{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,5]],"date-time":"2025-12-05T09:03:03Z","timestamp":1764925383337,"version":"3.46.0"},"reference-count":57,"publisher":"American Institute of Mathematical Sciences (AIMS)","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["QFE"],"published-print":{"date-parts":[[2025]]},"DOI":"10.3934\/qfe.2025031","type":"journal-article","created":{"date-parts":[[2025,12,5]],"date-time":"2025-12-05T03:37:04Z","timestamp":1764905824000},"page":"887-911","source":"Crossref","is-referenced-by-count":0,"title":["Zero-leverage determinants: A study for Portuguese SMEs"],"prefix":"10.3934","volume":"9","author":[{"given":"Carina","family":"Barbosa","sequence":"first","affiliation":[]},{"name":"Departamento de Economia, Gest\u00e3o, Engenharia Industrial e Turismo (DEGEIT), Universidade de Aveiro, Aveiro, Portugal","sequence":"first","affiliation":[]},{"given":"Filipe","family":"Sardo","sequence":"additional","affiliation":[]},{"given":"Lu\u00eds","family":"Pacheco","sequence":"additional","affiliation":[]},{"name":"CEFAGE-UBI \u2013 Center for Advanced Studies in Management and Economics, University of Beira Interior, Covilh\u00e3, Portugal","sequence":"additional","affiliation":[]},{"name":"Departamento de Economia e Gest\u00e3o, Universidade Portucalense, REMIT \u2013 Research on Economics, Management and Information Technologies, Porto, Portugal","sequence":"additional","affiliation":[]}],"member":"2321","reference":[{"key":"key-10.3934\/QFE.2025031-1","doi-asserted-by":"publisher","unstructured":"Almeida H, Campello M (2007) Financial Constraints, Asset Tangibility, and Corporate Investment. <i>Rev Financ Stud<\/i> 20: 1429\u20131460. https:\/\/doi.org\/10.1093\/rfs\/hhm019","DOI":"10.1093\/rfs\/hhm019"},{"key":"key-10.3934\/QFE.2025031-2","unstructured":"Augusto F, Mateus M (2021) <i>A vulnerabilidade financeira e a d\u00edvida em excesso das empresas em Portugal: uma aplica\u00e7\u00e3o ao choque COVID-19<\/i>. <ext-link ext-link-type=\"uri\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"https:\/\/www.bportugal.pt\/sites\/default\/files\/anexos\/papers\/re202103_pt.pdf\">https:\/\/www.bportugal.pt\/sites\/default\/files\/anexos\/papers\/re202103_pt.pdf<\/ext-link> (accessed on the 5<sup>th<\/sup> March 2025)."},{"key":"key-10.3934\/QFE.2025031-3","doi-asserted-by":"publisher","unstructured":"Berger A, Udell G (1998) The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. <i>J Bank Financ<\/i> 22: 613\u2013673. https:\/\/doi.org\/10.1016\/S0378-4266(98)00038-7","DOI":"10.1016\/S0378-4266(98)00038-7"},{"key":"key-10.3934\/QFE.2025031-4","doi-asserted-by":"publisher","unstructured":"Bessler, W, Drobetz W, Haller R, et al. (2013) The international zero-leverage phenomenon. <i>J Corp Financ<\/i> 23: 196\u2013221. https:\/\/doi.org\/10.1016\/j.jcorpfin.2013.08.004","DOI":"10.1016\/j.jcorpfin.2013.08.004"},{"key":"key-10.3934\/QFE.2025031-5","doi-asserted-by":"publisher","unstructured":"Bigelli M, Mart\u00edn-Ugedo JF, S\u00e1nchez-Vidal FJ (2014) Financial conservatism of private firms. <i>J Bus Res<\/i> 67: 2419\u20132427. https:\/\/doi.org\/https:\/\/doi.org\/10.1016\/j.jbusres.2014.02.009","DOI":"10.1016\/j.jbusres.2014.02.009"},{"key":"key-10.3934\/QFE.2025031-6","doi-asserted-by":"publisher","unstructured":"Byoun S, Xu Z (2013) Why do some firms go debt