Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity

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An empirical analysis of zero-leverage firms: New evidence from the UK ☆ (2013, methodology): “, 2007) and their interactions with investment strategies (Marchica and Mura, 2010; Arslan-Ayaydin et al., 2012; de Jong et al., 2012; Muradoğlu and Sivaprasad, 2012), they do not specifically investigate the zero-leverage phenomenon.”
Why Do Firms Use High Discount Rates (2016, background): “Indeed, Marchica and Mura (2010) and de Jong, Verbeek, and Verwijmeren (2012) show that conservative financial policy enhances firms’ ability to invest.”
The international zero-leverage phenomenon (2013, unknown): “Following Marchica and Mura (2010), we estimate a Qmodel of investment as follows:(28)”
Collateral, Taxes, and Leverage (2016, unknown): “Thus, our model with valuable 4 financial flexibility but no equilibrium default solves the horse and rabbit stew problem of Miller 5 (1977) much better than traditional tax-distress costs models that do have equilibrium default but 6 ignore financial flexibility concerns. 7 Our results are not in a”
From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction (2015, background): “Research in finance has confirmed that firms with higher financial flexibility make more and better-quality investments (Marchica and Mura 2010) and have higher firm value (Gamba and Triantis 2008).”