• Abel AB (1983) Optimal investment under uncertainty. Am Econ Rev 73(1):228–233


    Google Scholar
     

  • Acharya VV, Steffen S (2020) The risk of being a fallen angel and the corporate dash for cash in the midst of COVID. CEPR COVID Economics 10

  • Admati AR, Demarzo PM, Hellwig MF, Pfleiderer P (2018) The leverage ratchet effect. J Finance 73:145–198

    Article 

    Google Scholar
     

  • Akashi K, Horie T (2022) Note on the uniqueness of the maximum likelihood estimator for a Heckman’s simultaneous equations model. Econom Stat. https://doi.org/10.1016/j.ecosta.2022.02.004

    Article 

    Google Scholar
     

  • Altunbaş Y, Kara A, Marques-Ibanez D (2010) Large debt financing: syndicated loans versus corporate bonds. Eur J Finance 16(5):437–458

    Article 

    Google Scholar
     

  • Alvarado R, Tillaguango B, López-Sánchez M, Ponce P, Işık C (2021) Heterogeneous impact of natural resources on income inequality: the role of the shadow economy and human capital index. Econ Anal Policy 69:690–704

    Article 

    Google Scholar
     

  • Ashraf D, Rizwan MS, Azmat S (2020) Not one but three decisions in sukuk issuance: understanding the role of ownership and governance. Pac Basin Finance J. https://doi.org/10.1016/j.pacfin.2020.101423 (forthcoming)

    Article 

    Google Scholar
     

  • Atta-Mensah J (2004) Money demand and economic uncertainty (No. 2004–25). Bank of Canada

  • Autore DM, Kovacs T (2010) Equity issues and temporal variation in information asymmetry. J Bank Finance 34(1):12–23

    Article 

    Google Scholar
     

  • Badoer DC, James CM (2016) The determinants of long-term corporate debt issuances. J Finance 71(1):457–492

    Article 

    Google Scholar
     

  • Baker M, Wurgler J (2002) Market timing and capital structure. J Finance 57(1):1–32

    Article 

    Google Scholar
     

  • Baker SR, Bloom N, Davis SJ (2016) Measuring economic policy uncertainty. Q J Econ 131(4):1593–1636

    Article 

    Google Scholar
     

  • Ben-Nasr H, Boubaker S, Rouatbi W (2015) Ownership structure, control contestability, and corporate debt maturity. J Corp Finance 35:265–285

    Article 

    Google Scholar
     

  • Berger PG, Ofek E, Yermack DL (1997) Managerial entrenchment and capital structure decisions. J Finance 52(4):1411–1438

    Article 

    Google Scholar
     

  • Berlin M, Loeys J (1988) Bond covenants and delegated monitoring. J Finance 43(2):397–412

    Article 

    Google Scholar
     

  • Bertoni F, Groh AP (2022) The benefit of cross-border investments in the chinese emerging venture capital and private equity market. Finance I–XXXIV

  • Bogle J (2018) The modern corporation and the public interest. Financ Anal J 74(3):8–17

    Article 

    Google Scholar
     

  • Bolton P, Freixas X (2000) Equity, bonds, and bank debt: capital structure and financial market equilibrium under asymmetric information. J Polit Econ 108(2):324–351

    Article 

    Google Scholar
     

  • Borisova G, Fotak V, Holland K, Megginson WL (2015) Government ownership and the cost of debt: evidence from government investments in publicly traded firms. J Financ Econ 118(1):168–191

    Article 

    Google Scholar
     

  • Boubaker S, Rouatbi W, Saffar W (2017) The role of multiple large shareholders in the choice of debt source. Financ Manag 46(1):241–274

    Article 

    Google Scholar
     

  • Boubakri N, Ghouma H (2010) Control/ownership structure, creditor rights protection, and the cost of debt financing: International evidence. J Bank Finance 34(10):2481–2499

    Article 

    Google Scholar
     

  • Boubakri N, Saffar W (2019) State ownership and debt choice: evidence from privatization. J Financ Quant Anal. https://doi.org/10.1017/s0022109018000881

