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Also for companies in default, Size, Cash, and Pledgeable Assets have a significant positive effect on the level of bank loans, whereas Leverage has a significant negative effect.
Higher productivity raises the value of pledgeable assets, thus softening credit constraints and leverage.
He develops an economic analysis of the concept of shareholder value and gives three arguments in favor of shareholder value: 1) it makes up for the dearth of pledgeable income, 2) it provides managers with a clear mission, and 3) it facilitates decision making.
14) I assume that the pledgeable revenue is enough to ensure positive pledgeable profits to lenders.