Vos, Ed; Forlong, Carolyn - In: Journal of Entrepreneurial and Small Business Finance 5 (1996) 3, pp. 193-211
. From these studies, agency theory has emerged as a good way to understand a firm's capital structure. This paper … empirically examines the role that agency theory plays in determining the capital structure of businesses as they move from being … debt has a negative agency advantage (defined as reducing agency costs of equity) for small businesses, a significant but …