메뉴 건너뛰기




Volumn 37, Issue 1, 2011, Pages 107-130

Capital Structure Decisions During a Firm's Life Cycle

Author keywords

Capital structure; Financial growth cycle; Financing decisions; Small and medium sized firms; Source of finance

Indexed keywords


EID: 79958081638     PISSN: 0921898X     EISSN: 15730913     Source Type: Journal    
DOI: 10.1007/s11187-009-9229-z     Document Type: Article
Times cited : (178)

References (78)
  • 1
    • 0000580352 scopus 로고    scopus 로고
    • A "Possibilist" approach to local financial systems and regional development: The Italian experience
    • R. Martin (Ed.), New York: Wiley
    • Alessandrini, P., & Zazzaro, A. (1999). A "Possibilist" approach to local financial systems and regional development: The Italian experience. In R. Martin (Ed.), Money and the space economy. New York: Wiley.
    • (1999) Money and the Space Economy
    • Alessandrini, P.1    Zazzaro, A.2
  • 2
    • 0001349954 scopus 로고
    • On the theory of finance for privately held firms
    • Ang, J. (1992). On the theory of finance for privately held firms. Journal of Small Business Finance, 1(1), 1-13.
    • (1992) Journal of Small Business Finance , vol.1 , Issue.1 , pp. 1-13
    • Ang, J.1
  • 5
    • 12444264829 scopus 로고    scopus 로고
    • Financial and legal constraints to firm growth: Does size matter?
    • Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to firm growth: Does size matter? Journal of Finance, 60(1), 137-177.
    • (2005) Journal of Finance , vol.60 , Issue.1 , pp. 137-177
    • Beck, T.1    Demirgüç-Kunt, A.2    Maksimovic, V.3
  • 6
    • 0038127300 scopus 로고
    • Relationship lending and lines of credit in small firm finance
    • Berger, A., & Udell, G. (1995). Relationship lending and lines of credit in small firm finance. Journal of Business, 68(3), 351-382.
    • (1995) Journal of Business , vol.68 , Issue.3 , pp. 351-382
    • Berger, A.1    Udell, G.2
  • 7
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
    • Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6/8), 613-673.
    • (1998) Journal of Banking & Finance , vol.22 , Issue.6-8 , pp. 613-673
    • Berger, A.1    Udell, G.2
  • 8
    • 18144391940 scopus 로고    scopus 로고
    • Courts and banks: Effect of judicial enforcement on credit markets
    • Bianco, M., Japelli, T., & Pagano, M. (2005). Courts and banks: Effect of judicial enforcement on credit markets. Journal of Money Credit and Banking, 37(2), 223-244.
    • (2005) Journal of Money Credit and Banking , vol.37 , Issue.2 , pp. 223-244
    • Bianco, M.1    Japelli, T.2    Pagano, M.3
  • 10
    • 0011995243 scopus 로고    scopus 로고
    • Capital structures in developing countries
    • Booth, L., Aivazian, V., & Demirguc-Kunt, A. (2001). Capital structures in developing countries. Journal of Finance, 56(1), 87-130.
    • (2001) Journal of Finance , vol.56 , Issue.1 , pp. 87-130
    • Booth, L.1    Aivazian, V.2    Demirguc-Kunt, A.3
  • 11
    • 84939793498 scopus 로고
    • On the existence of an optimal capital structure: Theory and evidence
    • Bradley, M., Jarrell, G., & Kim, H. (1984). On the existence of an optimal capital structure: Theory and evidence. Journal of Finance, 39(4), 857-878.
    • (1984) Journal of Finance , vol.39 , Issue.4 , pp. 857-878
    • Bradley, M.1    Jarrell, G.2    Kim, H.3
  • 12
    • 0039199812 scopus 로고    scopus 로고
    • How are small firms financed? Evidence from small business investment companies
    • Brewer, E., I. I. I., Genay, H., Jackson, W., & Worthington, P. (1996). How are small firms financed? Evidence from small business investment companies. Economic Perspectives, 20(6), 1-18.
    • (1996) Economic Perspectives , vol.20 , Issue.6 , pp. 1-18
    • Brewer III, E.1    Genay, H.2    Jackson, W.3    Worthington, P.4
  • 14
    • 18744386379 scopus 로고    scopus 로고
    • Is the growth of small firms constrained by internal finance
    • Carpenter, R., & Petersen, B. (2002). Is the growth of small firms constrained by internal finance. Review of Economics and Statistics, 84(2), 298-309.
