debt is prevalent among start-up firms in transportation and utilities than those in other industries. When debt obtained …, studies of small firms have been somewhat less common, and investigation of capital structure at origin (start-up) has been … virtually nil. In this paper we present empirical evidence concerning the start-up capital structures of small firms. We base …

this effect. It is shown that this entails financing high quality ventures with debt and low quality ventures with equity … provided by the entrepreneur and the quality of the business venture. External financing induces the effort-averse entrepreneur …. This explains the predominance of debt in the capital structures of small firms. …

compared to traditional sources of financing when bootstrap financing comprised at least 60% of the total start-up capital. No …This study examines the use of bootstrap financing for a sample of 78 firms in a Midwestern state. The results show … that traditional sources of capital accounted for 65% of the firms' start-up capital and 35% of the start-up capital was …

to cases of pre-venture-capital start-up firms, along with the practical implications that would follow, efforts are made …

activity due to either debt or equity gaps. However, in terms of externally supplied finance, it is arguably the availability … of debt which is of greatest signifi­cance to most entrepreneurs. Given the inevitable information problems associated … with the provision of debt finance, the nature of the relationship between bank and entrepreneur can be of considerable …