    Article 

    Google Scholar
     

  • Bourguignon F, Fournier M, Gurgand M (2007) Selection bias correction based on the multinomial logit model: Monte-Carlo comparisons. J Econ Surv 21(1):174–205

    Article 

    Google Scholar
     

  • Bradley D, Pantzalis C, Yuan X (2016) Policy risk, corporate political strategies, and the cost of debt. J Corp Finance 40:254–275

    Article 

    Google Scholar
     

  • Brickley JA, Coles JL, Jarrell G (1997) Leadership structure: separating the CEO and chairman of the board. J Corp Finance 3(3):189–220

    Article 

    Google Scholar
     

  • Brown H (2011) Marriage, BMI, and wages: a double selection approach. Scott J Political Econ 58(3):347–377

    Article 

    Google Scholar
     

  • Chakravarty S, Rutherford LG (2017) Do busy directors influence the cost of debt? An examination through the lens of takeover vulnerability. J Corp Finance 43:429–443

    Article 

    Google Scholar
     

  • Chan KC, Chen NF, Hsieh DA (1985) An exploratory investigation of the firm size effect. J Financ Econ 14(3):451–471

    Article 

    Google Scholar
     

  • Chang M, Watson I (2015) Delayed disclosure of insider trades: incentives for and indicators of future performance? Pac Basin Finance J 35:182–197

    Article 

    Google Scholar
     

  • Chang X, Dasgupta S, Hilary G (2006) Analyst coverage and financing decisions. J Finance 61(6):3009–3048

    Article 

    Google Scholar
     

  • Chiburis R, Lokshin M (2007) Maximum likelihood and two-step estimation of an ordered-probit selection model. Stata J 7(2):167–182

    Article 

    Google Scholar
     

  • Coakley J, Lazos A, Liñares-Zegarra J (2021) Strategic entrepreneurial choice between competing crowdfunding platforms. J Technol Transf. https://doi.org/10.1007/s10961-021-09891-0

    Article 

    Google Scholar
     

  • Çolak G, Gungoraydinoglu A, Öztekin Ö (2018) Global leverage adjustments, uncertainty, and country institutional strength. J Financ Intermed 35:41–56

    Article 

    Google Scholar
     

  • Cremers K, Nair V, Wei C (2007) Governance mechanisms and bond prices. Rev Financ Stud 20(5):1359–1388

    Article 

    Google Scholar
     

  • Crouzet N (2018) Aggregate implications of corporate debt choices. Rev Econ Stud 85(3):1635–1682

    Article 

    Google Scholar
     

  • Datta S, Doan T, Iskandar-Datta M (2019) Policy uncertainty and the maturity structure of corporate debt. J Financ Stab 44:100694

    Article 

    Google Scholar
     

  • Derrien F, Kecskés A, Mansi SA (2016) Information asymmetry, the cost of debt, and credit events: evidence from quasi-random analyst disappearances. J Corp Finance 39:295–311

    Article 

    Google Scholar
     

  • Donelli M, Larrain B, Urzua IF (2013) Ownership dynamics with large shareholders: an empirical analysis. J Financ Quant Anal 48(2):579–609

    Article 

    Google Scholar
     

  • Dong M, Hirshleifer D, Teoh SH (2012a) Overvalued equity and financing decisions. Rev Financ Stud 25(12):3645–3683

    Article 

    Google Scholar
     

  • Dong M, Loncarski I, Horst J, Veld C (2012b) What drives security issuance decisions: market timing, pecking order, or both? Financ Manag 41(3):637–663

    Article 

    Google Scholar
     

  • Dubin JA, McFadden D (1984) An econometric analysis of residential electric appliance holdings and consumption. Econometrica 52(2):345–362

    Article 

    Google Scholar
     

  • Edwards GC III, Barrett A, Peake J (1997) The legislative impact of divided government. Am J Political Sci 41:545–563

    Article 

    Google Scholar
     

  • Eisenberg T, Sundgren S, Wells M (1998) Larger board size and decreasing firm value in small firms. J Financ Econ 48(1):35–54

    Article 

    Google Scholar
     

  • Ellul A (2008) Control motivations and capital structure decision. Available at SSRN 1094997

