Bibliographic record
Abstract
This study identified the reasons behind the discrepancies in the result from the past empirical studies about the effect of leverage on the firm value. Most importantly, by using the Malmquist productivity change index and its components as the proxy for corporate performance, the effect of leverage on corporate performance and the effect of corporate performance on leverage are identified. The results reveal that leverage no not affect the Malmquist productivity change index but the micro analysis shows that leverage defined in total debts to total assets affects technical change significantly but do not affects efficiency change. The reserve causality tests show that the Malmquist productivity change index and its component do not affect leverage. Hence it is proved that leverage do not improve the corporate performance.
Stored with the screening record, where it is evidence for the labels above.
How this classification was reachedexpand
The three-model screen
all 5,600 screened works →All three models called this out of scope.
Corporate finance study of leverage and firm productivity; although motivated by discrepancies across prior studies, it answers the finance question itself rather than studying the literature.
The study examines corporate leverage and firm performance, not research itself.
Corporate-finance study of leverage and firm performance; object is firm value, not science.
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.009 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.007 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".