Why Does Capital Structure Choice Vary with Macroeconomic Conditions

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The Cyclical Behavior of Debt and Equity Finance (2011, background): “In contrast, Levy and Hennessy (2007) build a theory in which it is the constraint on equity nancing that is relaxed during a boom.”
Carbon risk and corporate capital structure (2020, unknown): “The lower the Altman Z-score, the more likely a firm becomes insolvent and the less likely it can repay its debt (MacKie-Mason (1990), Agrawal and Matsa (2013)).”
Firm Financing over the Business Cycle (2018, background): “Hackbarth, Miao, and Morellec (2006)) and investment decisions a ecting the real economy (e.”
Factors determining capital structure and corporate performance in India: Studying the business cycle effects (2016, background): “Levy and Hennessy (2007) made attempts to explain the heterogeneity in firm financing pattern over the business cycle.”
What do we know about the capital structure of small firms? (2012, unknown): “Finally, Levy and Hennessy (2007) spell out the importance of domestic macroeconomic factors. those firms the domestic financial market situation is less important.”
Financial Innovations and Macroeconomic Volatility (2006, unknown): “example, Choe, Masulis & Nanda (1993), Covas and den Haan (2005), Leary and Roberts (2005), and Hennessy & Levy (2005) .”