Footnote:
In: Financial Management 45 (Winter), 777-813
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 9, 2012 erstellt
Description:
This study establishes a set of stylized facts about the capital-structure decisions of privately held U.S. firms, using data from four nationally representative surveys conducted from 1987-2003. 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. In general, these results provide mixed support for both the Pecking Order and Trade-Off theories of capital structure