In particular, firms have boosted their liquidity by extending debt maturities, replacing shorter-term debt with longer-term debt; at the same time, they have reduced total leverage. Many firms retired debt using proceeds from equity offerings, asset sales, or mounting profits.
We know that factors such as size, the lack of domestic competition and access to finance can retard the pace at which productivity enhancing measures are introduced. However, while  BIS Review 20/2010  1  these factors may seem to be a disincentive to change, we must not resile from our commitment to pursue productivity enhancements.