Financial Structure in Small Business: Theory, Tests and Applications

ISBN-13: 9783540505747 / Angielski / Miękka / 1988 / 181 str.

Dominicus Van Der Wijst

Opis

46 4. 2 Assumptions and definitions 48 4. 3 Single period models 4. 3. 1 Introduction: the MM-position 48 4. 3. 2 The effect of risk of default and limited liability 50 53 4. 3. 3 The effect of bankruptcy costs 4. 3. 4 The effect of agency costs 58 4. 3. 5 The effect of informational differences 60 4. 4 Multi-period models 63 4. 4. 1 Introduction: additional assumptions and redefinitions 63 65 4. 4. 2 The MM-position 67 4. 4. 3 The effect of limited liability and the risk of default 4. 4. 4 The effect of bankruptcy costs 70 4. 4. 5 The Scott model 72 4. 4. 6 Some extensions of the Scott model 76 4. 5 Conclusions 79 Appendix to chapter 4 82 83 5 Determinants from the practice of small business finance 83 5. 1 Introduction and overview 5. 2 Determinants related to the firm's internal characteristics 85 5. 3 Determinants related to the firm's external relationships 91 6 A comparison and evaluation of both sources 94 6. 1 Comparison and evaluation 94 6. 2 Summary and empirical implications 98 PART III : EMPIRICAL ANALYSES IN SMALL BUSINESS 7 Analyses of samples of individual firms 103 7. 1 Introduction 103 7. 2 Data 104 7. 3 Hypotheses and variables 107 7. 4 Specification and estimation results 113 IV 8 Analyses of industry averages in retailing 131 8. 1 Introduction 131 8. 2 Data 132 8.

Spis treści

I: Introduction.- 1 Aim and outline of the study.- 1.1 Purpose and motivation.- 1.2 Scope and methodology.- 1.3 Organization of the study.- 2 Small businesses characteristics.- 2.1 Introduction.- 2.2 Some definitions.- 2.3 Importance.- 2.4 Financial characteristics.- 2.4.1 Introduction.- 2.4.2 Some empirical studies.- 2.4.3 The small firm effect 19.- 2.4.4 The small firm’s capital markets 20.- 2.4.5 Conclusions.- II: Inventory Of Financial Structure Determinants.- 3 Determinants from the theory of finance.- 3.1 Introduction and overview 29.- 3.2 Determinants.- 3.2.1 Taxes and bankruptcy costs.- 3.2.2 Agency costs and signalling effects.- 3.3 Empirical implications.- 3.3.1 Implications pertaining to the firm’s assets.- 3.3.2 Implications pertaining to the firm’s earnings.- 3.3.3 Implications pertaining to the firm’s ownership structure.- 4 Models of capital structure choice.- 4.1 Introduction.- 4.2 Assumptions and definitions.- 4.3 Single period models.- 4.3.1 Introduction: the MM-position.- 4.3.2 The effect of risk of default and limited liability.- 4.3.3 The effect of bankruptcy costs.- 4.3.4 The effect of agency costs.- 4.3.5 The effect of informational differences.- 4.4 Multi-period models.- 4.4.1 Introduction: additional assumptions and redefinitions.- 4.4.2 The MM-position.- 4.4.3 The effect of limited liability and the risk of default.- 4.4.4 The effect of bankruptcy costs 70.- 4.4.5 The Scott model.- 4.4.6 Some extensions of the Scott model.- 4.5 Conclusions.- Appendix to chapter 4.- 5 Determinants from the practice of small business finance.- 5.1 Introduction and overview 83.- 5.2 Determinants related to the firm’s internal characteristics.- 5.3 Determinants related to the firm’s external relationships.- 6 A comparison and evaluation of both sources.- 6.1 Comparison and evaluation.- 6.2 Summary and empirical implications.- III: Empirical Analyses In Small Business.- 7 Analyses of samples of individual firms.- 7.1 Introduction.- 7.2 Data.- 7.3 Hypotheses and variables.- 7.4 Specification and estimation results.- 8 Analyses of industry averages in retailing.- 8.1 Introduction.- 8.2 Data.- 8.3 Analysis of financial structure.- 8.3.1 Hypotheses and variables.- 8.3.2 Specification and estimation results.- 8.4 Analysis of changes in financial structure.- 8.4.1 Hypotheses and variables.- 8.4.2 Specification and estimation results.- IV: Applications And Conclusions.- 9 Applications.- 9.1 Introduction.- 9.2 Modelling interfirm comparisons.- Appendix to chapter 9.- 10 Summary and conclusions.- — References.- — Author index.- — Subject index.