The financing structure of non-listed firms
The financing structure of non-listed firms
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
- Statistics Norway Norway
Financing policy, JEL classification: G32, ddc:330, Norway, financing structure, debt maturity, Debt maturity, D92, panel data, non-listed firms, Non-listed firms, financing structure; non-listed firms; debt maturity; panel data, VDP::Social science: 200::Economics: 210::Economics: 212, G32, JEL classification: D92, jel: jel:D92, jel: jel:G32
Financing policy, JEL classification: G32, ddc:330, Norway, financing structure, debt maturity, Debt maturity, D92, panel data, non-listed firms, Non-listed firms, financing structure; non-listed firms; debt maturity; panel data, VDP::Social science: 200::Economics: 210::Economics: 212, G32, JEL classification: D92, jel: jel:D92, jel: jel:G32
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