    • (2002) Review of Economics and Statistics , vol.84 , Issue.2 , pp. 298-309
    • Carpenter, R.1    Petersen, B.2
  • 15
    • 4043131427 scopus 로고    scopus 로고
    • Capital structure and financing of SMEs: Australian evidence
    • Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting and Finance, 43(2), 123-147.
    • (2003) Accounting and Finance , vol.43 , Issue.2 , pp. 123-147
    • Cassar, G.1    Holmes, S.2
  • 16
    • 33845570092 scopus 로고    scopus 로고
    • Investor protection and capital structure: International evidence
    • Cheng, S., & Shiu, C. (2007). Investor protection and capital structure: International evidence. Journal of Multinational Financial Management, 17(1), 30-44.
    • (2007) Journal of Multinational Financial Management , vol.17 , Issue.1 , pp. 30-44
    • Cheng, S.1    Shiu, C.2
  • 17
    • 21344473964 scopus 로고    scopus 로고
    • Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigation
    • Chittenden, F., Hall, G., & Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigation. Small Business Economics, 8(1), 59-67.
    • (1996) Small Business Economics , vol.8 , Issue.1 , pp. 59-67
    • Chittenden, F.1    Hall, G.2    Hutchinson, P.3
  • 19
    • 0042371919 scopus 로고    scopus 로고
    • Determinants of capital structure: New evidence from Spanish panel data
    • De Miguel, A., & Pindado, J. (2001). Determinants of capital structure: New evidence from Spanish panel data. Journal of Corporate Finance, 7(1), 77-99.
    • (2001) Journal of Corporate Finance , vol.7 , Issue.1 , pp. 77-99
    • de Miguel, A.1    Pindado, J.2
  • 20
    • 0030481223 scopus 로고    scopus 로고
    • Stock market development and financing choices of firms
    • Demirgüç-Kunt, A., & Maksimovic, V. (1996). Stock market development and financing choices of firms. World Bank Economic Review, 10(2), 341-370.
    • (1996) World Bank Economic Review , vol.10 , Issue.2 , pp. 341-370
    • Demirgüç-Kunt, A.1    Maksimovic, V.2
  • 22
    • 47749120440 scopus 로고
    • Financial intermediation and delegated monitoring
    • Diamond, D. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51(3), 393-414.
    • (1984) Review of Economic Studies , vol.51 , Issue.3 , pp. 393-414
    • Diamond, D.1
  • 23
    • 84917319886 scopus 로고
    • Reputation acquisition in debt markets
    • Diamond, D. (1989). Reputation acquisition in debt markets. Journal of Political Economy, 97(4), 828-862.
    • (1989) Journal of Political Economy , vol.97 , Issue.4 , pp. 828-862
    • Diamond, D.1
  • 24
    • 84935413182 scopus 로고
    • Monitoring and reputation: The choice between bank loans and directly placed debt
    • Diamond, D. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), 689-721.
    • (1991) Journal of Political Economy , vol.99 , Issue.4 , pp. 689-721
    • Diamond, D.1
  • 25
    • 34548638000 scopus 로고    scopus 로고
    • The regional transmission of UK monetary policy
    • Dow, S., & Montagnoli, A. (2007). The regional transmission of UK monetary policy. Regional Studies, 41(6), 797-808.
    • (2007) Regional Studies , vol.41 , Issue.6 , pp. 797-808
    • Dow, S.1    Montagnoli, A.2
  • 26
    • 79958145148 scopus 로고    scopus 로고
    • European Commission and Eurostat, Eurostat: Luxembourg
    • European Commission and Eurostat. (2001). Enterprises in Europe, 6th report (199 pp.). Luxembourg: Eurostat.
    • (2001) Enterprises in Europe, 6th Report , pp. 199
  • 27
    • 0036116031 scopus 로고    scopus 로고
    • Testing trade-off and pecking order predictions, about dividends and debt
    • Fama, E., & French, K. (2002). Testing trade-off and pecking order predictions, about dividends and debt. Review of Financial Studies, 15(1), 1-33.
