Research on firm capital structure and macroeconomic conditions has gained momentum in recent years, particularly following the 2007-2008 global financial crisis. Similarly, the recent macroeconomic downturn due to the COVID-19 pandemic and the subsequent corporate liquidity problems highlight the importance of a comprehensive analysis of corporate financing issues under different macroeconomic conditions. However, what do we know about the relationship between firm capital structure and macroeconomic events? This paper aims to answer this question via a systematic literature review (SLR) to highlight the key contributors, the key areas of investigation and the main results in the literature and to ultimately suggest a future research agenda for the field. Based on a comprehensive sample of 156 articles published from 1992 to 2020 and retrieved from the Web of Science (WoS) database, we apply an SLR and a bibliometric analysis to investigate the main characteristics of the literature on the relationship between firm capital structure and different macroeconomic states. Specifically, we highlight the evolution of this path of research over the years and the most influential authors, types of publications, and journals. Moreover, we identify the main research areas in the field. The first area of research focuses on the adjustment of the debt/equity level under different macroeconomic conditions. The determinants of firm capital structure in different macroeconomic states represent the second area of research. The main research gaps and the future research agenda are also discussed.
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