free? <i>Asia\u2010Pacific J Financ Stud<\/i> 42: 1\u201338. https:\/\/doi.org\/10.1111\/ajfs.12009","DOI":"10.1111\/ajfs.12009"},{"key":"key-10.3934\/QFE.2025031-7","doi-asserted-by":"publisher","unstructured":"Caban D (2018) The motivational heterogeneity of an all-equity capital structure. <i>Rev Account Financ<\/i> 17: 215\u2013237. https:\/\/doi.org\/10.1108\/RAF-12-2016-0196","DOI":"10.1108\/RAF-12-2016-0196"},{"key":"key-10.3934\/QFE.2025031-8","unstructured":"Chamberlain G (1984) <i>Panel data<\/i>, In: Griliches, Z, Intrilligator, M (Eds.), Handbook of Econometrics. Amsterdam, North-Holland, p. 2000."},{"key":"key-10.3934\/QFE.2025031-9","doi-asserted-by":"publisher","unstructured":"Choi J (2025) Financial flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic. <i>Res Int Bus Financ<\/i> 74: 102663. https:\/\/doi.org\/10.1016\/j.ribaf.2024.102663","DOI":"10.1016\/j.ribaf.2024.102663"},{"key":"key-10.3934\/QFE.2025031-10","doi-asserted-by":"publisher","unstructured":"D'Mello R, Gruskin M (2014) Are the benefits of debt declining? The decreasing propensity of firms to be adequately levered. <i>J Corp Financ<\/i> 29: 327\u2013350. https:\/\/doi.org\/10.1016\/j.jcorpfin.2014.09.008","DOI":"10.1016\/j.jcorpfin.2014.09.008"},{"key":"key-10.3934\/QFE.2025031-11","doi-asserted-by":"publisher","unstructured":"Dang VA (2013) An empirical analysis of zero-leverage firms: New evidence from the UK. <i>Int Rev Financ Anal<\/i> 30: 189\u2013202. https:\/\/doi.org\/10.1016\/j.irfa.2013.08.007","DOI":"10.1016\/j.irfa.2013.08.007"},{"key":"key-10.3934\/QFE.2025031-12","doi-asserted-by":"publisher","unstructured":"DeAngelo H, Roll R (2015) How Stable Are Corporate Capital Structures? <i>J Financ<\/i> 70: 373\u2013418. https:\/\/doi.org\/10.1111\/jofi.12163","DOI":"10.1111\/jofi.12163"},{"key":"key-10.3934\/QFE.2025031-13","doi-asserted-by":"publisher","unstructured":"Deb SG, Banerjee P (2015) Equity Performance of Zero-debt Firms vis-\u00e0-vis Their Leveraged Counterparts. <i>Glob Bus Rev<\/i> 16: 800\u2013811. https:\/\/doi.org\/10.1177\/0972150915591458","DOI":"10.1177\/0972150915591458"},{"key":"key-10.3934\/QFE.2025031-14","doi-asserted-by":"publisher","unstructured":"Devos E, Dhillon U, Jagannathan M, et al. (2012) Why are firms unlevered? <i>J Corp Financ<\/i> 18: 664\u2013682. https:\/\/doi.org\/10.1016\/j.jcorpfin.2012.03.003","DOI":"10.1016\/j.jcorpfin.2012.03.003"},{"key":"key-10.3934\/QFE.2025031-15","doi-asserted-by":"publisher","unstructured":"Diamond D (1991) Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt. <i>J Polit Econ<\/i> 99: 689\u2013721. https:\/\/doi.org\/10.1086\/261775","DOI":"10.1086\/261775"},{"key":"key-10.3934\/QFE.2025031-16","doi-asserted-by":"publisher","unstructured":"Drobetz W, Schilling DC, Schr\u00f6der H (2015) Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle. <i>Eur Financ Manage<\/i> 21: 936\u2013973. https:\/\/doi.org\/10.1111\/eufm.12048","DOI":"10.1111\/eufm.12048"},{"key":"key-10.3934\/QFE.2025031-17","doi-asserted-by":"publisher","unstructured":"El Ghoul S, Guedhami O, Kwok C, et al. (2018) Zero-leverage puzzle: an international comparison. <i>Rev Financ<\/i> 22: 1063\u20131120. https:\/\/doi.org\/10.1093\/rof\/rfw065","DOI":"10.1093\/rof\/rfw065"},{"key":"key-10.3934\/QFE.2025031-18","doi-asserted-by":"publisher","unstructured":"Fama EF, French KR (2002) Testing trade-off and pecking order predictions about dividends and debt. <i>Rev Financ Stud<\/i> 15: 1\u201333. https:\/\/doi.org\/10.1093\/rfs\/15.1.1","DOI":"10.1093\/rfs\/15.1.1"},{"key":"key-10.3934\/QFE.2025031-19","doi-asserted-by":"publisher","unstructured":"Ferrando A, Marchica MT, Mura R (2017) Financial flexibility and investment ability across the Euro area and the UK. <i>Eur Financ Manage<\/i> 23: 87\u2013126. https:\/\/doi.org\/10.1111\/eufm.12091","DOI":"10.1111\/eufm.12091"},{"key":"key-10.3934\/QFE.2025031-20","doi-asserted-by":"publisher","unstructured":"Frank MZ, Goyal VK (2009) Capital Structure Decisions: Which Factors Are Reliably Important? <i>Financ Manage<\/i> 38: 1\u201337. https:\/\/doi.org\/10.1111\/j.1755-053X.2009.01026.x","DOI":"10.1111\/j.1755-053X.2009.01026.x"},{"key":"key-10.3934\/QFE.2025031-21","unstructured":"GEE (2023) <i>Financiamento, Endividamento e Investimento das Empresas<\/i> <ext-link ext-link-type=\"uri\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"https:\/\/www.gee.gov.pt\/pt\/?container = fileman-filesandfolder = andname = Pilar+de+Competitividade+Financiamento%2C+Endividamento+e+Investimento+das+Empresas_2023.pdfandoption = com_filemanandrouted = 1andview = file\">https:\/\/www.gee.gov.pt\/pt\/?container = fileman-filesandfolder = andname = Pilar+de+Competitividade+Financiamento%2C+Endividamento+e+Investimento+das+Empresas_2023.pdfandoption = com_filemanandrouted = 1andview = file<\/ext-link> (accessed on the 5<sup>th<\/sup> March 2025)."},{"key":"key-10.3934\/QFE.2025031-22","doi-asserted-by":"publisher","unstructured":"Gamba A, Triantis A (2008) The Value of Financial Flexibility. <i>J Financ<\/i> 63: 2263\u20132296. https:\/\/doi.org\/10.1111\/j.1540-6261.2008.01397.x","DOI":"10.1111\/j.1540-6261.2008.01397.x"},{"key":"key-10.3934\/QFE.2025031-23","doi-asserted-by":"publisher","unstructured":"Gatchev VA, Spindt PA, Tarhan V (2009) How do firms finance their investments? The relative importance of equity issuance and debt contracting costs. <i>J Corp Financ<\/i> 15: 179\u2013195. https:\/\/doi.org\/10.1016\/j.jcorpfin.2008.11.001","DOI":"10.1016\/j.jcorpfin.2008.11.001"},{"key":"key-10.3934\/QFE.2025031-24","doi-asserted-by":"publisher","unstructured":"Ghose B, Kabra KC (2016) What determines firms' zero-leverage policy in India? <i>Manag Financ<\/i> 42: 1138\u20131158. https:\/\/doi.org\/10.1108\/MF-01-2016-0029","DOI":"10.1108\/MF-01-2016-0029"},{"key":"key-10.3934\/QFE.2025031-25","doi-asserted-by":"publisher","unstructured":"Goldstein I, Koijen RS, Mueller HM (2021) COVID-19 and its impact on financial markets and the real economy. <i>Rev Financ Stud<\/i> 34: 5135\u20135148. https:\/\/doi.org\/10.1093\/rfs\/hhab085","DOI":"10.1093\/rfs\/hhab085"},{"key":"key-10.3934\/QFE.2025031-26","doi-asserted-by":"publisher","unstructured":"Graham JR (2000) How big are the tax benefits of debt? <i>J Financ<\/i> 55: 1901\u20131941. https:\/\/doi.org\/10.1111\/0022-1082.00277","DOI":"10.1111\/0022-1082.00277"},{"key":"key-10.3934\/QFE.2025031-27","unstructured":"Gujarati DN, Porter DC (2009) <i>Basic Econometrics<\/i> (5th ed.) McGraw-Hill."