    • (2002) Review of Financial Studies , vol.15 , Issue.1 , pp. 1-33
    • Fama, E.1    French, K.2
  • 30
    • 84997052403 scopus 로고    scopus 로고
    • The capital structure of Swiss companies: An empirical analysis using dynamic panel data
    • Gaud, P., Jani, E., Hoesli, M., & Bender, A. (2005). The capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management, 11(1), 51-72.
    • (2005) European Financial Management , vol.11 , Issue.1 , pp. 51-72
    • Gaud, P.1    Jani, E.2    Hoesli, M.3    Bender, A.4
  • 31
    • 0037347925 scopus 로고    scopus 로고
    • Do better institutions mitigate agency problems? Evidence from corporate finance choices
    • Giannetti, M. (2003). Do better institutions mitigate agency problems? Evidence from corporate finance choices. Journal of Financial and Quantitative Analysis, 38(1), 185-212.
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , Issue.1 , pp. 185-212
    • Giannetti, M.1
  • 37
    • 84993084413 scopus 로고    scopus 로고
    • A profit analysis of the change in the financial characteristics of newly quoted small firms
    • Hamilton, R., & Fox, M. (1998). A profit analysis of the change in the financial characteristics of newly quoted small firms. International Journal of Entrepreneurial Behaviour & Research, 4(3), 239-248.
    • (1998) International Journal of Entrepreneurial Behaviour & Research , vol.4 , Issue.3 , pp. 239-248
    • Hamilton, R.1    Fox, M.2
  • 38
    • 84977721089 scopus 로고
    • The theory of capital structure
    • Harris, M., & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 45(1), 297-355.
    • (1991) Journal of Finance , vol.45 , Issue.1 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 39
    • 27844433509 scopus 로고    scopus 로고
    • Scalable algorithms for clustering large datasets with mixed type attributes
    • He, Z., Xu, X., & Deng, S. (2005). Scalable algorithms for clustering large datasets with mixed type attributes. International Journal of Intelligent Systems, 20(10), 1077-1089.
    • (2005) International Journal of Intelligent Systems , vol.20 , Issue.10 , pp. 1077-1089
    • He, Z.1    Xu, X.2    Deng, S.3
  • 40
    • 0030099669 scopus 로고    scopus 로고
    • Is there a pecking order? Evidence from a panel of IPO firms
    • Helwege, J., & Liang, N. (1996). Is there a pecking order? Evidence from a panel of IPO firms. Journal of Financial Economics, 40(3), 429-458.
    • (1996) Journal of Financial Economics , vol.40 , Issue.3 , pp. 429-458
    • Helwege, J.1    Liang, N.2
  • 41
    • 0000373072 scopus 로고
    • Managerial reputation, project choice and debt
    • Hirshleifer, D., & Thakor, A. (1992). Managerial reputation, project choice and debt. Review of Financial Studies, 5(3), 437-470.
    • (1992) Review of Financial Studies , vol.5 , Issue.3 , pp. 437-470
    • Hirshleifer, D.1    Thakor, A.2
  • 42
    • 0042647559 scopus 로고
    • An empirical analysis of the financial structure of small and large Australian manufacturing enterprises
    • Holmes, S., & Kent, P. (1991). An empirical analysis of the financial structure of small and large Australian manufacturing enterprises. Journal of Small Business Finance, 1(2), 141-154.
    • (1991) Journal of Small Business Finance , vol.1 , Issue.2 , pp. 141-154
    • Holmes, S.1    Kent, P.2
  • 43
    • 43949091835 scopus 로고    scopus 로고
    • Opacity of young businesses: Evidence from rating disagreements
    • Hyytinen, A., & Pajarinen, M. (2008). Opacity of young businesses: Evidence from rating disagreements. Journal of Banking & Finance, 32(7), 1234-1241.
    • (2008) Journal of Banking & Finance , vol.32 , Issue.7 , pp. 1234-1241
    • Hyytinen, A.1    Pajarinen, M.2
  • 44
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behaviour, agency costs and ownership structure
    • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 46
    • 0038660446 scopus 로고    scopus 로고
    • Financial contracting theory meets the real world: An empirical analysis of venture capital contracts
    • Kaplan, S., & Stromberg, P. (2003). Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Review of Economic Studies, 70(2), 281-315.
