Leverage, Ownership, and Performance: A Systematic Review

Abstract

The aim of our systematic review is to explore the interactions between capital structure, ownership structure, and corporate performance. Conducted in accordance with the PRISMA 2020 (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) statement, it covers the period from 2006 to 2025 and is based on 38 articles published in academic journals on finance, economics, management, and governance. Overall, the literature converges toward an integrated framework where capital structure, ownership, and performance co-evolve as components of corporate governance. The analysis highlights several avenues for further research such as the integration of new dimensions (macro-financial risk, behavioral factors, and ESG criteria) in order to better understand the dynamics between financing, shareholding structure, and performance.