...Pedram Fardnia; Maher Kooli; Sonal Kumar Purpose The purpose of the study is to examine the zero-leverage (ZL) phenomenon in family and non-family firms. Design/methodology/approach The authors consider three hypotheses and empirically test them using a sample of the largest US firms over...

...Biswajit Ghose; Kailash Chandra Kabra Purpose This paper studies the relationship between characteristics of firms’ and their propensity to maintain zero-leverage (ZL). Its second objective is to examine the impact of macroeconomic conditions on firms’ ZL policy. Finally, the purpose of this paper...