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The Determinants of Leverage. Differences between Quoted and Non Quoted Firms


  • F. Schoubben
  • C. Van Hulle


The design of capital structure in quoted companies has received much attention in the academic literature. Using panel data from quoted as well as non quoted Belgian companies, this paper investigates not only the determinants of capital structure, but also the influence of a stock listing on the relationship between these determinants and leverage. Overall our empirical results are in line with previous studies and support mainly the Pecking Order theory. Also in line with the predictions of the Pecking Order theory, quoted companies are less levered, even when controlling for other determinants of capital structure. Furthermore we find that the determinants of capital structure differ to some extend between quoted and non quoted companies.

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  • F. Schoubben & C. Van Hulle, 2004. "The Determinants of Leverage. Differences between Quoted and Non Quoted Firms," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business, Review of Business and Economic Literature, vol. 0(4), pages 589-621.
  • Handle: RePEc:ete:revbec:20040403

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    1. Bovenberg, A. Lans & Graafland, Johan J. & de Mooij, Ruud A., 2000. "Tax reform and the Dutch labor market: an applied general equilibrium approach," Journal of Public Economics, Elsevier, vol. 78(1-2), pages 193-214, October.
    2. Donders, Jan & Graafland, Johan, 1998. "CPB models and employment policy in the Netherlands," Economic Modelling, Elsevier, vol. 15(3), pages 341-356, July.
    3. Graafland, J.J. & Huizinga, F.H., 1998. "Taxes and benefits in a non-linear wage equation," MPRA Paper 21076, University Library of Munich, Germany.
    4. Draper, D.A.G., 2000. "Towards an econometric model for the Netherlands : Explaining unemployment," Other publications TiSEM 8d6f0572-d552-4ca2-9df3-6, Tilburg University, School of Economics and Management.
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