The Effect of Managerial Ownership, Research & Development, Financial Risk, and Investment on Firm Growth: The Mediating Role of Leverage in the Defense Systems Industry in Asia
Keywords:
Managerial Ownership, R&D, Financial Risk, Investment, Leverage
Abstract
This study examines the effects of managerial ownership, research and development (R&D), financial risk, and investment on firm growth in the Asian defense systems industry, with leverage serving as a mediating mechanism. The defense sector is characterized by heightened geopolitical exposure, persistent technological innovation requirements, and stringent risk governance, making the identification of firm-level growth drivers particularly critical(Gheorghe & Panazan, 2024).Using a balanced panel dataset of 74 defense systems firms operating across Asia over the observation period, this study applies panel data regression based on the Fixed Effects Model (FEM), complemented by mediation analysis to assess the indirect role of leverage(Sommet, 2025).The empirical findings indicate that managerial ownership and investment exert positive and statistically significant effects on firm growth. R&D intensity also demonstrates a positive association with firm growth, underscoring the strategic importance of innovation in sustaining competitive advantage within the defense industry(Nel et al., 2025). In contrast, financial risk does not show a significant impact on firm growth, suggesting the presence of effective risk management and institutional buffering mechanisms in defense firms. Moreover, leverage partially mediates the relationships between R&D and firm growth as well as between investment and firm growth, while its mediating role in other relationships is not statistically supported(Xia & Wei, 2025). This study offers novel empirical evidence by explicitly modeling leverage as an internal financial transmission mechanism linking innovation and investment to firm growth within a strategically regulated defense industry an aspect that remains underexplored in prior growth and capital structure literature(Wu et al., 2025). By focusing on Asian defense systems firms, this research extends existing evidence beyond conventional manufacturing or civilian high-technology sectors. The findings contribute to a more nuanced understanding of growth dynamics in defense-related industries and provide policy-relevant insights into ownership design, innovation financing, and financial governance under geopolitical constraints(Anderson & Luiz, 2025).
References
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Aljabri, Q., Farooq, M., Khan, M. I., Hameed, A., & Waqas, M. (2025). CEO overconfidence and investment efficiency: does ownership structure matter? International Journal of Accounting and Information Management, 1–27. https://doi.org/10.1108/IJAIM-12-2024-0461
Amin, Q. A., & Cumming, D. (2025). Industrial heterogeneity, governance structure and firm value. European Financial Management, 31(1), 265–298. https://doi.org/https://doi.org/10.1111/eufm.12497
Anderson, G., & Luiz, J. M. (2025). The development of emerging market defence enterprises : late industrialisation , catching-up , and the challenge of moving beyond linking and leveraging 1. Research Policy, 54(8), 105283. https://doi.org/10.1016/j.respol.2025.105283
Azim Khan, S. (2024). Leverage target and R&D spending. Review of Financial Economics, 42(1), 93–105. https://doi.org/https://doi.org/10.1002/rfe.1189
Blickle, K., & Santos, J. A. C. (2024). The costs of corporate debt overhang. Journal of Financial Intermediation, 60, 101118. https://doi.org/https://doi.org/10.1016/j.jfi.2024.101118
Cao, Z., Gao, Q., Wang, S., & Wang, Y. (2026). News implied volatility and corporate leverage. Pacific-Basin Finance Journal, 96, 103035. https://doi.org/https://doi.org/10.1016/j.pacfin.2025.103035
Choi, J. (2025). Financial flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic. Research in International Business and Finance, 74, 102663. https://doi.org/https://doi.org/10.1016/j.ribaf.2024.102663
Chowdhury, M. S. R., Aram, M., Javadi, S., & Nejadmalayeri, A. (2025). Geopolitical risk and corporate capital structure. Journal of Corporate Finance, 93, 102796. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2025.102796
Chung, C. Y., Kim, D., & Lee, J. (2024). An empirical investigation of the mitigating effect of debt on overinvestment as shareholder rights vary. Bulletin of Economic Research, 76(4), 1126–1149. https://doi.org/https://doi.org/10.1111/boer.12471
Czarnitzki, D., & Giebel, M. (2025). Financial constraints for R & D and innovation : new evidence from a survey experiment. Applied Economics, 57(56), 9495–9515. https://doi.org/10.1080/00036846.2024.2421455
De Haas, R., Guriev, S., & Stepanov, A. (2025). State ownership and corporate leverage around the world. Journal of Corporate Finance, 93, 102782. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2025.102782
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Gan, L., Xia, X., & Xiang, H. (2025). Convertible debt and corporate R&D investment decisions. Finance Research Letters, 86, 108589. https://doi.org/https://doi.org/10.1016/j.frl.2025.108589
Gheorghe, C., & Panazan, O. (2024). Heliyon Investigating the effect of geopolitical risk on defense companies ’ stock returns. Heliyon, 10(24), e40974. https://doi.org/10.1016/j.heliyon.2024.e40974
Giebel, M., & Kraft, K. (2024). R & D investments under financing constraints. Industry and Innovation, 31(9), 1141–1168. https://doi.org/10.1080/13662716.2024.2328008
Gutiérrez-sánchez, G. (2025). The Impact of R & D Investment on Economic Growth : Evidence from Panama Using Elastic Net and Bootstrap Techniques. 1–27.
