Why leverage does not always deliver: Lessons from the performance of the top 50 industrial firms in Greece during the Great Depression

References

• Select editions of the Greek Government Gazette, 1927–1936.
   Google Scholar
• Agriantoni, C. (2002). Hoi mēchanikoi kai hē viomēchania. Mia apotychēmenē synantēsē [Engineers and industry: A failed meeting]. Vol. 2 of Istoria tēs Hellados tou 20ou aiōna, 1922-1940. Ho Mesopolemos [History of Greece in the twentieth century, 1922-1940: The interwar years]. Athens: Vivliorama, 269–293.
   Google Scholar
• Agriantoni, C. (2015). Introduction and historical commentary. In T. G. Retsinas (Ed.), Peri tēs hellēnikēs viomēchanias (1907) [On Greek industry (1907)]. Athens: Foundation of the Greek Parliament, 11–19.
   Google Scholar
• Alexander, A. (1964). Greek industrialists: An economic and social analysis. Athens: Centre of Planning and Economic Research.
   Google Scholar
• Anastasopoulos, G. (1946). Ιstoria tēs Hellēnikēs viomēchanias [History of Greek industry] (Vol. 3). Athens: Greek Publishing Company.
   Google Scholar
• Angelopoulos, A. (1928). Anōnymes Hetairies tēs Hellados [Sociétés anonymes in Greece]. Athens: Greek Society of Scientific Studies.
   Google Scholar
• Ashgarian, H. (2003). Are highly leveraged firms more sensitive to an economic downturn? The European Journal of Finance, 9(3), 219–241.
   Google Scholar
• Baghdiantz McCabe, I., Harlaftis, G., & Pepelasis Minoglou, I. S. (Eds.). (2005). Diaspora entrepreneurial networks: Four centuries of history. Oxford: Berg Publishers.
   Google Scholar
• Bevan, A. A., & Danbolt, J. (2000). Capital structure and its determinants in the UK: A decompositional analysis ( Working Paper no. 2000–2). University of Glasgow. Retrieved from http://ssrn.com/abstract=233550 or doi:10.2139/ssrn.233550
   Google Scholar
• Boyce, G., & Ville, S. (2002). The development of modern business. Basingstoke: Palgrave.
   Google Scholar
• Brealey, R. A., Myers, S. C., & Allen, F. (2008). Principles of corporate finance (9th ed.). Boston, MA: McGraw-Hill Irwin.
   Google Scholar
• Cassis, Y. (1997). Big business: The European experience in the twentieth century. Oxford: Oxford University Press.
   Google Scholar
• Cassis, Y., Colli, A., & Schröter, H. G. (Eds.). (2016). The performance of European business in the twentieth century. Oxford: Oxford University Press.
   Google Scholar
• Chandler, A. D., Amatori, F., & Hikino, T. (1997). Big business and the wealth of nations. Cambridge: Cambridge University Press.
   Google Scholar
• Charitakis, G. (1927). Hellēnikē viomēchania [Greek industry]. Athens: Estia.
   Google Scholar
• Charitakis, G. (1939). Hoikonomikē Hepetēris tēs Hellados [Economic yearbook of Greece]. Athens: National Bank of Greece.
   Google Scholar
• Chatzioannou, I. (1928). Penellēnion leukōma ethnikēs ekatontaetēridos, 1821-1921. He chrysē vivlos tou Hellēnismou [Panhellenic album of the national centenary, 1821-1921: The golden book of Hellenism] (Vols. B and Z). Athens: Nea Hellēnikē Hēōs.
   Google Scholar
• Chaziotis, K. H. (2005). Prodromos Bodosakēs Athanasiadēs, 1891–1979 [Prodromos Bodosakis Athanasiades, 1891–1979]. Athens: Bodosakis Foundation.
   Google Scholar
• Chen, L., & Zhao, X. (2006). On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters, 3(4), 253–266.
   Google Scholar
• Christodoulaki, O. (2001). Industrial growth in Greece between the wars: A new perspective. European Review of Economic History, 5(1), 61–89.
   Google Scholar
• Christodoulakis, N. (2013). Currency crisis and collapse in interwar Greece: Predicament or policy failure? European Review of Economic History, 17(3), 272–293.
   Google Scholar
• Clogg, R. (1994). A concise history of Greece. Cambridge: Cambridge University Press.
   Google Scholar
• Drandakis, P. [c. 1927-1934]. Megalē Hellēnikē enkyklopaideia [Great Hellenic encyclopaedia]. Athens: P. G. Makris.
   Google Scholar
• Dritsas, M. (1990). Viomēchania kai Trapezes stēn Hellada tou Mesopolemou [Industry and banks in interwar Greece]. Athens: National Bank of Greece Cultural Foundation.
   Google Scholar
• Fontana, R., Adams, P., & Malerba, F. (2017, October). Knowledge resources, spinouts and exit through acquisition. Paper presented at 15th Globelics International Conference, Athens.
   Google Scholar
• Franghiadis, A. (2007). Hellēnikē hoikonomia, 19os-20os aiōnas [The Greek economy, 19th-twentieth century]. Athens: Alexandreia.
   Google Scholar
• Fusari, A., & Reati, A. (2013). Endogenizing technical change: Uncertainty, profits, entrepreneurship: A long-term view of sectoral dynamics. Structural Change and Economic Dynamics, 24, 76–100.
   Web of Science ®Google Scholar
• Garnett, P., Mollan, S., & Bentley, R. A. (2015). Complexity in history: Modelling the organisational demography of the British banking sector. Business History, 57(1), 182–202.
