Leverage and corporate performance: International evidence

@inproceedings{Gonzlez2012LeverageAC,
  title={Leverage and corporate performance: International evidence},
  author={Victor M. Gonz{\'a}lez},
  year={2012}
}
This paper analyzes the effect of financial leverage on firm operating performance in industry downturns and how this effect varies across countries depending on their legal origin. Results for 10,375 firms in 39 countries over the period 1995-2004 indicate that the operating performance of firms with greater leverage is significantly reduced compared to their competitors as a consequence of industry downturns. This effect, which is consistent with the importance of the indirect costs of… CONTINUE READING

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