The financial structure of nonlisted firms
This article presents an analysis of how Norwegian nonlisted firms are financed. Using a unique database covering all limited liability firms in Norway, both the size (leverage) and composition (maturity structure) of debt are investigated. The empirical evidence provides support for the effects of taxes, asymmetric information and size suggested in the theoretical literature and rejects the effects of agency costs and the pecking order theory. It also shows that the capital structure choice in these firms is not made in a fundamentally different way than in large firms.
Year of publication: |
2008
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Authors: | Hol, Suzan ; Wijst, Nico Van der |
Published in: |
Applied Financial Economics. - Taylor & Francis Journals, ISSN 0960-3107. - Vol. 18.2008, 7, p. 559-568
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Publisher: |
Taylor & Francis Journals |
Saved in:
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