Rajan and Zingales $(1995)$ find empirical evidence that, overall, $(1)$ larger firms have a higher debt ratio than smaller firms; $(2)$ firms with high amounts of tangible $($i$.$e$.,$ fixed$)$ assets have a higher debt ratio than firms with low tangible assets: $(3)$ firms with high market$-$to$-$book ratios $($MV$/$BV ratio, i$.$e$.,$ ratio of the market value of a firm divided the book value of total assets$)$ have a lower debt ratio than firms with low MV$/$BV ratios; $(4)$ highly profitable firms have a lower debt ratio than less profitable firms.

For each of these four $(4)$ findings, explain it with the appropriate capital structure theory. If any of the findings is inconsistent with the capital structure theory, state the expected finding.