The study looked at how a company's efficiency affects its decisions on borrowing money. They focused on big manufacturing countries like China, Germany, India, and Japan. The research found that companies that are good at using resources efficiently tend to rely more on short-term loans and less on long-term loans. Efficient companies can make more money and have more short-term funding options. But they don't need to borrow as much in the long term. Also, having a lot of money on hand can change how efficient companies borrow money in the long term. So, a company's efficiency can influence how it decides to borrow money.