DETERMINANTS OF SMALL FIRM DEBT RATIOS - AN ANALYSIS OF RETAIL PANEL DATA

被引：85

作者：

VANDERWIJST, N

THURIK, R

机构：

[1] Department of Fundamental Research, Research Institute for Small and Medium-Sized Business in the Netherlands, AA Zoetermeer, NL-2701

来源：

SMALL BUSINESS ECONOMICS | 1993年 / 5卷 / 01期

基金：

中国国家自然科学基金;

关键词：

D O I：

10.1007/BF01539318

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, the relevance of some debt ratio determinants from the recent theory of finance is empirically investigated in a small business sector. The data used in this study consist of average financial data of 27 shoptypes in 20 different years, covering a period of 24 years. The panel character of the data facilitates the use of analytical techniques aimed at reducing or avoiding the biasing effect of omitted variables on the outcomes. The main conclusion is, that the theoretical determinants appear indeed to be relevant for the small business sector investigated here, but the influences encountered in the analyses are far less straight-forward than the hypothesized effects in the theory. Influences on total debt are frequently found to be the net effects of opposite influences on long and short term debt and some variables show large time and industry specific effects. Further, distinct patterns in the time specific effects were found.

引用

页码：55 / 65

页数：11