IDEAS home Printed from https://ideas.repec.org/a/eee/jimfin/v153y2025ics0261560625000336.html
   My bibliography  Save this article

Corporate debt Regime under Political, Economic, and climate uncertainties

Author

Listed:
  • Karim, Sitara
  • Gurdgiev, Constantin

Abstract

How do political, economic, and climate uncertainties influence corporate debt decisions across firms with different leverage exposures? This study explores the effects of these macro-level uncertainties on corporate debt strategies using a dataset of 11,305 firm-year observations based on a wide range of methodologies, including random effects GLS, differenced GMM, and system GMM. To explore informational complexity of the macro uncertainties-debt choices nexus, we examine the moderating roles of analyst coverage and market concentration on the given relationship. The findings reveal that political uncertainty significantly increases debt exposures in high-leverage firms, while climate uncertainty reduces leverage across all firms. Economic uncertainty, however, shows no significant effect on debt. The moderating effects of analyst coverage and market concentration are limited, with market concentration positively influencing debt holdings only in high-leverage firms. For policymakers and corporate managers, these insights emphasize the need to incorporate political and climate risks into financial decision-making, particularly for highly leveraged firms.

Suggested Citation

  • Karim, Sitara & Gurdgiev, Constantin, 2025. "Corporate debt Regime under Political, Economic, and climate uncertainties," Journal of International Money and Finance, Elsevier, vol. 153(C).
    • Handle: RePEc:eee:jimfin:v:153:y:2025:i:c:s0261560625000336
    DOI: 10.1016/j.jimonfin.2025.103298
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0261560625000336
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jimonfin.2025.103298?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. World Bank, 2024. "Nepal - Climate and Health Vulnerability Assessment," World Bank Publications - Reports 41845, The World Bank Group.
    2. Marques, Manuel O. & Pinto, João M., 2020. "A comparative analysis of ex ante credit spreads: Structured finance versus straight debt finance," Journal of Corporate Finance, Elsevier, vol. 62(C).
    3. Li, Shuping & Meng, Jing & Hubacek, Klaus & Eskander, Shaikh M. S. U. & Li, Yuan & Chen, Peipei & Guan, Dabo, 2024. "Revisiting Copenhagen climate mitigation targets," LSE Research Online Documents on Economics 122815, London School of Economics and Political Science, LSE Library.
    4. Boubaker, Sabri & Saffar, Walid & Sassi, Syrine, 2018. "Product market competition and debt choice," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 204-224.
    5. Berger, Allen N. & Klapper, Leora F. & Udell, Gregory F., 2001. "The ability of banks to lend to informationally opaque small businesses," Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2127-2167, December.
    6. World Bank Group, 2024. "People in a Changing Climate," World Bank Publications - Reports 42395, The World Bank Group.
    7. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    8. World Bank, 2024. "Dominican Republic - Climate Migrants," World Bank Publications - Reports 41473, The World Bank Group.
    9. Cang, Han & Li, Chao, 2024. "Corporate climate risk and bond credit spreads," Finance Research Letters, Elsevier, vol. 67(PA).
    10. World Bank, 2024. "Empowering Women for Climate Resilience in Cambodia," World Bank Publications - Reports 41792, The World Bank Group.
    11. Liu, Yulin & Chen, Lin & Cao, Zhiling & Wen, Fenghua, 2024. "Uncertainty breeds opportunities: Assessing climate policy uncertainty and its impact on corporate innovation," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    12. World Bank Group, 2024. "Zimbabwe Country Climate and Development Report," World Bank Publications - Reports 41137, The World Bank Group.
    13. Huynh, Thanh D. & Nguyen, Thu Ha & Truong, Cameron, 2020. "Climate risk: The price of drought," Journal of Corporate Finance, Elsevier, vol. 65(C).
    14. Edith Ginglinger & Quentin Moreau, 2023. "Climate Risk and Capital Structure," Management Science, INFORMS, vol. 69(12), pages 7492-7516, December.
    15. World Bank Group, 2024. "Lebanon Country Climate and Development Report," World Bank Publications - Reports 41159, The World Bank Group.
    16. Gonçalves, Adalto Barbaceia & Schiozer, Rafael F. & Sheng, Hsia Hua, 2018. "Trade credit and product market power during a financial crisis," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 308-323.
    17. World Bank, 2024. "SADC Investment Climate Scorecard," World Bank Publications - Reports 42181, The World Bank Group.
    18. Li, Shengfeng & Hoque, Hafiz & Liu, Jia, 2023. "Investor sentiment and firm capital structure," Journal of Corporate Finance, Elsevier, vol. 80(C).