Haque, S., & Varghese, R. (2023). Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks. Journal of Corporate Finance, 80, 102416. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2023.102416
Hellberg, R., Sprängare, D., Candell, O., Carpenfelt, C., Samuelsson, P., Antai, I., Andersson, P., Backlund, L., Hellberg, R., Sprängare, D., Candell, O., & Carpenfelt, C. (2025). Defence and Peace Economics Performance constraints in defence industry supply chains : evidence from case studies. Defence and Peace Economics, 36(8), 1078–1113. https://doi.org/10.1080/10242694.2025.2500362
Hermano, V., Martin-Cruz, N., & Pajares, J. (2022). The effect of project management dynamic capabilities on firm performance. Baltic Journal of Management, 17(2), 266–284. https://doi.org/10.1108/BJM-06-2021-0218
Hu, J., Liu, S., Yao, Y., & Zong, Z. (2025). Government Deleveraging and the Reverse Crowding-In Effect: Evidence from Subnational Debt and Government Contractors. Management Science. https://doi.org/10.1287/mnsc.2024.05679
Id, O. P., & Id, C. G. (2025). Impact of geopolitical risks and innovation on global defense stock return. 1–21. https://doi.org/10.1371/journal.pone.0312155
Idayanti, R. (2025). The mediating role of financial performance in the relationship between green accounting , leverage , and firm value in basic materials sector companies listed on Indonesia Sharia Stock Index. 12(1), 31–72.
Lee, J. (2022). Do firms use credit lines to support investment opportunities?: Evidence from success in R&D. Journal of Empirical Finance, 69, 1–14. https://doi.org/https://doi.org/10.1016/j.jempfin.2022.08.001
Liang, X. et al. (2025). Trends in World Military Expenditure, 2024. Stockholm International Peace Research Institute. DOI: https://doi.org/10.55163/AVEC8366. April, 1–12.
Lin, S., Sawani, A., & Wang, C. (2023). Managerial stock ownership, debt covenants, and the cost of debt. Pacific-Basin Finance Journal, 77, 101917. https://doi.org/https://doi.org/10.1016/j.pacfin.2022.101917
Liu, Z., Hu, K., & Hussain, A. (2023). R&D disclosure and corporate innovation: Mediating role of financing structure. Finance Research Letters, 56, 104106. https://doi.org/https://doi.org/10.1016/j.frl.2023.104106
Lubis, R. K., Darmadi, S., Pratiwi, T. A., Falaqia, P., Lutvian, S., Firas, R., Karunia, R., Darmadi, S., Pratiwi, T. A., & Falaqia, P. (2025). Managerial ownership as a corporate governance mechanism in shaping leverage decisions : insights from Indonesia. Cogent Business & Management, 12(1). https://doi.org/10.1080/23311975.2025.2473043
Ma, L., & Zhang, X. (2025). Capital allocation efficiency of SMEs: Global evidence. International Review of Financial Analysis, 107, 104596. https://doi.org/https://doi.org/10.1016/j.irfa.2025.104596
Mabandla, N. Z., & Marozva, G. (2024). The Effect of Earnings Volatility on Capital Structure : A Case of Oligopolistic Banking Sector. 1–17. https://doi.org/10.1177/09721509241301120
Nawaz, M., & Masud, A. K. (2025). Mediating role of research and development and financial leverage on the relationship between corporate board characteristics and dividend payout policy Hussain Tahir Mahfuzur Rahman Md . Harun Ur Rashid *. 15(6).
