Degryse, Hans; de Goeij, Peter; Kappert, P. - Tilburg University, Center for Economic Research - 2009
We investigate small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. We find that the capital structure decision of Dutch SMEs is consistent with the pecking order theory: SMEs use...