    19. Ferdous, Lutfa Tilat & Atawnah, Nader & Yeboah, Richard & Zhou, Yifan, 2024. "Firm-level climate risk and accounting conservatism: International evidence," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    20. Graham, John R. & Leary, Mark T. & Roberts, Michael R., 2015. "A century of capital structure: The leveraging of corporate America," Journal of Financial Economics, Elsevier, vol. 118(3), pages 658-683.
    21. World Bank, 2024. "Enhancing Climate-Smart Outcomes from Livestock Systems," World Bank Publications - Reports 41590, The World Bank Group.
    22. Stijn Claessens & Luc Laeven, 2003. "Financial Development, Property Rights, and Growth," Journal of Finance, American Finance Association, vol. 58(6), pages 2401-2436, December.
    23. Gustavo Grullon & Yelena Larkin & Roni Michaely, 2019. "Are US Industries Becoming More Concentrated?," Review of Finance, European Finance Association, vol. 23(4), pages 697-743.
    24. World Bank Group, 2024. "Mongolia Country Climate and Development Report," World Bank Publications - Reports 42273, The World Bank Group.
    25. Wei Xiong & Matthew P. Reynolds & Carlo Montes & Jose Crossa & Sieglinde Snapp & Beyhan Akin & Keser Mesut & Fatih Ozdemir & Huihui Li & Zhonghu He & Daowen Wang & Feng Chen, 2024. "New wheat breeding paradigms for a warming climate," Nature Climate Change, Nature, vol. 14(8), pages 869-875, August.
    26. Xin Chang & Sudipto Dasgupta & Gilles Hilary, 2006. "Analyst Coverage and Financing Decisions," Journal of Finance, American Finance Association, vol. 61(6), pages 3009-3048, December.
    27. Ella Mae Matsumura & Rachna Prakash & Sandra C. Vera-Muñoz, 2024. "Climate-risk materiality and firm risk," Review of Accounting Studies, Springer, vol. 29(1), pages 33-74, March.
    28. Im, Hyun Joong & Kang, Ya & Shon, Janghoon, 2020. "How does uncertainty influence target capital structure?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    29. World Bank, 2024. "Water Security and Climate Change," World Bank Publications - Reports 42497, The World Bank Group.
    30. Chen, Tao & Harford, Jarrad & Lin, Chen, 2015. "Do analysts matter for governance? Evidence from natural experiments," Journal of Financial Economics, Elsevier, vol. 115(2), pages 383-410.
    31. Agnieszka Karman & Urszula Bronisz & Jarosław Banaś & Andrzej Miszczuk, 2024. "Climate Change Competitiveness," Advances in Spatial Science, in: Regional Competitiveness Towards Climate Change, chapter 0, pages 7-47, Springer.
    32. Francesco Jacopo Pintus & Jan P.A.M. Jacobs & Elmer Sterken, 2024. "Fiscal Impacts of Climate Anomalies," CAMA Working Papers 2024-74, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    33. Omotayo, F. S., Lasisi, M. O & Ogundare S. A, 2024. "Climate Yield Models for Some Arable Crops in Ondo State," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(2), pages 2123-2132, February.
    34. Ibrahim Yarba & Z. Nuray Guner, 2020. "Uncertainty, macroprudential policies and corporate leverage : Firm-level evidence," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 20(2), pages 33-42.
    35. Nicholas Bloom, 2009. "The Impact of Uncertainty Shocks," Econometrica, Econometric Society, vol. 77(3), pages 623-685, May.
    36. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    37. Shuping Li & Jing Meng & Klaus Hubacek & Shaikh M. S. U. Eskander & Yuan Li & Peipei Chen & Dabo Guan, 2024. "Revisiting Copenhagen climate mitigation targets," Nature Climate Change, Nature, vol. 14(5), pages 468-475, May.
    38. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
    39. Mi, Biao & Zhang, Luqiao & Han, Liang & Shen, Yun, 2024. "Bank market power and financial reporting quality," Journal of Corporate Finance, Elsevier, vol. 84(C).
    40. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, December.
    41. Qing Li & Hongyu Shan & Yuehua Tang & Vincent Yao, 2024. "Corporate Climate Risk: Measurements and Responses," The Review of Financial Studies, Society for Financial Studies, vol. 37(6), pages 1778-1830.
    42. World Bank, 2024. "Climate Adaptation in Uzbekistan," World Bank Publications - Reports 41524, The World Bank Group.
    43. Duan, Tinghua & Li, Frank Weikai, 2024. "Climate change concerns and mortgage lending," Journal of Empirical Finance, Elsevier, vol. 75(C).