Nel, G., Jachi, M., & Scholtz, H. (2025). The impact of institutional and managerial ownership on the pay ‑ performance relationship : Evidence from JSE ‑ listed firms. In Journal of Management and Governance (Vol. 29, Issue 4). Springer US. https://doi.org/10.1007/s10997-024-09725-9
Pangaribuan, M. A., Siregar, F. A., Muda, I., Marini, N., & Abdullah, H. (2025). Managerial Ownership ’ s Impact on Tech Firms ’ Financial Distress Risk. 02, 163–174. https://doi.org/10.21070/jbmp.v11i2.2173
Pu, T., & Zulkafli, A. H. (2024). Managerial ownership and corporate innovation : evidence of patenting activity from Chinese listed manufacturing firms. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2289202
Qin, T., & Gong, S. (2024). Corporate credit mismatch, financial leverage and corporate investment efficiency. Finance Research Letters, 68, 105978. https://doi.org/https://doi.org/10.1016/j.frl.2024.105978
Rahmawati, W., Siregar, S. V., Shauki, E. R., & Anggraita, V. (2024). Enterprise risk management and cost of debt : the moderating role of crisis. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2296702
Shakri, I. H., Yong, J., & Xiang, E. (2025). Does capital structure mediate the relationship between corporate governance compliance and fi rm performance ? Empirical evidence from Pakistan. 19(2), 408–428. https://doi.org/10.1108/JABS-08-2023-0315
Shi, H. (2024). Managerial ownership and labor income share. Finance Research Letters, 62, 105183. https://doi.org/https://doi.org/10.1016/j.frl.2024.105183
Sommet, N. (2025). A Primer on Fixed Effects and Fixed-Effects Panel Modeling Using R , Stata , and SPSS. https://doi.org/10.1177/25152459251392843
Torres, P., Silva, P., & Augusto, M. (2024). Equity ownership concentration and firm growth: the moderating role of industry growth. Management Research Review, 47(7), 1096–1111. https://doi.org/10.1108/MRR-03-2023-0165
Wongsinhirun, N., Chatjuthamard, P., Chintrakarn, P., & Jiraporn, P. (2024). Tax avoidance, managerial ownership, and agency conflicts. Finance Research Letters, 61, 104937. https://doi.org/https://doi.org/10.1016/j.frl.2023.104937
Wu, J., Yang, K., & Song, F. (2025). Reconfiguring capital structures through digital R & D : Mechanisms and empirical insights. 104(May).
Xia, J., & Wei, W. (2025). Government procurement and corporate investment: Evidence from China’s A-share listed companies. Economic Modelling, 152, 107271. https://doi.org/https://doi.org/10.1016/j.econmod.2025.107271
Xu, H., Tang, G., & Huang, D. (2026). Executive shareholding, performance evaluation, and innovation investment: an empirical analysis from a governance perspective. Finance Research Letters, 89, 109260. https://doi.org/https://doi.org/10.1016/j.frl.2025.109260
Xu, W., Luo, Z., & Li, D. (2024). Investor–firm interactions and corporate investment efficiency: Evidence from China. Journal of Corporate Finance, 84, 102539. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2024.102539
Yaghoubi, M. (2024). International Review of Financial Analysis Executive characteristics as moderators : Exploring the impact of geopolitical risk on capital structure decisions. International Review of Financial Analysis, 93(March), 103188. https://doi.org/10.1016/j.irfa.2024.103188
Yang, L., & Li, R. (2024). Government procurement and corporate investment efficiency: Evidence from China. Finance Research Letters, 67, 105934. https://doi.org/https://doi.org/10.1016/j.frl.2024.105934
Zakaria, Z., Ismail, M. R., Khovandloo, M., & Arumugam, V. (2025). The Effects of R & D Intensity and Capital Structure on the Growth and Performance of Post-IPO Firms in Malaysia : A Dynamic Panel Data Approach. 10, 727–739.
