Financial structure in small business : theory, tests and applications

D. van der Wijst

The subject of this book is the small firm's financial structure and the differences in financial structure that can be observed both within and between small business industries. After an introductory description of small business (financial) characteristics possible determinants of financial structure are collected from the theoretical and practical literature. The relevance of these determinants for small business is empirically tested and the applicability of the results is investigated. In the empirical investigations, 14 cross section samples and 2 time series of industry averages are analysed, using techniques that are still relatively unknown to financial analysts. Traditional ratio analysis is argued to be an inadequate technique to apply the results and a new approach is developed. The book provides new insights about the robustness of well known theoretical models, the similarities and differences between the theoretical and practical determinants of small business finance, the empirical relevance of determinants of the financial structure and the applicability of complex research outcomes to small firm management.

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  • I: Introduction.- 1 Aim and outline of the study.- 1.1 Purpose and motivation.- 1.2 Scope and methodology.- 1.3 Organization of the study.- 2 Small businesses characteristics.- 2.1 Introduction.- 2.2 Some definitions.- 2.3 Importance.- 2.4 Financial characteristics.- 2.4.1 Introduction.- 2.4.2 Some empirical studies.- 2.4.3 The small firm effect 19.- 2.4.4 The small firm's capital markets 20.- 2.4.5 Conclusions.- II: Inventory Of Financial Structure Determinants.- 3 Determinants from the theory of finance.- 3.1 Introduction and overview 29.- 3.2 Determinants.- 3.2.1 Taxes and bankruptcy costs.- 3.2.2 Agency costs and signalling effects.- 3.3 Empirical implications.- 3.3.1 Implications pertaining to the firm's assets.- 3.3.2 Implications pertaining to the firm's earnings.- 3.3.3 Implications pertaining to the firm's ownership structure.- 4 Models of capital structure choice.- 4.1 Introduction.- 4.2 Assumptions and definitions.- 4.3 Single period models.- 4.3.1 Introduction: the MM-position.- 4.3.2 The effect of risk of default and limited liability.- 4.3.3 The effect of bankruptcy costs.- 4.3.4 The effect of agency costs.- 4.3.5 The effect of informational differences.- 4.4 Multi-period models.- 4.4.1 Introduction: additional assumptions and redefinitions.- 4.4.2 The MM-position.- 4.4.3 The effect of limited liability and the risk of default.- 4.4.4 The effect of bankruptcy costs 70.- 4.4.5 The Scott model.- 4.4.6 Some extensions of the Scott model.- 4.5 Conclusions.- Appendix to chapter 4.- 5 Determinants from the practice of small business finance.- 5.1 Introduction and overview 83.- 5.2 Determinants related to the firm's internal characteristics.- 5.3 Determinants related to the firm's external relationships.- 6 A comparison and evaluation of both sources.- 6.1 Comparison and evaluation.- 6.2 Summary and empirical implications.- III: Empirical Analyses In Small Business.- 7 Analyses of samples of individual firms.- 7.1 Introduction.- 7.2 Data.- 7.3 Hypotheses and variables.- 7.4 Specification and estimation results.- 8 Analyses of industry averages in retailing.- 8.1 Introduction.- 8.2 Data.- 8.3 Analysis of financial structure.- 8.3.1 Hypotheses and variables.- 8.3.2 Specification and estimation results.- 8.4 Analysis of changes in financial structure.- 8.4.1 Hypotheses and variables.- 8.4.2 Specification and estimation results.- IV: Applications And Conclusions.- 9 Applications.- 9.1 Introduction.- 9.2 Modelling interfirm comparisons.- Appendix to chapter 9.- 10 Summary and conclusions.- - References.- - Author index.- - Subject index.

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書名 Financial structure in small business : theory, tests and applications
著作者等 Wijst, D. van der
van der Wijst Dominicus
シリーズ名 Lecture notes in economics and mathematical systems
出版元 Springer-Verlag
刊行年月 c1989
版表示 Softcover reprint of the original 1st ed. 1989
ページ数 vii, 181 p.
大きさ 25 cm
ISBN 3540505741
NCID BA06503201
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言語 英語
出版国 ドイツ