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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Zero-leverage puzzle. Evidence from Switzerland. |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 56 |
| Date | 2018 |
| Abstract Text | This thesis analyses Swiss listed non-financial firms trying to explain why firms eschew debt in such an extreme way. Results are that (almost) zero-levered firms are smaller, younger, less profitable, pay more taxes, have a lower tangibility and are committed in less investment costs but have larger cash holdings and growth opportunities. As a further detail information, the zero dividend paying ones are more affected by the financial constraints hypothesis since they are small, young and with a low profitability, while the dividend paying ones with healthier economic conditions eschew debt mostly due to the financial flexibility hypothesis. |
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