This article examines theories of capital structure pertaining to small firms and looks at the capital structure of small to mid-sized manufacturing firms within the context of those theories. Results provide support for Leland and Pyle’s (1977) Signaling Theory, Myers' (1984) Pecking Order...

Purpose – The purpose of this paper is to explore the extent to which various theories of capital structure “fit” in the case of new technology‐based firms. Design/methodology/approach – This study uses data from the Kauffman Firm Survey, a longitudinal data set of over 4,000 firms in...