The study looked at what factors influence how companies in Thailand decide to borrow money. They found that taxes, signals to investors, and costs related to managing the company all affect these decisions. The type of ownership also plays a role, with family-owned companies tending to have more debt. When managers own shares in the company, it usually leads to more borrowing, but only in family-owned companies. And when big shareholders are involved, they tend to keep the company from borrowing too much, possibly to keep an eye on how the company is run.