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

[41] The effect of housing boom on firm leverage evidence from China
Xu, Zhan
Meng, Qingbin
Wang, Song
REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2022, 58 (03) : 1215 - 1248
[42] The Persistence of Superior Performance at Industry and Firm Levels: Evidence from the IT Industry in Taiwan
Chen, Yi-Min
Lin, Feng-Jyh
INDUSTRY AND INNOVATION, 2010, 17 (05) : 469 - 486
[43] Do transparency and disclosure predict firm performance? Evidence from the Taiwan market
Chi, Li-Chiu
EXPERT SYSTEMS WITH APPLICATIONS, 2009, 36 (08) : 11198 - 11203
[44] CEO foreign experience and firm leverage: evidence from Vietnam
Nguyen, Thanh Huong
Ha, Phuoc Vu
COGENT BUSINESS & MANAGEMENT, 2024, 11 (01):
[45] Local Government Debt and Firm Leverage: Evidence from China
Liang, Yousha
Shi, Kang
Wang, Lisheng
Xu, Juanyi
ASIAN ECONOMIC POLICY REVIEW, 2017, 12 (02) : 210 - 232
[46] The effect of housing boom on firm leverage evidence from China
Zhan Xu
Qingbin Meng
Song Wang
Review of Quantitative Finance and Accounting, 2022, 58 : 1215 - 1248
[47] The Role of Leverage in Firm Solvency: Evidence From Bank Loans
Bonaccorsi di Patti E.
D’Ignazio A.
Gallo M.
Micucci G.
Italian Economic Journal, 2015, 1 (2) : 253 - 286
[48] Leverage Structure Dynamics and Firm Value: Evidence From Bangladesh
Uddin, Mohammad Nazim
Khan, Mohammed Shamim Uddin
Hosen, Mosharrof
Chowdhury, Shahnur Azad
INTERNATIONAL JOURNAL OF ASIAN BUSINESS AND INFORMATION MANAGEMENT, 2022, 13 (01)
[49] Leverage, liquidity and IPO long-run performance: evidence from Taiwan IPO markets
Chen, Anlin
Chen, Li-Wei
Kao, Lanfeng
INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT, 2010, 18 (01) : 31 - +
[50] Leverage, foreign borrowing and corporate performance: firm-level evidence for India
Ghosh, Saibal
APPLIED ECONOMICS LETTERS, 2008, 15 (08) : 607 - 616

← 1 2 3 4 5 →