Determinants of the collateralization of credit by small firms

Heather M. Hulburt · Frederick C. Scherr

15 citations0/0 files storedManagerial and Decision Economics

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Corporate Finance and Governance Banking stability, regulation, efficiency Working Capital and Financial Performance

Abstract

Abstract This study presents results of an empirical investigation of debt collateralization using samples of small firms. We examine the fraction of debt that is collateralized and find substantial support for firm size, firm age, and collateral quality as determinants of collateralization. Our results regarding firm size and age are different from prior research and may stem from basic financial differences between small and large firms. We find mixed support for growth opportunities and taxation and little support for default probability, regulation, and form of legal organization as determinants of collateralization. Copyright © 2003 John Wiley & Sons, Ltd.

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References

1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1977Determinants of corporate borrowing 1994The Benefits of Lending Relationships: Evidence from Small Business Data 1995Relationship Lending and Lines of Credit in Small Firm Finance 1979On financial contracting 1995The Maturity Structure of Corporate Debt 1998The Determinants of Corporate Liquidity: Theory and Evidence 1995Covenants and Collateral as Incentives to Monitor

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