  • Elyasiani E, Jia J (2010) Distribution of institutional ownership and corporate firm performance. J Bank Finance 34(3):606–620

    Article 

    Google Scholar
     

  • Fama E (1980) Agency problems and the theory of the firm. J Political Econ 88(2):288–307

    Article 

    Google Scholar
     

  • Fama EF, French KR (2021) Financing decisions: who issues stock? University of Chicago Press, Chicago, pp 750–788


    Google Scholar
     

  • Faulkender M, Flannery MJ, Hankins KW, Smith JM (2012) Cash flows and leverage adjustments. J Financ Econ 103(3):632–646

    Article 

    Google Scholar
     

  • Ferreira M, Laux P (2016) Corporate boards and SEOs: the effect of certification and monitoring. J Financ Quant Anal 51(3):899–927

    Article 

    Google Scholar
     

  • Frank MZ, Shen T (2019) Corporate capital structure actions. J Bank Finance 106:384–402

    Article 

    Google Scholar
     

  • Giambona E, Matta R, Peydró J-L, Wang Y (2020) Quantitative Easing, investment, and safe assets: the corporate-bond lending channel (working paper). Kiel, Hamburg. http://hdl.handle.net/10419/217049%0AStandard-Nutzungsbedingungen

  • Glover B (2016) The expected cost of default. J Financ Econ 119(2):284–299

    Article 

    Google Scholar
     

  • Goergen M, Renneboog L, Zhao Y (2019) Insider trading and networked directors. J Corp Finance 56:152–175

    Article 

    Google Scholar
     

  • Gomes A, Phillips G (2012) Why do public firms issue private and public securities? J Financ Intermed 21(4):619–658

    Article 

    Google Scholar
     

  • Graham JR, Leary MT, Roberts MR (2015) A century of capital structure: the leveraging of corporate America. J Financ Econ 118(3):658–683

    Article 

    Google Scholar
     

  • Gulen H, Ion M (2016) Policy uncertainty and corporate investment. Rev Financ Stud 29(3):523–564. https://doi.org/10.1093/rfs/hhv050

    Article 

    Google Scholar
     

  • Haddad K, Lotfaliei B (2019) Trade-off theory and zero leverage. Finance Res Lett 31(November 2018):165–170. https://doi.org/10.1016/j.frl.2019.04.011

    Article 

    Google Scholar
     

  • Halling M, Yu J, Zechner J (2020) How did COVID-19 affect firms’ access to public capital markets? Rev Corp Finance Stud 9:501–533

    Article 

    Google Scholar
     

  • Harris M, Raviv A (1998) Capital budgeting and delegation. J Financ Econ 50(3):259–289

    Article 

    Google Scholar
     

  • Hartman R (1972) The effects of price and cost uncertainty on investment. J Econ Theory 5(2):258–266

    Article 

    Google Scholar
     

  • He JJ, Huang J, Zhao S (2019) Internalizing governance externalities: the role of institutional cross-ownership. J Financ Econ 134:400–418

    Article 

    Google Scholar
     

  • Heckman JJ (1979) Sample selection bias as a specification error. Econom J Econom Soc 47(1):153–161


    Google Scholar
     

  • Heckman JJ, Urzua S, Vytlacil E (2006) Understanding instrumental variables in models with essential heterogeneity. Rev Econ Stat 88(3):389–432

    Article 

    Google Scholar
     

  • Holderness CG (2009) The myth of diffuse ownership in the United States. Rev Financ Stud 22(4):1377–1408

    Article 

    Google Scholar
     

  • Hovakimian A, Opler T, Titman S (2001) The debt-equity choice. J Finan Quantitat Anal 36(1):1–24

  • Husted L, Rogers J, Sun B (2019) Monetary policy uncertainty. J Monet Econ 2017(1215):1–56


    Google Scholar
     

  • Işik C, Kasımatı E, Ongan S (2017) Analyzing the causalities between economic growth, financial development, international trade, tourism expenditure and/on the CO2 emissions in Greece. Energy Sources Part B 12(7):665–673

