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

  • F. Schoubben
  • C. Van Hulle
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    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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    File URL: http://www.econ.kuleuven.be/tem/jaargangen/2001-2010/2004/TEM2004-4/TEM_4-04_04_SCHOUBBEN.pdf
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    Article provided by Katholieke Universiteit Leuven, Faculteit Economie en Bedrijfswetenschappen in its journal Review of Business and Economics.

    Volume (Year): XLIX (2004)
    Issue (Month): 4 ()
    Pages: 589-621

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    Handle: RePEc:ete:revbec:20040403
    Contact details of provider: Postal: Naamsestraat 69, 3000 Leuven
    Web page: http://www.econ.kuleuven.be
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