Artikel
Sources of capital and debt structure in small firms
In this paper we examine the relationship between ownership differences and small firms' financial policies using a survey of U.S. companies. The study finds that financial policies differ according to the type of ownership (private versus public) and by the ownership differences (family-owned, closely-held, or widely-held) within the private firms. The differences are in the ownership concentration, relative importance of various sources of capital, debt characteristics (sources of debt financing, debt maturity, and debt cost). A multiple regression equation estimated in the paper provides evidence relating to cross-sectional variations in debt ratios of small firms. The paper offers information asymmetry, illiquidity, and agency cost explanations for the observed differences in ownership and financial policies of small firms.
- Language
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Englisch
- Bibliographic citation
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Journal: Journal of Entrepreneurial Finance, JEF ; ISSN: 1551-9570 ; Volume: 9 ; Year: 2004 ; Issue: 1 ; Pages: 29-52 ; Montrose, CA: The Academy of Entrepreneurial Finance (AEF)
- Classification
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Management
- Event
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Geistige Schöpfung
- (who)
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Bathala, Chenchuramaiah T.
Bowlin, Oswald D.
Dukes, William P.
- Event
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Veröffentlichung
- (who)
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The Academy of Entrepreneurial Finance (AEF)
- (where)
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Montrose, CA
- (when)
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2004
- Handle
- Last update
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10.03.2025, 11:46 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Bathala, Chenchuramaiah T.
- Bowlin, Oswald D.
- Dukes, William P.
- The Academy of Entrepreneurial Finance (AEF)
Time of origin
- 2004
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