Firm complexity and capital structure: evidence from U.S. public firms
研究了企业信息披露复杂度对资本结构的影响，发现复杂度越高，杠杆率越高，尤其对融资受限企业更显著，表明信息复杂度能缓解融资摩擦。
This paper examines the impact of a firm’s information complexity on capital structure decisions, focusing on how |firm disclosure complexity influences financial leverage. Using a large panel of U.S. public firms, I document a significant and positive association between information complexity and multiple measures of leverage, including book, market, short-term, and long-term debt ratios. The effect is particularly pronounced among financially constrained firms, highlighting the role of information complexity in mitigating financing frictions. The findings contribute to capital structure theory by identifying information complexity as a structural firm attribute that enhances debt capacity, complementing trade-off and information asymmetry perspectives.