    • (2003) Review of Economic Studies , vol.70 , Issue.2 , pp. 281-315
    • Kaplan, S.1    Stromberg, P.2
  • 47
    • 0003574403 scopus 로고    scopus 로고
    • Cambridge, MA: National Bureau of Economic Research Working paper NBER 7208
    • Kumar, K., Rajan, R., & Zingales, L. (1999). What determines firm size? Working paper NBER 7208. Cambridge, MA: National Bureau of Economic Research.
    • (1999) What determines firm size?
    • Kumar, K.1    Rajan, R.2    Zingales, L.3
  • 49
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and economic growth: Views and agenda
    • Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.
    • (1997) Journal of Economic Literature , vol.35 , Issue.2 , pp. 688-726
    • Levine, R.1
  • 50
    • 0034396308 scopus 로고    scopus 로고
    • An empirical approach to the financial behaviour of small and medium sized companies
    • Lopez-Garcia, J., & Aybar-Arias, C. (2000). An empirical approach to the financial behaviour of small and medium sized companies. Small Business Economics, 14(1), 55-63.
    • (2000) Small Business Economics , vol.14 , Issue.1 , pp. 55-63
    • Lopez-Garcia, J.1    Aybar-Arias, C.2
  • 51
    • 47949105267 scopus 로고    scopus 로고
    • Capital structure and institutional setting: A decompositional and international analysis
    • Lopez-Iturriaga, F., & Rodriguez-Sanz, J. (2008). Capital structure and institutional setting: A decompositional and international analysis. Applied Economics, 40(14), 1-14.
    • (2008) Applied Economics , vol.40 , Issue.14 , pp. 1-14
    • Lopez-Iturriaga, F.1    Rodriguez-Sanz, J.2
  • 52
    • 0001239339 scopus 로고    scopus 로고
    • The new economic geography of money
    • R. Martin (Ed.), New York: Wiley (Chap. 1)
    • Martin, R. (1999). The new economic geography of money (Chap. 1). In R. Martin (Ed.), Money and the space economy. New York: Wiley.
    • (1999) Money and the Space Economy
    • Martin, R.1
  • 53
    • 0033454501 scopus 로고    scopus 로고
    • Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data
    • Michaelas, N., Chittenden, F., & Poutziouris, P. (1999). Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data. Small Business Economics, 12(2), 113-130.
    • (1999) Small Business Economics , vol.12 , Issue.2 , pp. 113-130
    • Michaelas, N.1    Chittenden, F.2    Poutziouris, P.3
  • 54
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, S. (1984). The capital structure puzzle. Journal of Finance, 57(3), 575-592.
    • (1984) Journal of Finance , vol.57 , Issue.3 , pp. 575-592
    • Myers, S.1
  • 55
    • 48549110620 scopus 로고
    • Corporate financing and investment decision when firms have information that investors do not have
    • Myers, S., & Majluf, N. (1984). Corporate financing and investment decision when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 56
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen, M., & Rajan, R. (1994). The benefits of lending relationships: Evidence from small business data. Journal of Finance, 49(1), 3-37.
    • (1994) Journal of Finance , vol.49 , Issue.1 , pp. 3-37
    • Petersen, M.1    Rajan, R.2
  • 57
    • 84862244566 scopus 로고
    • The effect of credit market competition on firm-creditor relationships
    • Petersen, M., & Rajan, R. (1995). The effect of credit market competition on firm-creditor relationships. Quarterly Journal of Economics, 110(2), 407-443.
    • (1995) Quarterly Journal of Economics , vol.110 , Issue.2 , pp. 407-443
    • Petersen, M.1    Rajan, R.2
  • 58
    • 0012949171 scopus 로고    scopus 로고
    • Does distance still matter: The information revolution in small business lending
    • Petersen, M., & Rajan, R. (2002). Does distance still matter: The information revolution in small business lending. Journal of Finance, 57(6), 2533-2570.
    • (2002) Journal of Finance , vol.57 , Issue.6 , pp. 2533-2570
    • Petersen, M.1    Rajan, R.2
  • 59
    • 0003036477 scopus 로고
    • Formation, growth and survival: Small firm dynamics in the US economy
    • Phillips, B., & Kirchhoff, B. (1989). Formation, growth and survival: Small firm dynamics in the US economy. Small Business Economics, 1(1), 65-74.