    44. Ying Cao & Linda A. Myers & Albert Tsang & Yong George Yang, 2017. "Management forecasts and the cost of equity capital: international evidence," Review of Accounting Studies, Springer, vol. 22(2), pages 791-838, June.
    45. Berkman, Henk & Jona, Jonathan & Soderstrom, Naomi, 2024. "Firm-specific climate risk and market valuation," Accounting, Organizations and Society, Elsevier, vol. 112(C).
    46. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    47. World Bank Group, 2024. "Yemen Country Climate and Development Report," World Bank Publications - Reports 42274, The World Bank Group.
    48. World Bank Group, 2024. "Tanzania Country Climate and Development Report," World Bank Publications - Reports 42483, The World Bank Group.
    49. Favara, Giovanni & Gao, Janet & Giannetti, Mariassunta, 2021. "Uncertainty, access to debt, and firm precautionary behavior," Journal of Financial Economics, Elsevier, vol. 141(2), pages 436-453.
    50. World Bank, 2024. "Climate and Health Vulnerability Assessment for Ghana," World Bank Publications - Reports 41437, The World Bank Group.
    51. World Bank Group, 2024. "Senegal Country Climate and Development Report," World Bank Publications - Reports 42364, The World Bank Group.
    52. Mely Caballero-Anthony & Alistair D. B. Cook, 2024. "Understanding climate security in the Indo-Pacific," Third World Quarterly, Taylor & Francis Journals, vol. 45(14), pages 2039-2046, September.
    53. Xu, Weidong & Huang, Wenxuan & Li, Donghui, 2024. "Climate risk and investment efficiency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    54. World Bank, 2024. "North Macedonia Climate - Public Finance Review," World Bank Publications - Reports 41834, The World Bank Group.
    55. Cavalleri, Maria Chiara & Eliet, Alice & McAdam, Peter & Petroulakis, Filippos & Soares, Ana & Vansteenkiste, Isabel, 2019. "Concentration, market power and dynamism in the euro area," Working Paper Series 2253, European Central Bank.
    56. World Bank Group, 2024. "Poland Country Climate and Development Report," World Bank Publications - Reports 42286, The World Bank Group.
    57. Ulf J. J. Hahnel & Nina L. Frings, 2024. "Misestimations as a barrier to climate action," Nature Climate Change, Nature, vol. 14(7), pages 677-678, July.
    58. Huy Viet Hoang, 2024. "Environmental, social, and governance disclosure in response to climate policy uncertainty: Evidence from US firms," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(2), pages 4293-4333, February.
    59. Ma, Rui & Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2024. "Insider trading and climate disasters," Global Finance Journal, Elsevier, vol. 62(C).
    60. Stephen A. Ross, 1977. "The Determination of Financial Structure: The Incentive-Signalling Approach," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 23-40, Spring.
    61. Dayong Zhang & Kun Guo & Qiang Ji, 2024. "Resolve climate-policy uncertainties in the US and China," Nature, Nature, vol. 625(7996), pages 663-663, January.
    62. Jia, Jing & Li, Zhongtian, 2020. "Does external uncertainty matter in corporate sustainability performance?," Journal of Corporate Finance, Elsevier, vol. 65(C).
    63. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    64. World Bank, 2024. "Scaling Up Locally-Led Climate Action in Cambodia," World Bank Publications - Reports 41893, The World Bank Group.
    65. World Bank, 2024. "World Bank Climate and Health Program," World Bank Publications - Reports 41406, The World Bank Group.
    66. Mr. Daniel Garcia-Macia & Mr. Waikei R Lam & Anh D. M. Nguyen, 2024. "Public Debt Dynamics During the Climate Transition," IMF Working Papers 2024/071, International Monetary Fund.
    67. ., 2024. "Climate change and energy transitions," Chapters, in: Unpacking the G20, chapter 5, pages 84-102, Edward Elgar Publishing.
    68. Karel Hrazdil & Deniz Anginer & Jiyuan Li & Ray Zhang, 2024. "Climate Reputation and Bank Loan Contracting," Journal of Business Ethics, Springer, vol. 192(4), pages 875-896, July.
    69. World Bank Group, 2024. "Ecuador Country Climate and Development Report [Informe sobre el clima y el desarrollo del país de Ecuador]," World Bank Publications - Reports 42126, The World Bank Group.
    70. Tinghua Duan & Frank Weikai Li, 2024. "Climate change concerns and mortgage lending," Post-Print hal-04543631, HAL.
    71. Hirth, Stefan & Uhrig-Homburg, Marliese, 2010. "Investment timing, liquidity, and agency costs of debt," Journal of Corporate Finance, Elsevier, vol. 16(2), pages 243-258, April.
