| 总结: | This study investigates the role of firm specific factors, macroeconomic factors, and firms’ heterogeneity in determining the debt levels of non-financial listed firms of Pakistan. Study implies static panel data modeling using pooled OLS and fixed effect regression as estimation techniques, with two different proxies of debt. Profitability, tangibility, and size of the firm appear to affect
debt level significantly across different proxies and different estimation techniques. Interest rate and inflation are significant determinants of debt in fixed effect estimation. Study also confirms the existence of firm specific influence on debt.
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