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Capital Structure Decisions in Small and Large Firms: A Life-cycle Theory of Financing

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  • Zsuzsanna Fluck

Abstract

This paper focuses on the dynamic capital structure of firms: Why firms choose very different capital structure in different stages of their life-cycles? In a model of optimal financial contracting, we investigate whether subsequent financing decisions

Suggested Citation

  • Zsuzsanna Fluck, 1999. "Capital Structure Decisions in Small and Large Firms: A Life-cycle Theory of Financing," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-069, New York University, Leonard N. Stern School of Business-.
  • Handle: RePEc:fth:nystfi:99-069
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    File URL: http://www.stern.nyu.edu/fin/workpapers/papers99/wpa99069.pdf
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    References listed on IDEAS

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    1. Patrick Bolton & Ernst-Ludwig von Thadden, 1998. "Blocks, Liquidity, and Corporate Control," Journal of Finance, American Finance Association, vol. 53(1), pages 1-25, February.
    2. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    3. Gompers, Paul A, 1995. " Optimal Investment, Monitoring, and the Staging of Venture Capital," Journal of Finance, American Finance Association, vol. 50(5), pages 1461-1489, December.
    4. Steven N. Kaplan & Per Strömberg, 2003. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," Review of Economic Studies, Oxford University Press, vol. 70(2), pages 281-315.
    5. Hayne E. Leland, 1998. "Agency Costs, Risk Management, and Capital Structure," Journal of Finance, American Finance Association, vol. 53(4), pages 1213-1243, August.
    6. Dybvig, Philip H & Zender, Jaime F, 1991. "Capital Structure and Dividend Irrelevance with Asymmetric Information," Review of Financial Studies, Society for Financial Studies, vol. 4(1), pages 201-219.
    7. Harris, Milton & Raviv, Artur, 1989. "The design of securities," Journal of Financial Economics, Elsevier, vol. 24(2), pages 255-287.
    8. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    9. Zwiebel, Jeffrey, 1996. "Dynamic Capital Structure under Managerial Entrenchment," American Economic Review, American Economic Association, vol. 86(5), pages 1197-1215, December.
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    Cited by:

    1. Huang, Ying Sophie & Wang, Chia-Jane, 2015. "Corporate governance and risk-taking of Chinese firms: The role of board size," International Review of Economics & Finance, Elsevier, vol. 37(C), pages 96-113.
    2. repec:spr:grdene:v:22:y:2013:i:6:d:10.1007_s10726-012-9308-4 is not listed on IDEAS
    3. Anjali Kumar & Manuela Francisco, 2005. "Enterprise Size, Financing Patterns, and Credit Constraints in Brazil : Analysis of Data from the Investment Climate Assessment Survey," World Bank Publications, The World Bank, number 7330.

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