    Article 

    Google Scholar
     

  • Işık C, Sirakaya-Turk E, Ongan S (2020) Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: theory and evidence. Tour Econ 26(8):1344–1357. https://doi.org/10.1177/1354816619888346

    Article 

    Google Scholar
     

  • Jann B (2008) The Blinder–Oaxaca decomposition for linear regression models. Stata J Promot Commun Stat Stata 8(4):453–479

    Article 

    Google Scholar
     

  • Jensen MC (1993) The modern industrial revolution, exit, and the failure of internal control systems. J Finance 48(3):831–880. https://doi.org/10.2307/2329018

    Article 

    Google Scholar
     

  • Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs and ownership structure. J Financ Econ 3:305–360. https://doi.org/10.1016/0304-405x(76)90026-x

    Article 

    Google Scholar
     

  • Jensen GR, Solberg DP, Zorn TS (1992) Simultaneous determination of insider ownership, debt, and dividend policies. J Financ Quant Anal 27(2):247

    Article 

    Google Scholar
     

  • Jung K, Kim Y, Stulz RM (1996) Timing, investment opportunities, managerial discretion, and the security issue decision. J Financ Econ 42(2):159–185

    Article 

    Google Scholar
     

  • Keasey K, Martinez B, Pindado J (2015) Young family firms: Financing decisions and the willingness to dilute control. J Corp Finance 34(C):47–63

    Article 

    Google Scholar
     

  • Kehinde AD, Adeyemo R, Ogundeji AA (2021) Does social capital improve farm productivity and food security? Evidence from cocoa-based farming households in Southwestern Nigeria. Heliyon 7(3):e06592

    Article 

    Google Scholar
     

  • Khawaja M, Bhatti MI, Ashraf D (2019) Ownership and control in a double decision framework for raising capital. Emerg Mark Rev 41(April):100657

    Article 

    Google Scholar
     

  • Klein B (1977) The demand for quality-adjusted cash balances: Price uncertainty in the US demand for money function. J Polit Econ 85(4):691–715

    Article 

    Google Scholar
     

  • Korkeamäki T, Liljeblom E, Pasternack D (2017) CEO power and matching leverage preferences. J Corp Finan 45:19–30

    Article 

    Google Scholar
     

  • Kou G, Olgu Akdeniz Ö, Dinçer H, Yüksel S (2021) Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach. Financ Innov 7(1):1–28

    Article 

    Google Scholar
     

  • Kou G, Yüksel S, Dinçer H (2022) Inventive problem-solving map of innovative carbon emission strategies for solar energy-based transportation investment projects. Appl Energy 311:118680

    Article 

    Google Scholar
     

  • Krishnan P (1990) The economics of moonlighting: a double self-selection model. Rev Econ Stat 72:361–367

    Article 

    Google Scholar
     

  • Kurtzman RJ, Zeke D (2017) Misallocation costs of digging deeper into the Central Bank toolkit. SSRN Electron J. https://doi.org/10.2139/ssrn.3039699

    Article 

    Google Scholar
     

  • Lee LF (1982) Health and wage: a simultaneous equation model with multiple discrete indicators. Int Econ Rev 23:199–221

    Article 

    Google Scholar
     

  • Leland HE (1994) Corporate debt value, bond covenants, and optimal capital structure. J Finance 49(4):1213–1252

    Article 

    Google Scholar
     

  • Lemma TT, Negash M (2014) Determinants of the adjustment speed of capital structure: evidence from developing economies. J Appl Account Res 15(1):64–99. https://doi.org/10.1108/jaar-03-2012-0023

    Article 

    Google Scholar
     

  • Lemmon ML, Zender JF (2019) Asymmetric information, debt capacity, and capital structure. J Financ Quant Anal 54(1):31–59

    Article 

    Google Scholar
     

  • Levy J (2019) Primal capital. Crit Hist Stud 6(2):61–93


    Google Scholar
     

  • Lewis CM, Rogalski RJ, Seward JK (2003) Industry conditions, growth opportunities and market reactions to convertible debt financing decisions. J Bank Finance 27(1):153–181

