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A Probit Analysis of the Changes in the Financial Characteristics of Newly Quoted Small Firms, 1970-73 and 1980-83

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  • Hall, Graham C
  • Hutchinson, Patrick J

Abstract

An important reason for the establishment of the U.K. Unlisted Securities Market was to provide capital for promising small firms. This paper makes two comparisons: (1) between selected financial characteristics of a sample of small firms that took advantage of this opportunity and a sample of firms that did not; and (2) between any differences in these characteristics and those between a sample of small firms that were floated on the Stock Market between 1970-73 and a sample of small firms that remained unfloated. Probit was employed. The results suggest floated firms were on average more profitable and faster growing, though with the latter relationship not particularly strong. There was little significant difference in gearing or liquidity. The owners of floated firms were prepared to take less remuneration than average during the 1970s but not during the 1980s. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Hall, Graham C & Hutchinson, Patrick J, 1993. "A Probit Analysis of the Changes in the Financial Characteristics of Newly Quoted Small Firms, 1970-73 and 1980-83," Small Business Economics, Springer, vol. 5(3), pages 207-214, September.
    • Handle: RePEc:kap:sbusec:v:5:y:1993:i:3:p:207-14
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    Cited by:

    1. Julio Pindado & Luis Rodrigues & Chabela Torre, 2006. "How does Financial Distress Affect Small Firms’ Financial Structure?," Small Business Economics, Springer, vol. 26(4), pages 377-391, May.

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