    • (1989) Small Business Economics , vol.1 , Issue.1 , pp. 65-74
    • Phillips, B.1    Kirchhoff, B.2
  • 60
    • 0002626659 scopus 로고
    • What managers think of capital structure theory: A survey
    • Pinegar, J., & Wilbricht, L. (1989). What managers think of capital structure theory: A survey. Financial Management, 18(4), 82-91.
    • (1989) Financial Management , vol.18 , Issue.4 , pp. 82-91
    • Pinegar, J.1    Wilbricht, L.2
  • 61
    • 0142091250 scopus 로고    scopus 로고
    • Small firm finance and economic geography
    • Pollard, J. (2003). Small firm finance and economic geography. Journal of Economic Geography, 3(4), 429-452.
    • (2003) Journal of Economic Geography , vol.3 , Issue.4 , pp. 429-452
    • Pollard, J.1
  • 62
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan, R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
    • (1995) Journal of Finance , vol.50 , Issue.5 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 64
    • 33750003967 scopus 로고    scopus 로고
    • Small business financing: Differences between young and old firms
    • Robb, A. (2002). Small business financing: Differences between young and old firms. Journal of Entrepreneurial Finance and Business Venture, 1(2), 45-65.
    • (2002) Journal of Entrepreneurial Finance and Business Venture , vol.1 , Issue.2 , pp. 45-65
    • Robb, A.1
  • 66
    • 0042016780 scopus 로고    scopus 로고
    • Capital structure decision making: A model for family business
    • Romano, C., Tanewski, G., & Smyrnios, K. (2001). Capital structure decision making: A model for family business. Journal of Business Venturing, 16(4), 285-310.
    • (2001) Journal of Business Venturing , vol.16 , Issue.4 , pp. 285-310
    • Romano, C.1    Tanewski, G.2    Smyrnios, K.3
  • 68
    • 28244497618 scopus 로고    scopus 로고
    • How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel
    • Sogorb-Mira, F. (2005). How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel. Small Business Economics, 25(5), 447-457.
    • (2005) Small Business Economics , vol.25 , Issue.5 , pp. 447-457
    • Sogorb-Mira, F.1
  • 71
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1-19.
    • (1988) Journal of Finance , vol.43 , Issue.1 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 72
    • 34547957042 scopus 로고    scopus 로고
    • Banking regulation, institutional framework and capital structure: International evidence from industry data
    • Utrero-González, N. (2007). Banking regulation, institutional framework and capital structure: International evidence from industry data. Quarterly Review of Economics and Finance, 47(4), 481-506.
    • (2007) Quarterly Review of Economics and Finance , vol.47 , Issue.4 , pp. 481-506
    • Utrero-González, N.1
  • 73
    • 21144477755 scopus 로고
    • Determinants of small firm debt ratios: An analysis of retail panel data
    • van der Wijst, N., & Thurik, R. (1993). Determinants of small firm debt ratios: An analysis of retail panel data. Small Business Economics, 5(1), 55-65.
    • (1993) Small Business Economics , vol.5 , Issue.1 , pp. 55-65
    • van der Wijst, N.1    Thurik, R.2
  • 74
    • 0000245487 scopus 로고    scopus 로고
    • How firm characteristic affect capital structure: An international comparison
    • Wald, J. (1999). How firm characteristic affect capital structure: An international comparison. Journal of Financial Research, 22(2), 161-188.
    • (1999) Journal of Financial Research , vol.22 , Issue.2 , pp. 161-188
    • Wald, J.1
  • 75
    • 0001897845 scopus 로고
    • Firm size, finance and investment
    • Weinberg, J. (1994). Firm size, finance and investment. Economic Quarterly, 80(1), 19-33.
    • (1994) Economic Quarterly , vol.80 , Issue.1 , pp. 19-33
    • Weinberg, J.1
  • 77
    • 84977702527 scopus 로고
    • Corporate finance and corporate governance
    • Williamson, O. (1988). Corporate finance and corporate governance. Journal of Finance, 43(3), 567-591.
    • (1988) Journal of Finance , vol.43 , Issue.3 , pp. 567-591
    • Williamson, O.1
  • 78
    • 0039193026 scopus 로고    scopus 로고
    • In search of new foundations
    • Zingales, L. (2000). In search of new foundations. Journal of Finance, 55(4), 1623-1653.
    • (2000) Journal of Finance , vol.55 , Issue.4 , pp. 1623-1653
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.