The Capital Structure Decisions of New Firms

被引:373
作者
Robb, Alicia M. [1 ]
Robinson, David T. [2 ,3 ]
机构
[1] UC Santa Cruz, Santa Cruz, CA USA
[2] Duke Univ, Durham, NC 27706 USA
[3] NBER, Cambridge, MA 02138 USA
关键词
BUSINESS; MARKETS; WEALTH; CREDIT;
D O I
10.1093/rfs/hhs072
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We study capital structure choices that entrepreneurs make in their firms' initial year of operation, using restricted-access data from the Kauffman Firm Survey. Firms in our data rely heavily on external debt sources, such as bank financing, and less extensively on friends-and-family-based funding sources. Many startups receive debt financed through the personal balance sheets of the entrepreneur, effectively resulting in the entrepreneur holding levered equity claims in their startups. This fact is robust to numerous controls, including credit quality. The reliance on external debt underscores the importance of credit markets for the success of nascent business activity.
引用
收藏
页码:153 / 179
页数:27
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