Abstract

This study examines the main determinants that affect the firm’s debt choices. Based on a panel data of non-financial listed firms in G-7 countries in the period 1994-2013, the study shows that the firm’s choices about debt level are functions of several previsions over time about, on the one hand, to the firm’s characteristics and its expected performances and, on the other hand, to the economic, financial and institutional system of country’s reference.

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