Zhao, H., Li, R., & Jiao, C. (2025). Executive Equity Incentive , Internal Control and Organizational Resilience. 1–23.
Zubair, S., & Huang, X. (2025a). Debt’s shadow: How leverage weighs down investment. International Review of Economics and Finance, 98(December 2024), 103931. https://doi.org/10.1016/j.iref.2025.103931
Zubair, S., & Huang, X. (2025b). Debt ’ s shadow : How leverage weighs down investment. International Review of Economics and Finance, 98(December 2024), 103931. https://doi.org/10.1016/j.iref.2025.103931
Alabdulkarim, N., Kalyanaraman, L., & Alhussayen, H. (2019). The impact of firm size on the relationship between leverage and firm performance: evidence from Saudi Arabia. Humanities and Social Sciences Communications, 2024, 1–12. https://doi.org/10.1057/s41599-024-04211-x
Aljabri, Q., Farooq, M., Khan, M. I., Hameed, A., & Waqas, M. (2025). CEO overconfidence and investment efficiency: does ownership structure matter? International Journal of Accounting and Information Management, 1–27. https://doi.org/10.1108/IJAIM-12-2024-0461
Amin, Q. A., & Cumming, D. (2025). Industrial heterogeneity, governance structure and firm value. European Financial Management, 31(1), 265–298. https://doi.org/https://doi.org/10.1111/eufm.12497
Anderson, G., & Luiz, J. M. (2025). The development of emerging market defence enterprises : late industrialisation , catching-up , and the challenge of moving beyond linking and leveraging 1. Research Policy, 54(8), 105283. https://doi.org/10.1016/j.respol.2025.105283
Azim Khan, S. (2024). Leverage target and R&D spending. Review of Financial Economics, 42(1), 93–105. https://doi.org/https://doi.org/10.1002/rfe.1189
Blickle, K., & Santos, J. A. C. (2024). The costs of corporate debt overhang. Journal of Financial Intermediation, 60, 101118. https://doi.org/https://doi.org/10.1016/j.jfi.2024.101118
Cao, Z., Gao, Q., Wang, S., & Wang, Y. (2026). News implied volatility and corporate leverage. Pacific-Basin Finance Journal, 96, 103035. https://doi.org/https://doi.org/10.1016/j.pacfin.2025.103035
Choi, J. (2025). Financial flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic. Research in International Business and Finance, 74, 102663. https://doi.org/https://doi.org/10.1016/j.ribaf.2024.102663
Chowdhury, M. S. R., Aram, M., Javadi, S., & Nejadmalayeri, A. (2025). Geopolitical risk and corporate capital structure. Journal of Corporate Finance, 93, 102796. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2025.102796
Chung, C. Y., Kim, D., & Lee, J. (2024). An empirical investigation of the mitigating effect of debt on overinvestment as shareholder rights vary. Bulletin of Economic Research, 76(4), 1126–1149. https://doi.org/https://doi.org/10.1111/boer.12471
Czarnitzki, D., & Giebel, M. (2025). Financial constraints for R & D and innovation : new evidence from a survey experiment. Applied Economics, 57(56), 9495–9515. https://doi.org/10.1080/00036846.2024.2421455
De Haas, R., Guriev, S., & Stepanov, A. (2025). State ownership and corporate leverage around the world. Journal of Corporate Finance, 93, 102782. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2025.102782
Gabriel, R. D. (2024). The Credit Channel of Public Procurement. Journal of Monetary Economics, 147, 103601. https://doi.org/https://doi.org/10.1016/j.jmoneco.2024.103601
Gan, L., Xia, X., & Xiang, H. (2025). Convertible debt and corporate R&D investment decisions. Finance Research Letters, 86, 108589. https://doi.org/https://doi.org/10.1016/j.frl.2025.108589
Gheorghe, C., & Panazan, O. (2024). Heliyon Investigating the effect of geopolitical risk on defense companies ’ stock returns. Heliyon, 10(24), e40974. https://doi.org/10.1016/j.heliyon.2024.e40974
Giebel, M., & Kraft, K. (2024). R & D investments under financing constraints. Industry and Innovation, 31(9), 1141–1168. https://doi.org/10.1080/13662716.2024.2328008
Gutiérrez-sánchez, G. (2025). The Impact of R & D Investment on Economic Growth : Evidence from Panama Using Elastic Net and Bootstrap Techniques. 1–27.
