Empirical Examination of Sources of Capital and Debt Finance in Small Firms

Topics:
Commercial Lending,
Equity
Tags:
Finance,
Financial,
Financial Accounting
Source:
Cleveland State University

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Overview: This paper examines the relationship between ownership differences and small firms' financial policies using a survey of U.S. companies. It is found that financial policies differ according to the type of ownership (private versus public) and by the ownership differences (family-owned, closely-held, or widely-held) within the private firms. The differences are in the ownership concentration, relative importance of various sources of capital, debt characteristics (sources of debt financing, debt maturity, and debt cost). A multiple regression equation estimated in the paper provides evidence relating to cross-sectional variations in debt ratios of small firms.

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Format: PDF | Size: 241KB | Date: Jan 2003 | Pages: 26

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