The financing structure of non-listed firms
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Date
2006Metadata
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Abstract
Abstract:
This paper presents an analysis of how Norwegian non-listed firms are financed. Using a unique
database covering all limited liability firms in Norway, both the size (leverage) and composition
(maturity structure) of debt are investigated. The empirical evidence provides support for the effects
of taxes, asymmetric information and size suggested in the theoretical literature, and rejects the
effects of agency costs and the pecking order theory.
Keywords: financing structure; non-listed firms; debt maturity; panel data