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What is Firm Size about?

1) The document discusses how firm size is positively related to capital structure and leverage ratios in empirical studies. However, existing theories do not provide a theoretical explanation for this relationship. 2) The paper aims to help explain the size-leverage relationship by developing a dynamic capital structure model that incorporates fixed costs of external financing. 3) The model finds four effects of firm size on leverage: smaller firms choose higher leverage during refinancing to compensat

Author

陈辰

Language

EN