   Web of Science ®Google Scholar
• Graham, J. R., Hazarika, S., & Narasimhan, K. (2011). Financial distress in the Great Depression ( NBER Working Paper, no. 17388). Retrieved from http://www.nber.org/papers/w17388
   Google Scholar
• Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297–355.
   Web of Science ®Google Scholar
• Hadziiossif, C. (1993). Hē gēraia selēnē. Hē viomēchania stēn hellēnikē hoikonomia, 1830-1940 [Τhe elderly moon: Industry in the Greek economy, 1830-1940]. Athens: Themelio.
   Google Scholar
• Hayat, A., Ishaq, B., Raza, A., & Qureshi, A. (2010). How growth opportunities are related to corporate leverage decisions? [sic]. Investment Management and Financial Innovations, 7(1), 90–97.
   Google Scholar
• Hilton, M., & Herauf, D. (1999). Modern advanced accounting in Canada. Toronto, ON: McGraw-Hill Ryerson.
   Google Scholar
• Kostelenos, G., Vasileiou, D., Kounaris, E., Petmezas, S., & Sfakianakis, M. (2007). Akatharisto enchōrio proion, 1830–1909 [Gross domestic product, 1830–1909]. Athens: Centre of Economic Planning and Research.
   Google Scholar
• Kostis, K. (1986). Hoi trapezes kai hē krisē, 1929–1932 [The banks and the crisis, 1929–1932]. Athens: Commercial Bank of Greece.
   Google Scholar
• Louri, H., & Pepelasis Minoglou, I. (2002). A hesitant evolution: Industrialisation and de-industrialisation in Greece over the long run. Journal of European Economic History, 31(2), 321–348.
   Google Scholar
• Mazower, M. (1991). Greece and the interwar economic crisis. Oxford: Clarendon Press.
   Google Scholar
• Milano, G., & Theriault, J. (2012). Is financial leverage good for shareholders? CFO.com. Retrieved April 3, 2012, from http://ww2.cfo.com/capital-markets/2012/04/is-financial-leverage-good-for-shareholders/
   Google Scholar
• Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
   Web of Science ®Google Scholar
• Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175.
   Web of Science ®Google Scholar
• Pepelasis, I. S. (2012). Non-bank financial institutions corporate start-ups, 1830–1909: A note in Greek banking history. In J. Consiglio, J. C. Martinez Oliva, G. Tortella, M. Pohle Fraser, & I. L. Fraser (Eds.), Banking and finance in the Mediterranean: A historical perspective (pp. 121–150). Farnham: Ashgate.
   Google Scholar
• Pepelasis Minoglou, I. (1993). The Greek state and the international financial community, 1922–1932: Demystifying the foreign factor ( Unpublished doctoral dissertation). London School of Economics, London.
   Google Scholar
• Pepelasis Minoglou, I. (1999). Greece: From rent seeking protectionism to direct intervention. In J. S. Foreman-Peck & G. Federico (Eds.), European industrial policy: The twentieth century experience (pp. 295–318). Oxford: Oxford University Press.
   Google Scholar
• Pepelasis Minoglou, I. (2009). Mapping Greek banking historiography. In O. Feiertag & I. Pepelasis Minoglou (Eds.), Banking historiography: Past and present (pp. 135–154). Athens: Alpha Bank.
   Google Scholar
• Porter, E. M. (1990). The competitive advantage of nations. New York, NY: Free Press.
   Google Scholar
• Psalidopoulos, M. (1989). Hē krisē tou 1929 kai hoi Hellēnes hoikonomologoi [The crisis of 1929 and the Greek economists]. Athens: Commercial Bank of Greece.
   Google Scholar
• Psalidopoulos, M. (2011). Nomismatikē diacheirisē kai hoikonomikē krisē. Hē politikē tēs Trapezas tēs Hellados, 1929–1941 [Administration and economic crisis: The policy of the Bank of Greece, 1929–1941]. Athens: Bank of Greece.
   Google Scholar
• Raghuram, G. R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460.
   Web of Science ®Google Scholar
• Riginos, M. (1986). Hoi diakymanseis tōn viomēchanikōn hēmeromisthiōn stēn Hellada, 1912–1936 [The fluctuations of industrial wages in Greece, 1912–1936]. Historika, 3(5), 151–176.
   Google Scholar
• Riginos, M. (2015, April). Chrēmatistērio Axiōn Athēnōn, 1880–1940. Anaptyxē kai synkyria [The Athens stock exchange, 1880–1940: Development and conditions]. Paper presented at the 7th Seminar of the Greek Economic History Association, Athens.
   Google Scholar
• Ross, S. A., Westerfield, R. W., & Jaffe, J. (2010). Corporate finance (9th ed.). Boston, MA: McGraw-Hill Irwin.
   Google Scholar
• Theodore, J. (2012). The lack of industrialization, the limited number of private corporations and the retardation of management in private business enterprises in Greece. Journal of Business Case Studies, 8(2), 169–175.
   Google Scholar
• Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1–19.
   Web of Science ®Google Scholar
• Trapeza tēs Hellados [Bank of Greece]. (1978). Ta prōta penēnta chronia tēs Trapezas tēs Hellados [The first fifty years of the Bank of Greece]. Athens: Bank of Greece.
   Google Scholar
• Tsotsoros, S. (1993). Hē synkrotēsē tou viomēchanikou kephalaiou stēn Hellada, 1898–1939 [The formation of industrial capital in Greece, 1898–1939] (Vols. 2). Athens: National Bank of Greece Cultural Foundation.
   Google Scholar
• Vovolinis, S. A., & Vovolinis, C. (1962). Mega Hellēnikon viographikon lexikon [Great Hellenic biographical lexicon] (Vols. 5). Athens: Economia Publishing.
   Google Scholar