Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases
By David J. Denis, Stephen B. McKeon. 2012
376 citations recorded by the source corpus.
Subfields: Accounting, Finance
View Paper: https://www.semanticscholar.org/paper/9886b6729069d208a9544a30f8b9ec45b36887b7
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Accounting
- Dirk Hackbarth
- David C. Mauer
- Toni M. Whited
- W. Drobetz
- M. Marchica
- Wolfgang Bessler
- Shaojin Li
- Yufeng Wu
In Finance
- Dirk Hackbarth
- David C. Mauer
- Toni M. Whited
- W. Drobetz
- M. Marchica
- Wolfgang Bessler
- Shaojin Li
- Yufeng Wu
Citations in the corpus
- Does financing spur small business productivity? Evidence from a natural experiment (2015, neutral): “…following increased access to financing in the U.S. Finally, this paper is related to the broader literature on financing constraints of firms (e.g., Fazzari, Hubbard, and Peterson (1988), Kaplan and Zingales (1997, 2000), Moyen (2004), Denis and Sibilkov (2010), and Denis and McKeon (2012)).”
- The international zero-leverage phenomenon (2013, positive): “As shown in Table A4, there are large variations in the insolvency procedures across the countries in our sample (Djankov et al. 2007). The Creditor Protection Score (CPS) from La Porta et al. (1998) incorporates four different aspects of creditor protection in bankruptcy.”
- Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity (2010, methodology): “First, we use both the capital asset pricing model (CAPM) and the Fama and French (1993) three-factor model to investigate the behavior of Jensen’s (1986) alpha for FF firms in the long run, after they acquire flexibility status or, alternatively, after they make abnormal investments.”
- Optimal Priority Structure, Capital Structure, and Investment (2012, positive): “Moreover, Denis and McKeon (2010) establish for their sample of COMPUSTAT firms over the 1971–1999 period that pro-active leverage increases are primarily motivated by investment (55%) and also by working capital (36%).”
- Collateral, Taxes, and Leverage (2016, positive): “On the empirical side, several studies, such as Marchica and Mura 29 (2010) and Denis and McKeon (2012), have shown that financial flexibility impacts corporate poli- 30 4”