The study looked at why companies decide to borrow money and how their financial decisions change over time. They found that companies mainly borrow money to invest in their business, not to give money to shareholders. Companies often take on more debt when they don't have enough cash, even if they already have a lot of debt. And when they have extra money, they use it to pay off debt, even if they don't have much debt. This shows that having the option to borrow money when needed is important for companies, and they use this flexibility to make smart financial choices.