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The financing structure of non-listed firms

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Author Info
Suzan Hol and Nico van der Wijst () (Statistics Norway)
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.

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Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 468.

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Date of creation: Aug 2006
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Handle: RePEc:ssb:dispap:468

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Related research
Keywords: financing structure; non-listed firms; debt maturity; panel data;

Other versions of this item:

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing

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    Other versions:
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