    72. World Bank, 2024. "Perspectives on Climate Change," World Bank Publications - Reports 41882, The World Bank Group.
    73. repec:cup:jfinqa:v:46:y:2011:i:06:p:1581-1627_00 is not listed on IDEAS
    74. ., 2024. "Visions: “pandemic halts climate change!”," Chapters, in: Rethinking Socialism, chapter 1, pages 11-16, Edward Elgar Publishing.
    75. Quoc Trung Tran, 2021. "Economic policy uncertainty, value of cash and financial crisis," European Journal of Management and Business Economics, Emerald Group Publishing Limited, vol. 32(1), pages 24-46, July.
    76. Hassett, Kevin A. & Metcalf, Gilbert E., 1995. "Energy tax credits and residential conservation investment: Evidence from panel data," Journal of Public Economics, Elsevier, vol. 57(2), pages 201-217, June.
    77. Ji, Qiang & Ma, Dandan & Zhai, Pengxiang & Fan, Ying & Zhang, Dayong, 2024. "Global climate policy uncertainty and financial markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
    78. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    79. Zhao, Xinlu & Zhang, Huixue, 2024. "How does ESG performance determine the level of specific financing in capital structure? New insights from China," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    80. World Bank Group, 2024. "Tajikistan Country Climate and Development Report," World Bank Publications - Reports 42270, The World Bank Group.
    81. Tran, Quoc Trung, 2021. "Economic policy uncertainty and cost of debt financing: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    82. World Bank Group, 2024. "Egypt - Gender Equality and Climate Change," World Bank Publications - Reports 41182, The World Bank Group.
    83. World Bank Group, 2024. "Maldives Country Climate and Development Report," World Bank Publications - Reports 41729, The World Bank Group.
    84. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    85. Fabian Dablander & Maien S. M. Sachisthal & Viktoria Cologna & Noel Strahm & Anna Bosshard & Nana-Maria Grüning & Alison J. K. Green & Cameron Brick & Adam R. Aron & Jonas M. B. Haslbeck, 2024. "Climate change engagement of scientists," Nature Climate Change, Nature, vol. 14(10), pages 1033-1039, October.
    86. World Bank Group, 2024. "Liberia Country Climate Development Report," World Bank Publications - Reports 41241, The World Bank Group.
    87. Agnieszka Karman & Urszula Bronisz & Jarosław Banaś & Andrzej Miszczuk, 2024. "Regional Competitiveness Towards Climate Change," Advances in Spatial Science, Springer, number 978-3-031-68767-9, February.
    88. World Bank, 2024. "Uzbekistan Climate Adaptation and Resilience Assessment," World Bank Publications - Reports 41994, The World Bank Group.
    89. World Bank Group, 2024. "Moldova Country Climate and Development Report," World Bank Publications - Reports 42381, The World Bank Group.
    90. Lee, Chi-Chuan & Lee, Chien-Chiang & Xiao, Shunyi, 2021. "Policy-related risk and corporate financing behavior: Evidence from China’s listed companies," Economic Modelling, Elsevier, vol. 94(C), pages 539-547.
    91. World Bank Group, 2024. "Armenia Country Climate and Development Report," World Bank Publications - Reports 42379, The World Bank Group.
    92. Shiqi Chen & Bart M. Lambrecht, 2021. "Do Capital Structure Models Square with the Dynamics of Payout?," Annual Review of Financial Economics, Annual Reviews, vol. 13(1), pages 271-299, November.
    93. Petra Minnerop & Friederike E. L. Otto, 2024. "The possibility of climate restoration law," Global Policy, London School of Economics and Political Science, vol. 15(S5), pages 5-7, September.
    94. Brandon Julio & Youngsuk Yook, 2012. "Political Uncertainty and Corporate Investment Cycles," Journal of Finance, American Finance Association, vol. 67(1), pages 45-84, February.
    95. World Bank Group, 2024. "Madagascar Country Climate and Development Report," World Bank Publications - Reports 42263, The World Bank Group.
    96. Healy, Paul M. & Palepu, Krishna G., 2001. "Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 405-440, September.
    97. World Bank, 2024. "Haiti - Climate and Health Vulnerability Assessment," World Bank Publications - Reports 41851, The World Bank Group.
    98. Bhagat, Sanjai & Bolton, Brian & Subramanian, Ajay, 2011. "Manager Characteristics and Capital Structure: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(6), pages 1581-1627, December.