Haque, S., & Varghese, R. (2023). Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks. Journal of Corporate Finance, 80, 102416. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2023.102416
Hellberg, R., Sprängare, D., Candell, O., Carpenfelt, C., Samuelsson, P., Antai, I., Andersson, P., Backlund, L., Hellberg, R., Sprängare, D., Candell, O., & Carpenfelt, C. (2025). Defence and Peace Economics Performance constraints in defence industry supply chains : evidence from case studies. Defence and Peace Economics, 36(8), 1078–1113. https://doi.org/10.1080/10242694.2025.2500362
Hermano, V., Martin-Cruz, N., & Pajares, J. (2022). The effect of project management dynamic capabilities on firm performance. Baltic Journal of Management, 17(2), 266–284. https://doi.org/10.1108/BJM-06-2021-0218
Hu, J., Liu, S., Yao, Y., & Zong, Z. (2025). Government Deleveraging and the Reverse Crowding-In Effect: Evidence from Subnational Debt and Government Contractors. Management Science. https://doi.org/10.1287/mnsc.2024.05679
Id, O. P., & Id, C. G. (2025). Impact of geopolitical risks and innovation on global defense stock return. 1–21. https://doi.org/10.1371/journal.pone.0312155
Idayanti, R. (2025). The mediating role of financial performance in the relationship between green accounting , leverage , and firm value in basic materials sector companies listed on Indonesia Sharia Stock Index. 12(1), 31–72.
Lee, J. (2022). Do firms use credit lines to support investment opportunities?: Evidence from success in R&D. Journal of Empirical Finance, 69, 1–14. https://doi.org/https://doi.org/10.1016/j.jempfin.2022.08.001
Liang, X. et al. (2025). Trends in World Military Expenditure, 2024. Stockholm International Peace Research Institute. DOI: https://doi.org/10.55163/AVEC8366. April, 1–12.
Lin, S., Sawani, A., & Wang, C. (2023). Managerial stock ownership, debt covenants, and the cost of debt. Pacific-Basin Finance Journal, 77, 101917. https://doi.org/https://doi.org/10.1016/j.pacfin.2022.101917
Liu, Z., Hu, K., & Hussain, A. (2023). R&D disclosure and corporate innovation: Mediating role of financing structure. Finance Research Letters, 56, 104106. https://doi.org/https://doi.org/10.1016/j.frl.2023.104106
Lubis, R. K., Darmadi, S., Pratiwi, T. A., Falaqia, P., Lutvian, S., Firas, R., Karunia, R., Darmadi, S., Pratiwi, T. A., & Falaqia, P. (2025). Managerial ownership as a corporate governance mechanism in shaping leverage decisions : insights from Indonesia. Cogent Business & Management, 12(1). https://doi.org/10.1080/23311975.2025.2473043
Ma, L., & Zhang, X. (2025). Capital allocation efficiency of SMEs: Global evidence. International Review of Financial Analysis, 107, 104596. https://doi.org/https://doi.org/10.1016/j.irfa.2025.104596
Mabandla, N. Z., & Marozva, G. (2024). The Effect of Earnings Volatility on Capital Structure : A Case of Oligopolistic Banking Sector. 1–17. https://doi.org/10.1177/09721509241301120
Nawaz, M., & Masud, A. K. (2025). Mediating role of research and development and financial leverage on the relationship between corporate board characteristics and dividend payout policy Hussain Tahir Mahfuzur Rahman Md . Harun Ur Rashid *. 15(6).
