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

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