Zero-leverage and firm performance - Evidence from Taiwan

被引：0

作者：

Chang, Chong-Chuo ^{[1
]}

Kyi, San-San ^{[2
]}

Yang, Kuen-Shiou ^{[3
]}

Wu, Hsiang-Pei ^{[4
]}

机构：

[1] Natl Chi Nan Univ, Coll Management, Dept Banking & Finance, 1 Univ Rd, Puli Township 545, Nantou County, Taiwan

[2] Natl Chi Nan Univ, Coll Management, Dept Strategy & Dev Emerging Ind, 1 Univ Rd, Puli Township 545, Nantou County, Taiwan

[3] Taipei Language Inst, 14F,111,Sec 2,Roosevelt Rd, Taipei City 106012, Taiwan

[4] Asia Univ, Coll Management, Dept Finance, 500 Lioufeng Rd, Taichung 41354, Taiwan

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2025年 / 73卷

关键词：

Zero-leverage; Firm profitability; Firm value; CAPITAL STRUCTURE PUZZLE; FINANCIAL CONSTRAINTS; CORPORATE GOVERNANCE; MARKET VALUATION; AGENCY PROBLEMS; CASH; INVESTMENT; OWNERSHIP; DECISIONS; BENEFITS;

D O I：

10.1016/j.ribaf.2024.102656

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study sets out to explore the influence of a zero-leverage policy on firm profitability and value. The results suggest that zero-leverage policy exhibits significant and positive effects on firm performance. This study also considers the potential mechanism of the zero-leverage variables and firm characteristics. The results proved that the zero-leverage policy can reduce the negative impact of corporate governance problems on the firm and further improve firm performance. Additionally, the zero-leverage policy can help firms lower their risk and enhance their overall performance. The zero-leverage is more effective in the improvement of firm performance if there are high financial constraints. This study obtains the results of robustness after controlling the endogeneity problem and testing for the industrial adjustment.

引用

页数：26

共 50 条

[1] Zero-Leverage Puzzle Revisited: Evidence from Acquisition Behaviors
Bae, Chang Suk
Chung, Hae Jin
INTERNATIONAL JOURNAL OF FINANCIAL STUDIES, 2022, 10 (03):
[2] Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs
Sardo, Filipe
Serrasqueiro, Zelia
Armada, Manuel Rocha
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2024, 69
[3] An empirical analysis of zero-leverage firms: New evidence from the UK
Viet Anh Dang
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2013, 30 : 189 - 202
[4] Zero-leverage policy and stock price crash risk: Evidence from Korea
Choi, Young Mok
Park, Kunsu
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 81
[5] Why do firms choose zero-leverage policy? Evidence from China
Huang, Zhen
Li, Wanli
Gao, Weiwei
APPLIED ECONOMICS, 2017, 49 (28) : 2736 - 2748
[6] The international zero-leverage phenomenon
Bessler, Wolfgang
Drobetz, Wolfgang
Haller, Rebekka
Meier, Iwan
JOURNAL OF CORPORATE FINANCE, 2013, 23 : 196 - 221
[7] The mystery of zero-leverage firms
Strebulaev, Ilya A.
Yang, Baozhong
JOURNAL OF FINANCIAL ECONOMICS, 2013, 109 (01) : 1 - 23
[8] The long-run equity performance of zero-leverage firms
Lee, Hongbok
Moon, Gisung
MANAGERIAL FINANCE, 2011, 37 (10) : 872 - +
[9] The zero-leverage policy and family firms
Fardnia, Pedram
Kooli, Maher
Kumar, Sonal
MANAGERIAL FINANCE, 2023, : 1420 - 1437
[10] Zero-Leverage Puzzle: An International Comparison
El Ghoul, Sadok
Guedhami, Omrane
Kwok, Chuck
Zheng, Xiaolan
REVIEW OF FINANCE, 2018, 22 (03) : 1063 - 1120

← 1 2 3 4 5 →