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Ownership Matters: The Capital Structure of Private Firms

In: International Corporate Governance

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  • William R. McCumber

Abstract

This paper investigates the capital structure of a large sample of U.S. private firms from 2004 to 2013. There is a considerable heterogeneity in private firm capital structure not only in terms of the level of leverage but also with regard to the issuance of specific debt instruments. Leverage, debt type usage, and debt specialization are dynamic and strongly related to observable firm characteristics largely in support of contract theory. Unobservable firm and industry characteristics are strong determinants of leverage levels and debt specialization. Macro credit conditions are not related to private firm leverage but are strong determinants of the degree to which firms diversify their debt capital structures.

Suggested Citation

  • William R. McCumber, 2015. "Ownership Matters: The Capital Structure of Private Firms," Advances in Financial Economics, in: International Corporate Governance, volume 18, pages 207-238, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-373220150000018007
    DOI: 10.1108/S1569-373220150000018007
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    Citations

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    Cited by:

    1. Naheed Rabbani, 2020. "Determinants of Capital Structure: Insights from Japanese Private Firms," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 27(4), pages 587-603, December.

    More about this item

    Keywords

    Private firms; capital structure; debt structure; G32;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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