Nottingham University Business School
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Ze Ren

Room: D07 (Yang Fujia)
Tel: +44 (0) 115 8431398

Current Status: Registered
Year of Registration: 2019
Expected Completion Date: /09/2022

Research Topic:
Zero-Leverage and Auditor Quality

Research Details:
This paper provides empirical evidence that information quality has an influence on the zero-leverage decisions of companies. First, companies audited by big 6 firms are more likely to have zero-leverage policy than those audited by small audit firms, which is more notable in zero-leverage companies that do not pay dividends. In addition, zero-leverage companies issue smaller amounts of shares, even fewer when they are audited by the big six firms. Finally, companies are more likely to have zero leverage when market condition is favorable, but the probability declines when they are audited by the big six firms. Our results are supportive of the dynamic adverse selection model and financing constraints.

Research Supervisor/s: Simona Mateut and Aoran Zhang

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