The New Strategy of High-Tech Companies – Hidden Sources of Growth
نویسندگان
چکیده
The recent increase in the share of zero-leverage firms is most pronounced Software and Services, Hardware Equipment, Pharmaceutical Biotechnical industries. reasons for these industries’ conservative debt policies are not fully disclosed. How companies technological sectors manage to perform well attracting no loosing tax shield benefits a mystery. This study aims determine why high-tech less likely have capital structure. On basis sample US-based from RUSSELL 3000 index 12 years, we show factors leading zero-debt After dividing into non-high-tech subsamples, demonstrate gap between motives traditional sectors. We that common determinants corporate structure cannot explain choose policy. Testing possible financing avoidance, find more financially constrained than firms. further unconstrained may avoid maintain their financial flexibility. top that, managerial entrenchment also adds choice companies. results helpful executive management teams investors since they shed light on specific style
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ژورنال
عنوان ژورنال: ???????
سال: 2023
ISSN: ['1998-0701']
DOI: https://doi.org/10.17323/2500-2597.2023.1.18.32