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Taxes and corporate debt policy: evidence for unlisted firms of sixteen European countries

Taxes and corporate debt policy: evidence for unlisted firms of sixteen European countries

Bartholdy, Jan and Mateus, Cesario (2008) Taxes and corporate debt policy: evidence for unlisted firms of sixteen European countries. Working Paper. Social Science Research Network. (doi:10.2139/ssrn.1098370)

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Abstract

This paper investigates the capital structure choices for a sample of 19,752 unlisted firms for the period 1994-2004 using a rich data set of unlisted Western European firms. It is to the best of our knowledge the first large sample study to examine how a firm's characteristics and institutional factors affect corporate debt policy in small and medium sized enterprises (SMEs). We address the following questions. Is the capital structure of SMEs and large listed firms driven by similar factors? Can the existing knowledge in relation to large listed firms be used to describe SME behaviour? Alternatively, are these types of firm so different that we have to build a new theory to understand their behaviour of SMEs? The results demonstrate that the traditional financing theories, developed to apply to large listed firms, appear to hold for SMEs in an international setting. In addition, country specific factors help to explain leverage choices

Item Type: Monograph (Working Paper)
Additional Information: [1] Paper also presented at Campus for Finance - Research Conference WHU, Vallendar, Germany 16-17 Jan 2008
Uncontrolled Keywords: capital structure, debt, trade-off theory, Western Europe
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Faculty / Department / Research Group: Faculty of Business > Department of Accounting & Finance
Related URLs:
Last Modified: 14 Oct 2016 09:18
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/7313

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