Nel, G., Jachi, M., & Scholtz, H. (2025). The impact of institutional and managerial ownership on the pay ‑ performance relationship : Evidence from JSE ‑ listed firms. In Journal of Management and Governance (Vol. 29, Issue 4). Springer US. https://doi.org/10.1007/s10997-024-09725-9
Pangaribuan, M. A., Siregar, F. A., Muda, I., Marini, N., & Abdullah, H. (2025). Managerial Ownership ’ s Impact on Tech Firms ’ Financial Distress Risk. 02, 163–174. https://doi.org/10.21070/jbmp.v11i2.2173
Pu, T., & Zulkafli, A. H. (2024). Managerial ownership and corporate innovation : evidence of patenting activity from Chinese listed manufacturing firms. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2289202
Qin, T., & Gong, S. (2024). Corporate credit mismatch, financial leverage and corporate investment efficiency. Finance Research Letters, 68, 105978. https://doi.org/https://doi.org/10.1016/j.frl.2024.105978
Rahmawati, W., Siregar, S. V., Shauki, E. R., & Anggraita, V. (2024). Enterprise risk management and cost of debt : the moderating role of crisis. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2296702
Shakri, I. H., Yong, J., & Xiang, E. (2025). Does capital structure mediate the relationship between corporate governance compliance and fi rm performance ? Empirical evidence from Pakistan. 19(2), 408–428. https://doi.org/10.1108/JABS-08-2023-0315
Shi, H. (2024). Managerial ownership and labor income share. Finance Research Letters, 62, 105183. https://doi.org/https://doi.org/10.1016/j.frl.2024.105183
Sommet, N. (2025). A Primer on Fixed Effects and Fixed-Effects Panel Modeling Using R , Stata , and SPSS. https://doi.org/10.1177/25152459251392843
Torres, P., Silva, P., & Augusto, M. (2024). Equity ownership concentration and firm growth: the moderating role of industry growth. Management Research Review, 47(7), 1096–1111. https://doi.org/10.1108/MRR-03-2023-0165
Wongsinhirun, N., Chatjuthamard, P., Chintrakarn, P., & Jiraporn, P. (2024). Tax avoidance, managerial ownership, and agency conflicts. Finance Research Letters, 61, 104937. https://doi.org/https://doi.org/10.1016/j.frl.2023.104937
Wu, J., Yang, K., & Song, F. (2025). Reconfiguring capital structures through digital R & D : Mechanisms and empirical insights. 104(May).
Xia, J., & Wei, W. (2025). Government procurement and corporate investment: Evidence from China’s A-share listed companies. Economic Modelling, 152, 107271. https://doi.org/https://doi.org/10.1016/j.econmod.2025.107271
Xu, H., Tang, G., & Huang, D. (2026). Executive shareholding, performance evaluation, and innovation investment: an empirical analysis from a governance perspective. Finance Research Letters, 89, 109260. https://doi.org/https://doi.org/10.1016/j.frl.2025.109260
Xu, W., Luo, Z., & Li, D. (2024). Investor–firm interactions and corporate investment efficiency: Evidence from China. Journal of Corporate Finance, 84, 102539. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2024.102539
Yaghoubi, M. (2024). International Review of Financial Analysis Executive characteristics as moderators : Exploring the impact of geopolitical risk on capital structure decisions. International Review of Financial Analysis, 93(March), 103188. https://doi.org/10.1016/j.irfa.2024.103188
Yang, L., & Li, R. (2024). Government procurement and corporate investment efficiency: Evidence from China. Finance Research Letters, 67, 105934. https://doi.org/https://doi.org/10.1016/j.frl.2024.105934
Zakaria, Z., Ismail, M. R., Khovandloo, M., & Arumugam, V. (2025). The Effects of R & D Intensity and Capital Structure on the Growth and Performance of Post-IPO Firms in Malaysia : A Dynamic Panel Data Approach. 10, 727–739.
Zhao, H., Li, R., & Jiao, C. (2025). Executive Equity Incentive , Internal Control and Organizational Resilience. 1–23.
Zubair, S., & Huang, X. (2025a). Debt’s shadow: How leverage weighs down investment. International Review of Economics and Finance, 98(December 2024), 103931. https://doi.org/10.1016/j.iref.2025.103931
Zubair, S., & Huang, X. (2025b). Debt ’ s shadow : How leverage weighs down investment. International Review of Economics and Finance, 98(December 2024), 103931. https://doi.org/10.1016/j.iref.2025.103931
Published
2025-12-29
How to Cite
Azizah , K., Usman, B., & Mustafa, M. (2025). The Effect of Managerial Ownership, Research & Development, Financial Risk, and Investment on Firm Growth: The Mediating Role of Leverage in the Defense Systems Industry in Asia. International Journal of Economics, Business and Innovation Research, 5(01), 468-491. https://doi.org/10.63922/ijebir.v5i01.2739
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