The thesis consists of three empirical essays on corporate finance. In the first essay, we examine the influence of cash flow volatility on firms' use of debt maturity and zero leverage policy in an international context. Using a large international sample, we find that cash flow volatility is positively associated with our debt measure. Flat management structure. The company's growth will result in a shortage of capital needed to finance its extensive operations, which could hamper its development. Expansion of the business will also result in delegation of roles and responsibilities and hence the management of the business will not be able to control the business. Debt Structure: During FY23, i.e. prior to the transaction, Kier's capital structure comprised RCF GBP to approximately GBP and US private placement securities relating to outstanding sterling, both maturing in. The new transaction will allow Kier to refinance existing facilities with an unsecured senior,