The financing structure of non-listed firms

Hol, Suzan; Wijst, Nico van der
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URI
http://hdl.handle.net/11250/180661
Date
2006
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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
Publisher
Statistics Norway, Research Department
Series
Discussion Papers;No. 468