},{"key":"key-10.3934\/QFE.2025031-28","doi-asserted-by":"publisher","unstructured":"Haddad K, Lotfaliei B (2019) Trade-off theory and zero leverage. <i>Financ Res Lett<\/i> 31: 165\u2013170. https:\/\/doi.org\/10.1016\/j.frl.2019.04.011","DOI":"10.1016\/j.frl.2019.04.011"},{"key":"key-10.3934\/QFE.2025031-29","doi-asserted-by":"publisher","unstructured":"Hadlock CJ, Pierce JR (2010) New evidence on measuring financial constraints: moving beyond the KZ index. <i>Rev Financ Stud<\/i> 23: 1909\u20131940. https:\/\/doi.org\/10.1093\/rfs\/hhq009","DOI":"10.1093\/rfs\/hhq009"},{"key":"key-10.3934\/QFE.2025031-30","doi-asserted-by":"publisher","unstructured":"Hall GC, Hutchinson PJ, Michaelas N (2004) Determinants of the capital structures of European SMEs. <i>J Bus Financ Account<\/i> 31: 711\u2013728. https:\/\/doi.org\/10.1111\/j.0306-686X.2004.00554.x","DOI":"10.1111\/j.0306-686X.2004.00554.x"},{"key":"key-10.3934\/QFE.2025031-31","doi-asserted-by":"publisher","unstructured":"Huang Z, Li W, Gao W (2017) Why do firms choose zero-leverage policy? Evidence from China. <i>Appl Econ<\/i> 49: 2736\u20132748. https:\/\/doi.org\/10.1080\/00036846.2016.1245845","DOI":"10.1080\/00036846.2016.1245845"},{"key":"key-10.3934\/QFE.2025031-32","doi-asserted-by":"publisher","unstructured":"Jiang W, Kang J, Kim HS (2024) Is the zero-leverage policy value-enhancing? <i>Q Rev Econ Financ<\/i> 93: 176\u2013189. https:\/\/doi.org\/10.1016\/j.qref.2023.12.007","DOI":"10.1016\/j.qref.2023.12.007"},{"key":"key-10.3934\/QFE.2025031-33","doi-asserted-by":"publisher","unstructured":"Kraus A, Litzenberger RH (1973) A state-preference model of optimal financial leverage. <i>J Financ<\/i> 28: 911\u2013922. https:\/\/doi.org\/10.1111\/j.1540-6261.1973.tb01415.x","DOI":"10.1111\/j.1540-6261.1973.tb01415.x"},{"key":"key-10.3934\/QFE.2025031-34","doi-asserted-by":"publisher","unstructured":"Lefebvre V (2021) Zero-debt capital structure and the firm life cycle: empirical evidence from privately held SMEs. <i>Ventur Cap<\/i> 23: 371\u2013387. https:\/\/doi.org\/10.1080\/13691066.2021.2001700","DOI":"10.1080\/13691066.2021.2001700"},{"key":"key-10.3934\/QFE.2025031-35","doi-asserted-by":"publisher","unstructured":"Lotfaliei B (2018) Zero leverage and the value in waiting to have debt. <i>J Bank Financ<\/i> 97: 335\u2013349. https:\/\/doi.org\/10.1016\/j.jbankfin.2018.09.010","DOI":"10.1016\/j.jbankfin.2018.09.010"},{"key":"key-10.3934\/QFE.2025031-36","doi-asserted-by":"publisher","unstructured":"Lundberg C, Lotfaliei B (2020) Finite-horizon zero-leverage firms. <i>Appl Econ Lett<\/i> 27: 1160\u20131169. https:\/\/doi.org\/10.1080\/13504851.2019.1675860","DOI":"10.1080\/13504851.2019.1675860"},{"key":"key-10.3934\/QFE.2025031-37","doi-asserted-by":"publisher","unstructured":"Marchica MT, Mura R (2010) Financial flexibility, investment ability, and firm value: evidence from firms with spare debt capacity. <i>Financ Manage<\/i> 39: 1339\u20131365. https:\/\/doi.org\/10.1111\/j.1755-053X.2010.01115.x","DOI":"10.1111\/j.1755-053X.2010.01115.x"},{"key":"key-10.3934\/QFE.2025031-38","doi-asserted-by":"publisher","unstructured":"Martinez-Cillero M, Lawless M, O'Toole C, et al. (2020) Financial frictions and the SME investment gap: new survey evidence for Ireland. <i>Ventur Cap<\/i> 22: 239\u2013259. https:\/\/doi.org\/10.1080\/13691066.2020.1771826","DOI":"10.1080\/13691066.2020.1771826"},{"key":"key-10.3934\/QFE.2025031-39","doi-asserted-by":"publisher","unstructured":"Matias F, Serrasqueiro Z (2017) Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal. <i>Res