What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance

Rebel A. Cole

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

This study examines the capital‐structure decisions of privately held US firms using data from four nationally representative surveys conducted from 1987 to 2003. Book‐value firm leverage, as measured by either the ratio of total loans to total assets or the ratio of total liabilities to total assets, is negatively related to firm age and minority ownership; and is positively related to industry median leverage, the corporate legal form of organization, and to the number of banking relationships. In general, these results provide mixed support for both the Pecking‐Order and Trade‐Off theories of capital structure.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment 1984The Capital Structure Puzzle 1995What Do We Know about Capital Structure? Some Evidence from International Data 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 1997Industry costs of equity 1994The Benefits of Lending Relationships: Evidence from Small Business Data

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