The financing structure of non-listed firms

This paper presents an analysis of how Norwegian non-listed 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.

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Year of publication:	2006-08
Authors:	Hol, Suzan ; Wijst, Nico van der
Institutions:	Statistisk Sentralbyrå, Government of Norway
Subject:	financing structure \| non-listed firms \| debt maturity \| panel data

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Extent:	application/pdf
Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; D92 - Intertemporal Firm Choice and Growth, Investment, or Financing
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004980839