title: Financial constraints versus financial flexibility: What drives zero-debt puzzle in emerging markets?
metadata.name: dc.contributor.author
metadata.value: Iliasov, D. V.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Kokoreva, M. S.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2018-10-23T16:40:46Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2018-10-23T16:40:46Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2018-09
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Iliasov D. V., Kokoreva M. S. 2018. Financial constraints versus financial flexibility: What drives zero-debt puzzle in emerging markets? Russian Management Journal 16 (3): 407–434.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: 10.21638/spbu18.2018.305
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/15001
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: This study is focused on gaps in the theory of capital structure research regarding the
  phenomenon of zero-debt behavior. On the sample of firms from 21 countries with emerging
  capital markets over the period of 2010–2015, we show that the zero-debt policy choice
  is firstly driven by financial flexibility motive, while financial constraints could be regarded
  as the second motive. We show that major determinants of the zero-leverage choice are
  growth opportunities, profitability, business risk and cash holdings. We find that all these
  firms are smaller, less profitable, riskier and possess high cash holdings. Moreover, we find
  that macroeconomic conditions have lower influence on the debt policy decision in comparison
  with corporate determinants.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: This paper is an output of a research project implemented within NRU HSE’s Annual Thematic Plan for
  Basic and Applied Research. Any opinions or claims contained in this paper do not necessarily reflect the
  views of HSE.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Russian Management Journal;Volume 16; Issue 3
metadata.lang: -
metadata.name: dc.subject
metadata.value: financial constraints
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: financial flexibility
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: zero-debt
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: capital structure
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Financial constraints versus financial flexibility: What drives zero-debt puzzle in emerging markets?
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 05-Iliasov.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/15001/1/05-Iliasov.pdf
resources.format: Adobe PDF
resources.size: 256,01 kB