haku: @author Huyghebaert, N. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Huyghebaert, N. Gucht, L.M. van de |
| Otsikko: | The determinants of financial structure: new insights from business start-ups |
| Lehti: | European Financial Management
2007 : JAN, VOL. 13:1, p. 101-133 |
| Asiasana: | financial structure capital structure of companies information new enterprise entrepreneurship small business |
| Kieli: | eng |
| Tiivistelmä: | Business start-ups lack prior history and reputation, face high failure risk, and have highly concentrated ownership. As a result, financing decisions are affected by information and incentive problems. This paper deals simultaneously with the impact of these issues on leverage, debt mix and maturity. It is found that start-ups with high adverse selection and risk shifting problems contract less bank debt, compensating with other sources of debt. Start-ups in growing industries have lower leverage, but raise more bank debt etc. |
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