    Article 

    Google Scholar
     

  • Li X-M (2017) New evidence on economic policy uncertainty and equity premium. Pac Basin Finance J 46:41–56

    Article 

    Google Scholar
     

  • Li X-M, Qiu M (2021) The joint effects of economic policy uncertainty and firm characteristics on capital structure: evidence from US firms. J Int Money Finance. https://doi.org/10.1016/j.jimonfin.2020.102279 (forthcoming)

    Article 

    Google Scholar
     

  • Li W, Zhang R (2010) Corporate social responsibility, ownership structure, and political interference: evidence from China. J Bus Ethics 96(4):631–645

    Article 

    Google Scholar
     

  • Li L, Strahan PE, Zhang S (2020) Banks as lenders of first resort: evidence from the COVID-19 crisis (No. w27256). National Bureau of Economic Research, Cambridge

    Book 

    Google Scholar
     

  • Lin C, Ma Y, Malatesta P, Xuan Y (2013) Corporate ownership structure and the choice between bank debt and public debt. J Financ Econ 109(2):517–534

    Article 

    Google Scholar
     

  • Liu L, Zhang T (2015) Economic policy uncertainty and stock market volatility. Finance Res Lett 15:99–105

    Article 

    Google Scholar
     

  • Liu Q, Tian G, Wang X (2011) The effect of ownership structure on leverage decision: new evidence from Chinese listed firms. J Asia Pac Econ 16(2):254

    Article 

    Google Scholar
     

  • MacKie-Mason J (1990) Do taxes affect corporate financing decisions? J Finance 45(5):1471

    Article 

    Google Scholar
     

  • Mansi SA, Wald JK, Zhang AJ (2016) Severance agreements and the cost of debt. J Corp Finance 41:426–444

    Article 

    Google Scholar
     

  • Masulis RW (1988) The debt/equity choice. Ballinger, Cambridge


    Google Scholar
     

  • Mendoza EG (2010) Sudden stops, financial crises, and leverage. Am Econ Rev 100(5):1941–1966

    Article 

    Google Scholar
     

  • Misman FN, Bhatti MI (2020) The determinants of credit risk: an evidence from ASEAN and GCC Islamic banks. J Risk Financ Manag 13(5):89

    Article 

    Google Scholar
     

  • Modigliani F, Miller M (1958) The cost of capital, corporation finance and the theory of finance. Am Econ Rev 48(3):291–297


    Google Scholar
     

  • Myers S (1977) Determinants of corporate borrowing. J Financ Econ 5:147–175

    Article 

    Google Scholar
     

  • Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms have information that investors do not have. J Financ Econ 13:187–221

    Article 

    Google Scholar
     

  • Nagar V, Schoenfeld J, Wellman L (2019) The effect of economic policy uncertainty on investor information asymmetry and management disclosures. J Account Econ 67(1):36–57

    Article 

    Google Scholar
     

  • Nguyen TMT, Nguyen TTA, Nguyen TTV, Pham HG (2021) Foreign direct investment-small and medium enterprises linkages and global value chain participation: evidence from Vietnam. J Asian Finance Econ Bus 8(3):1217–1230


    Google Scholar
     

  • O’Brien RM (2007) A caution regarding rules of thumb for variance inflation factors. Qual Quant 41(5):673–690

    Article 

    Google Scholar
     

  • Pástor Ľ, Veronesi P (2013) Political uncertainty and risk premia. J Financ Econ 110(3):520–545

    Article 

    Google Scholar
     

  • Pearce JA, Zahra SA (1992) Board composition from a strategic contingency perspective. J Manag Stud 29(4):411

    Article 

    Google Scholar
     

  • Pi L, Timme SG (1993) Corporate control and bank efficiency. J Bank Finance 17(2):515–530

    Article 

    Google Scholar
     

  • Pindyck RS (1982) Adjustment costs, uncertainty, and the behavior of the firm. Am Econ Rev 72(3):415–427


    Google Scholar
     

  • Pindyck RS, Rubinfeld DL (1998) Econometric models and economic forecasts, 4th edn. McGraw-Hill, New York


    Google Scholar
     

  • Rogers JR (2005) The impact of divided government on legislative production. Public Choice 123(1–2):217–233

