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This study analyzes the impact of tax avoidance and institutional ownership on the business leverage ratio. Businesses evade taxes to gain the benefits of increasing current profits and reducing their dependence on external funding. A review of capital structure theory, the trade-off theory of capital structure, the pecking order theory, and studies around the world initially show the impact of the correlation between tax avoidance and institutional ownership on business borrowing and solvency.doi:10.14254/1800-5845/2021.17-4.6 fatcat:vxq3eur7lvbirjudznldglhnei