The Agency Advantage of Debt Over The Lifecycle of The Firm  

Oleh:

Forlong, Carolyn ; Vos, Ed

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Journal of Entrepreneurial and Small Business Finance vol. 5 no. 3 (1996), page 193-212.
Topik: advantages; FIRM; agency; advantage; debt; lifecycle; firm

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ40 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The question of an "optimal" capital strucutre of a firm has been studied for publicly listed businesess for years. From these studies, agency theory has emerged as a good way to understand a firm's capital structure. This paper empiircally examines the role that agency theory plays in determining the capital structure of businesses as they move from being small unlisted businesses to newly listed on the stock exchange, to being mature listed businesses. The paper finds that debt has a negative agency advantage (defined as reducing agency costs of equity) for small businesses, a significant but minor advantage at the IPO stage, and a significant advantage at the mature listed stage.

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