    Article 

    Google Scholar
     

  • Ross SA (1977) The determination of financial structure: the incentive-signalling approach. Bell J Econ 8:23–40

    Article 

    Google Scholar
     

  • Sakai K, Uesugi I, Watanabe T (2010) Firm age and the evolution of borrowing costs: evidence from Japanese small firms. J Bank Finance 34(8):1970–1981

    Article 

    Google Scholar
     

  • Shibata T, Nishihara M (2010) Dynamic investment and capital structure under manager–shareholder conflict. J Econ Dyn Control 34(2):158–178

    Article 

    Google Scholar
     

  • Shyam-Sunder L, Myers C (1999) Testing static tradeoff against pecking order models of capital structure. J Financ Econ 51(2):219–244

    Article 

    Google Scholar
     

  • Smithson M, Merkle EC (2013) Generalized linear models for categorical and continuous limited dependent variables. CRC Press, Boca Raton

    Book 

    Google Scholar
     

  • Stein JC (1996) Rational capital budgeting in an irrational world (no. 5496). Cambridge, MA

  • Su LD (2010) Ownership structure, corporate diversification and capital structure. Manag Decis 48(2):314–339

    Article 

    Google Scholar
     

  • Suchard JA, Singh M (2006) The determinants of the hybrid security issuance decision for Australian firms. Pac Basin Finance J 14(3):269–290

    Article 

    Google Scholar
     

  • Sun J, Ding L, Guo JM, Li Y (2016) Ownership, capital structure and financing decision: evidence from the UK. Br Account Rev 48(4):448–463

    Article 

    Google Scholar
     

  • Tran QT (2019) Economic policy uncertainty and corporate risk-taking: international evidence. J Multinatl Financ Manag 52:100605

    Article 

    Google Scholar
     

  • Vandevelde M (2020) The leveraging of America: how companies became addicted to debt. The Financial Times. https://www.ft.com/content/c732fded-5252-4333-a3f8-80b767508bbc

  • Van-de-Ven WPMM, Van Pragg BMS (1981) The demand for deductibles in private health insurance: a probit model with sample selection. J Econom 17:229–252

    Article 

    Google Scholar
     

  • Waisman M, Ye P, Zhu Y (2015) The effect of political uncertainty on the cost of corporate debt. J Financ Stab 16:106–117

    Article 

    Google Scholar
     

  • Wald J, Mansi S, Nguyen A (2012) Golden parachutes, incentives, and the cost of debt. No 0008, working papers, College of Business, University of Texas at San Antonio

  • Wang Y, Chen CR, Huang YS (2014) Economic policy uncertainty and corporate investment: evidence from China. Pac Basin Finance J 26:227–243

    Article 

    Google Scholar
     

  • Warsh K (2020) The fed can’t wait to respond to the coronavirus. Wall Str J. https://www.wsj.com/articles/the-fed-cant-wait-to-respond-to-the-coronavirus-11582763355

  • Wen F, Longhao Xu, Ouyang G, Kou G (2019) Retail investor attention and stock price crash risk: evidence from China. Int Rev Financ Anal 65:101376

    Article 

    Google Scholar
     

  • Wetzels C, Zorlu A (2003) Wage effects of motherhood: a double selection approach. NIMA, working papers 22, Núcleo de Investigação em Microeconomia Aplicada (NIMA), Universidade do Minho

  • Zeira J (1990) Cost uncertainty and the rate of investment. J Econ Dyn Control 14(1):53–63

    Article 

    Google Scholar
     

  • Zhang X, Zhou S (2018) Bond covenants and institutional blockholding. J Bank Finance 96:136–152

    Article 

    Google Scholar
     

  • Zhang R, Inder BA, Zhang X (2015) Bayesian estimation of a discrete response model with double rules of sample selection. Comput Stat Data Anal 86:81–96

    Article 

    Google Scholar
     

  • Rights and permissions

    Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.

    Disclaimer:

    This article is autogenerated using RSS feeds and has not been created or edited by OA JF.

    Click here for Source link (https://www.springeropen.com/)