Hyytinen, Ari; Pajarinen, Mika - 2002
-sized enterprises (SMEs) in private equity and debt markets in Finland. We find that the three most important sources of funds are the … account for about 2/3 of total debt and equity. The Finnish SMEs run a debt ratio of 54%, but it is lower for small than for … large SMEs. The debt ratio also varies non-monotonically with the age of firms. Overall, the capital structure of the …