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Incremental financing decisions in high growth companies: pecking order and debt capacity considerations

Vanacker, T.; Manigart, S. - Vlerick Business School - 2007

This paper researches the determinants of incremental financing decisions made by high growth companies. For this … purpose, we use a longitudinal dataset, free of survivorship bias, covering the financing events of high growth companies for … failure and significant investments in intangible assets. As a result, findings suggest that high growth companies do not …

Persistent link: https://www.econbiz.de/10005243381

Pecking order and debt capacity considerations for high-growth companies seeking financing

Vanacker, Tom; Manigart, Sophie - In: Small Business Economics 35 (2010) 1, pp. 53-69

Persistent link: https://www.econbiz.de/10008526662

Recentrage stratégique et politique de financement:le cas des firmes cotées en Europe (1987-2003)

Palard, Jean-Étienne - In: Revue Finance Contrôle Stratégie 10 (2007) 3, pp. 111-137

(VF)La transformation du périmètre d’activité des groupes, caractérisée depuis vingt ans par un mouvement en faveur du recentrage stratégique, a-t-elle contribué à modifier leur politique de financement? Cet article vise à analyser et à tester l’influence de la diversité...

Persistent link: https://www.econbiz.de/10005111183

Leasing, Ability to Repossess, and Debt Capacity

Rampini, Adriano; Eisfeldt, Andrea - Census Bureau, Department of Commerce - 2007

This paper studies the financing role of leasing and secured lending. We argue that the benefit of leasing is that repossession of a leased asset is easier than foreclosure on the collateral of a secured loan, which implies that leasing has higher debt capacity than secured lending. However,...

Persistent link: https://www.econbiz.de/10005058642

R&D Intensity and Financing Decisions: Evidence from European Firms

ELKEMALI, Taoufik; BEN REJEB, Aymen; MATOUSSI, Hamadi - Volkswirtschaftliche Fakultät, … - 2013

-redeployable asset with higher premium risk. Second, it generates stronger growth opportunities and, third, represents a major …

Persistent link: https://www.econbiz.de/10011260341

Firm-level determinants and impacts of finance-seeking behaviour and outcomes for small and medium-sized enterprises (SMEs) in Australia

Xiang, Dong; Worthington, Andrew C.; Higgs, Helen - Department of Accounting, Finance and Economics, … - 2011

Persistent link: https://www.econbiz.de/10009351478

Is the Stability of Leverage Ratios Determined by the Stability of the Economy?

Shamshur, Anastasiya - Center for Economic Research and Graduate Education and … - 2009

The choice of capital structure by firms is a fundamental issue in financial literature. According to a recent finding, the capital structure of firms remains almost unchanged during their lives meaning that leverage ratios are significantly stable over time. The stability of leverage ratios is...

Persistent link: https://www.econbiz.de/10008536801

Family Control and Financing Decisions

Crocia, Ettore; Doukas, John A.; Gonenc, Halit - İktisat Bölümü, İktisadi ve İdari Bilimler Fakültesi - 2010

Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms, using a comprehensive sample of 777 large...

Persistent link: https://www.econbiz.de/10008543441

The mystery of zero-leverage firms

Strebulaev, Ilya A.; Yang, Baozhong - In: Journal of Financial Economics 109 (2013) 1, pp. 1-23

We present the puzzling evidence that, from 1962 to 2009, an average 10.2% of large public nonfinancial US firms have zero debt and almost 22% have less than 5% book leverage ratio. Zero-leverage behavior is a persistent phenomenon. Dividend-paying zero-leverage firms pay substantially higher...

Persistent link: https://www.econbiz.de/10010665554

A stubborn persistence: Is the stability of leverage ratios determined by the stability of the economy?

Hanousek, Jan; Shamshur, Anastasiya - In: Journal of Corporate Finance 17 (2011) 5, pp. 1360-1376

The choice of capital structure firms make is a fundamental issue in the financial literature. According to a recent finding, the capital structure of firms remains almost unchanged during their lives. This stability of leverage ratios is mainly generated by an unobserved firm-specific effect...

Persistent link: https://www.econbiz.de/10010574245

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