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《Capital Structure Decisions During a Firm's Life Cycle》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、SmallBusEcon(2011)37:107–130DOI10.1007/s11187-009-9229-zCapitalStructureDecisionsDuringaFirmsLifeCycleMaurizioLaRocca?TizianaLaRocca?Al?oCariolaAccepted:16July2009/Publishedonline:25August2009óSpringerScience+BusinessMedia,LLC.2009AbstractThestudyreportedhereexam
2、inestheKeywordsCapitalstructure?nancingchoicesofsmallandmedium-sized?rms,FinancialgrowthcycleFinancingdecisionsi.e.,thosemostvulnerabletoinformationandincen-Smallandmedium-sized?rmsSourceof?nancetiveproblems,throughthelensofthebusinesslifecycle.Wearguethatthe
3、controversyintheempiricalJELClassi?cationsG30G32literatureregardingthedeterminantsofcapitalstruc-turedecisionsisbasedonafailuretotakeintoaccountthedifferentdegreesofinformationopacity,and,consequently,?rms’characteristicsandneedsatspeci?cstagesoftheirlifecycles.
4、Theresultsshow1Introductionthat,inabank-orientedcountry,?rmstendtoadoptspeci?c?nancingstrategiesandadifferenthierarchyAnanalysisoftheinternationalliteratureoncapitalof?nancialdecision-makingastheyprogressthroughstructure,asoneofthemainelementsindeterminingthephas
5、esoftheirbusinesslifecycle.Contrarytovalue,showsthataprincipalresearchpriorityistheconventionalwisdom,debtisshowntobefunda-attempttoapplycapitalstructuretheorytosmallmentaltobusinessactivitiesintheearlystages,?rms(BergerandUdell1998;Michaelasetal.1999;1representi
6、ngthe?rstchoice.Bycontrast,intheRomanoetal.2001;Gregoryetal.2005).Smallandmaturitystage,?rmsre-balancetheircapitalstruc-medium-sized?rmsplayanessentialroleintheture,graduallysubstitutingdebtforinternalcapital,Europeaneconomy.Theyaccountformorethan95%andfor?rmstha
7、thaveconsolidatedtheirbusiness,ofthetotalnumberofoperating?rmsandforaroundthepecking-ordertheoryshowsahighdegreeoftwo-thirdsofjobsandhalfoftheturnoverinthenon-application.This?nanciallife-cyclepatternseemstoagriculturalbusinesssector(EuropeanCommissionbehomogeneo
8、usfordifferentindustriesandconsis-andEurostat2001).Giventheireconomicrelevance,tentovertime.theroleofsmallandmedium-sized?rmsandtheirabilitytogrowandbesuccessf