    99. World Bank, 2024. "Malawi - Climate and Health Vulnerability Assessment," World Bank Publications - Reports 41847, The World Bank Group.
    100. World Bank Group, 2024. "Djibouti Country Climate and Development Report," World Bank Publications - Reports 42439, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nasim, Asma & Chen, Xihui Haviour & al Najjar, Basil & Hoang, Yen Hai, 2025. "The financial sector's response to environmental policy stringency: Comparative analysis of developed and developing economies," Energy Economics, Elsevier, vol. 144(C).
    2. Elif Acar & Gamze Vural & Emin Hüseyin Çetenak, 2020. "Evidence for Financial Hierarchy Theory in Capital Structure Decisions: Data from BIST Companies," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 34(1), pages 29-50.
    3. Steele C. West & Amin W. Mugera & Ross S. Kingwell, 2021. "Drivers of farm business capital structure and its speed of adjustment: evidence from Western Australia’s Wheatbelt," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 65(2), pages 391-412, April.
    4. Lee, Chi-Chuan & Lee, Chien-Chiang & Xiao, Shunyi, 2021. "Policy-related risk and corporate financing behavior: Evidence from China’s listed companies," Economic Modelling, Elsevier, vol. 94(C), pages 539-547.
    5. Zélia Serrasqueiro & Ana Caetano, 2015. "Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(2), pages 445-466, April.
    6. Pindado, Julio & Requejo, Ignacio & Rivera, Juan C., 2017. "Economic forecast and corporate leverage choices: The role of the institutional environment," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 121-144.
    7. İbrahim Yarba & Z. Nuray Güner, 2020. "Leverage dynamics: Do financial development and government leverage matter? Evidence from a major developing economy," Empirical Economics, Springer, vol. 59(5), pages 2473-2507, November.
    8. Zhang, Dongyang & Liu, Deqiang, 2017. "Determinants of the capital structure of Chinese non-listed enterprises: Is TFP efficient?," Economic Systems, Elsevier, vol. 41(2), pages 179-202.
    9. Im, Hyun Joong & Kang, Ya & Shon, Janghoon, 2020. "How does uncertainty influence target capital structure?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    10. Serrasqueiro, Zélia & Nunes, Paulo Maçãs, 2010. "Non-linear relationships between growth opportunities and debt: Evidence from quoted Portuguese companies," Journal of Business Research, Elsevier, vol. 63(8), pages 870-878, August.
    11. Drobetz, Wolfgang & Gounopoulos, Dimitrios & Merikas, Andreas & Schröder, Henning, 2013. "Capital structure decisions of globally-listed shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 52(C), pages 49-76.
    12. Louhichi, Awatef & Boujelbene, Younes, 2017. "Bank capital, lending and financing behaviour of dual banking systems," Journal of Multinational Financial Management, Elsevier, vol. 41(C), pages 61-79.
    13. Elena Alexandra Nenu & Georgeta Vintilă & Ştefan Cristian Gherghina, 2018. "The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies," IJFS, MDPI, vol. 6(2), pages 1-29, April.
    14. Kim, Sang-Joon & Bae, John & Oh, Hannah, 2019. "Financing strategically: The moderation effect of marketing activities on the bifurcated relationship between debt level and firm valuation of small and medium enterprises," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 663-681.
    15. Andres, Christian & Cumming, Douglas & Karabiber, Timur & Schweizer, Denis, 2014. "Do markets anticipate capital structure decisions? — Feedback effects in equity liquidity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 133-156.
    16. Mário Santos & António Moreira & Elisabete Vieira, 2014. "Ownership concentration, contestability, family firms, and capital structure," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 1063-1107, November.
    17. Filipe Sardo & Elisabete S. Vieira & Zélia Serrasqueiro, 2022. "The role of gender and succession on the debt adjustments of family firm capital structure," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(2), pages 349-372, June.
    18. Nikolaos Daskalakis & Eleni Tsota, 2023. "Reintroducing Industry Effects in Capital Structure Determination of SMEs," Business & Entrepreneurship Journal, SCIENPRESS Ltd, vol. 12(2), pages 1-4.
    19. Valentín Azofra Palenzuea & Paolo Saona Hoffmann & Eleuterio Vallelado González, 2004. "Estructura De Propiedad Y Oportunidades De Crecimiento Como Determinantes Del Endeudamiento De Las Empresas Chilenas," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 7(2), pages 105-145.
    20. Mohamed, Hisham Hanifa & Masih, Mansur & Bacha, Obiyathulla I., 2015. "Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 233-252.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jimfin:v:153:y:2025:i:c:s0261560625000336. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30443 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.