The Determinants of Leverage. Differences between Quoted and Non Quoted Firms
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.
Volume (Year): XLIX (2004)
Issue (Month): 4 ()
|Contact details of provider:|| Postal: Naamsestraat 69, 3000 Leuven|
Web page: http://feb.kuleuven.be/rebel
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:ete:revbec:20040403. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (library EBIB)
If references are entirely missing, you can add them using this form.