Language:

What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance

Financial management, 2013-12, Vol.42 (4), p.777-813 [Peer Reviewed Journal]

Full text available

Citations Cited by

Title:
What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance
Author: Cole, Rebel A.
Subjects: Assets ; Bank assets ; Bank credit ; Bank loans ; Business structures ; Capital structure ; Commercial finance companies ; Corporate finance ; Corporations ; Credit cards ; Decision analysis ; Financial leverage ; Financial management ; Leverage ; Ownership ; Small business ; Small businesses ; Studies ; Surveys ; Trade credit ; Trade-off ; Tradeoff analysis ; U.S.A ; Value
Is Part Of: Financial management, 2013-12, Vol.42 (4), p.777-813
Description: This study examines the capital-structure decisions of privately held US firms using data from four nationally representative surveys conducted from 1987 to 2003. Book-value firm leverage, as measured by either the ratio of total loans to total assets or the ratio of total liabilities to total assets, is negatively related to firm age and minority ownership; and is positively related to industry median leverage, the corporate legal form of organization, and to the number of banking relationships. In general, these results provide mixed support for both the Pecking-Order and Trade-Off theories of capital structure.
Publisher: Tampa: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/fima.12015
Source: Alma/SFX Local Collection

Back to results list


INSPIRE LIBRARY - TON DUC THANG UNIVERSITY	(84-028) 37 755 057	Feedback
19 Nguyen Huu Tho St. Dist.7, HCM	thuvien@tdtu.edu.vn	Feedback

Searching Remote Databases, Please Wait