Int Bus Financ<\/i> 40: 19\u201333. https:\/\/doi.org\/https:\/\/doi.org\/10.1016\/j.ribaf.2016.09.014","DOI":"10.1016\/j.ribaf.2016.09.014"},{"key":"key-10.3934\/QFE.2025031-40","unstructured":"Modigliani F, Miller MH (1958) The Cost of Capital, Corporation Finance and the Theory of Investment. <i>Am Econ Rev<\/i> 48: 261\u2013297. <ext-link ext-link-type=\"uri\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"http:\/\/www.jstor.org\/stable\/1809766\">http:\/\/www.jstor.org\/stable\/1809766<\/ext-link>"},{"key":"key-10.3934\/QFE.2025031-41","unstructured":"Modigliani F, Miller MH (1963) Corporate Income Taxes and the Cost of Capital: A Correction. <i>Am Econ Rev<\/i> 53: 433\u2013443. <ext-link ext-link-type=\"uri\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"http:\/\/www.jstor.org\/stable\/1809167\">http:\/\/www.jstor.org\/stable\/1809167<\/ext-link>"},{"key":"key-10.3934\/QFE.2025031-42","doi-asserted-by":"publisher","unstructured":"Morais F, Serrasqueiro Z, Ramalho JJ (2024) The zero-leverage phenomenon in European listed firms: A financing decision or an imposition of the financial market? <i>BRQ Bus Res Q<\/i> 27: 301\u2013323. https:\/\/doi.org\/10.1016\/j.ribaf.2020.101201","DOI":"10.1016\/j.ribaf.2020.101201"},{"key":"key-10.3934\/QFE.2025031-43","doi-asserted-by":"publisher","unstructured":"Mundlak Y (1978) On the pooling of time series and cross section data. <i>Econometrica<\/i> 46: 69\u201385. https:\/\/doi.org\/10.2307\/1913646","DOI":"10.2307\/1913646"},{"key":"key-10.3934\/QFE.2025031-44","doi-asserted-by":"publisher","unstructured":"Myers S (1984) Corporate financing and investment decisions when firms have information that investors do not have. <i>J Financ Econ<\/i> 13: 187\u2013221. https:\/\/doi.org\/10.1016\/0304-405X(84)90023-0","DOI":"10.1016\/0304-405X(84)90023-0"},{"key":"key-10.3934\/QFE.2025031-45","doi-asserted-by":"publisher","unstructured":"Myers SC (1977) Determinants of corporate borrowing. <i>J Financ Econ<\/i> 5: 147\u2013175. https:\/\/doi.org\/10.1016\/0304-405X(77)90015-0","DOI":"10.1016\/0304-405X(77)90015-0"},{"key":"key-10.3934\/QFE.2025031-46","doi-asserted-by":"publisher","unstructured":"\u00d6ztekin \u00d6 (2015) Capital Structure Decisions around the World: Which Factors Are Reliably Important? <i>J Financ Quant Anal<\/i> 50: 301\u2013323. https:\/\/doi.org\/10.1017\/S0022109014000660","DOI":"10.1017\/S0022109014000660"},{"key":"key-10.3934\/QFE.2025031-47","doi-asserted-by":"publisher","unstructured":"Pacheco L (2017) Financial structure effects on export intensity and diversification: The case of Portuguese industrial firms. <i>Int J Glob Small Bus<\/i> 9: 252\u2013276. https:\/\/doi.org\/10.1504\/IJGSB.2017.089900","DOI":"10.1504\/IJGSB.2017.089900"},{"key":"key-10.3934\/QFE.2025031-48","doi-asserted-by":"publisher","unstructured":"Pacheco L (2022) Ownership concentration, control, and capital structure in family and non-family firms. <i>J Small Bus Strat<\/i> 32: 113\u2013127. https:\/\/doi.org\/10.53703\/001c.36283","DOI":"10.53703\/001c.36283"},{"key":"key-10.3934\/QFE.2025031-49","doi-asserted-by":"publisher","unstructured":"Ramalho JJ, Rita RM, da Silva JV (2018) The impact of family ownership on capital structure of firms: Exploring the role of zero-leverage, size, location and the global financial crisis. <i>Int Small Bus J<\/i> 36: 574\u2013604. https:\/\/doi.org\/10.1177\/0266242617753050","DOI":"10.1177\/0266242617753050"},{"key":"key-10.3934\/QFE.2025031-50","unstructured":"Raposo C, Cust\u00f3dio C, Bonfim D (2022) O financiamento das PME portuguesas A crise e recupera\u00e7\u00e3o entre 2008 e 2018. Funda\u00e7\u00e3o Francisco Manuel dos Santos, Lisboa. ISBN, 978-989."