Unleashing the Moderating Influence of Firms’ Life Cycle Stages and National Income on Capital Structure Targeting Behavior: A Roadmap towards Sustainable Development

Firms adjust their capital structures to avoid financial distress and bankruptcy sustain in the market. Asian firms have significantly different patterns than USA European counterparts. The moderation model gains a better understanding of relationship between variables. We tested moderating roles life cycle stages macro-economic factor gross national income per capita find impacts on speed adjustment towards target manufacturing from 2010 2018. Our sample industries comes eleven economies. used dynamic GMM estimate applied pooled OLS fixed effect estimations test validity coefficient lagged leverage. that positive impacts, incomes no significant effects adjusting structure. combined by applying full model. results reveal moderator variables impact From policy perspective, it is recommended investors should consider firms’ economy making international investment portfolios. government ensure requisite finance for at subsidized interest rates financially support them critical like introduction decline.