Abstract:The purpose of this study is to examine the key determinants of the policy of zero-leverage firms and why these firms are a financial constraint. The concept of capital structure has now adopted a new term which is known as zero-leverage (ZL) policy. Despite of endless benefits of leverage zero-leverage phenomenon is yet emerging not only just in developed countries but also in developing countries. This study has taken the sample of listed non-financial firms of Pakistan for 2006–2020. The Logit regression mo… Show more
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