... response models to examine the effects of governance mechanisms on firms’ decision to go debt-free. Findings A greater ownership concentration, institutional ownership and family ownership increase the propensity for zero leverage. Board gender diversity decreases the propensity for deleveraging...

...Flávio Morais; Zélia Serrasqueiro; Joaquim J.S. Ramalho Purpose The purpose of this paper is to investigate whether the effect of country and corporate governance mechanisms on zero leverage is heterogeneous across market- and bank-based financial systems. Design/methodology/approach Using...