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The financing structure of non-listed firms

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Abstract

This paper presents an analysis of how Norwegian non-listed firms are financed. Using a unique database covering all limited liability firms in Norway, both the size (leverage) and composition (maturity structure) of debt are investigated. The empirical evidence provides support for the effects of taxes, asymmetric information and size suggested in the theoretical literature, and rejects the effects of agency costs and the pecking order theory.

Suggested Citation

  • Suzan Hol & Nico van der Wijst, 2006. "The financing structure of non-listed firms," Discussion Papers 468, Statistics Norway, Research Department.
  • Handle: RePEc:ssb:dispap:468
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    File URL: https://www.ssb.no/a/publikasjoner/pdf/DP/dp468.pdf
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    Cited by:

    1. Erdinc Karadeniz & Serkan Yilmaz Kandir & Omer Iskenderoglu & Yildirim Beyazit Onal, 2011. "Firm Size and Capital Structure Decisions: Evidence From Turkish Lodging Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 1(1), pages 1-11.

    More about this item

    Keywords

    financing structure; non-listed firms; debt maturity; panel data;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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