What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance

Material TypeArticleLanguageEnglish
TitleWhat Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance Author(S)Rebel A. Cole (Author)
Abstract  This study examines the capital-structure decisions of privately held US firms using data from four nationally representative surveys conducted from 1987 to 2003. Book-value firm leverage, as measured by either the ratio of total loans to total assets or the ratio of total liabilities to total assets, is negatively related to firm age and minority ownership; and is positively related to industry median leverage, the corporate legal form of organization, and to the number of banking relationships. ...Paginationp 777-814
SubjectManagementDescriptorsFinance
Journal TitleFinancial management  
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