},{"key":"key-10.3934\/QFE.2025031-51","doi-asserted-by":"publisher","unstructured":"Saona P, Muro L, Gregoriou A (2023) The phenomenon of zero-leverage policy: Literature Review. <i>Res Int Bus Financ<\/i> 66: 102012. https:\/\/doi.org\/10.1016\/j.ribaf.2023.102012","DOI":"10.1016\/j.ribaf.2023.102012"},{"key":"key-10.3934\/QFE.2025031-52","doi-asserted-by":"publisher","unstructured":"Saona P, Vallelado E, San Mart\u00edn P (2020) Debt, or not debt, that is the question: a Shakespearean question to a corporate decision. <i>J Bus Res<\/i> 115: 378\u2013392. https:\/\/doi.org\/10.1016\/j.jbusres.2019.09.061","DOI":"10.1016\/j.jbusres.2019.09.061"},{"key":"key-10.3934\/QFE.2025031-53","doi-asserted-by":"publisher","unstructured":"Sardo F, Serrasqueiro Z, Armada MR (2024) Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs. <i>Res Int Bus Financ<\/i> 69: 102271. https:\/\/doi.org\/10.1016\/j.ribaf.2024.102271","DOI":"10.1016\/j.ribaf.2024.102271"},{"key":"key-10.3934\/QFE.2025031-54","doi-asserted-by":"publisher","unstructured":"Serrasqueiro Z, Nunes PM (2012) Is Age a Determinant of SMEs' Financing Decisions? Empirical Evidence Using Panel Data Models. <i>Entrep Theory Pract<\/i> 36: 627\u2013654. https:\/\/doi.org\/10.1111\/j.1540-6520.2010.00433.x","DOI":"10.1111\/j.1540-6520.2010.00433.x"},{"key":"key-10.3934\/QFE.2025031-55","unstructured":"Stiglitz J, Weiss A (1981) Credit rationing in markets with imperfect information. <i>Am Econ Rev<\/i> 71: 393\u2013410. <ext-link ext-link-type=\"uri\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" xlink:href=\"https:\/\/www.jstor.org\/stable\/1802787\">https:\/\/www.jstor.org\/stable\/1802787<\/ext-link>"},{"key":"key-10.3934\/QFE.2025031-56","doi-asserted-by":"publisher","unstructured":"Strebulaev IA, Yang B (2013) The mystery of zero-leverage firms. <i>J Financ Econ<\/i> 109: 1\u201323. https:\/\/doi.org\/10.1016\/j.jfineco.2013.02.001","DOI":"10.1016\/j.jfineco.2013.02.001"},{"key":"key-10.3934\/QFE.2025031-57","doi-asserted-by":"publisher","unstructured":"Wooldridge J (2005) Simple solutions to the initial conditions problem in dynamic nonlinear panel data models with unobserved heterogeneity. <i>J Appl Econometrics<\/i> 20: 39\u201354. https:\/\/doi.org\/10.1002\/jae.770","DOI":"10.1002\/jae.770"}],"container-title":["Quantitative Finance and Economics"],"original-title":[],"link":[{"URL":"http:\/\/www.aimspress.com\/article\/doi\/10.3934\/QFE.2025031?viewType=html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,12,5]],"date-time":"2025-12-05T08:59:13Z","timestamp":1764925153000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.aimspress.com\/article\/doi\/10.3934\/QFE.2025031"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025]]},"references-count":57,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2025]]}},"URL":"https:\/\/doi.org\/10.3934\/qfe.2025031","relation":{},"ISSN":["2573-0134"],"issn-type":[{"type":"print","value":"2573-0134"}],"subject":[],"published":{"date-parts":[[2025]]}}}