Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/338960 
Year of Publication: 
2025
Citation: 
[Journal:] Schmalenbach Journal of Business Research (SBUR) [ISSN:] 2366-6153 [Volume:] 77 [Issue:] 4 [Year:] 2025 [Pages:] 1039-1065
Publisher: 
Springer, Heidelberg
Abstract: 
Our analysis focuses on understanding the financing behaviour of Italian firms during a period marked by a significant economic crisis and the resulting deleveraging process. The objective is to identify the determinants of Italian firms' leverage decisions during this deleveraging phase and to assess whether their financing behaviour is more consistent with the predictions of the Pecking Order Theory (PO) or the Trade-Off Theory (TO).
Subjects: 
Corporate finance
Deleveraging
Firm-level data
GMM
Pecking order theory
Trade-off theory
JEL: 
C23
G32
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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