB |
dc.description.sponsorship | This paper is an output of a research project implemented within NRU HSE’s Annual Thematic Plan for Basic and Applied Research. Any opinions or claims contained in this paper do not necessarily reflect the views of HSE. | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | St Petersburg State University | en_GB |
dc.relation.ispartofseries | Russian Management Journal;Volume 16; Issue 3 | - |
dc.subject | financial constraints | en_GB |
dc.subject | financial flexibility | en_GB |
dc.subject | zero-debt | en_GB |
dc.subject | capital structure | en_GB |
dc.title | Financial constraints versus financial flexibility: What drives zero-debt puzzle in emerging markets? | en_GB |
dc.type | Article | en_GB |
Располагается в коллекциях: | Issue 3 |
Файлы этого ресурса:
Файл | Описание | Размер | Формат | |
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05-Iliasov.pdf | 256,01 kB | Adobe PDF | Просмотреть/Открыть |
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