Financial Structure in Small Business

1. Front Matter

   Pages N2-VII

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2. Introduction

   1. Front Matter

      Pages 1-1

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   2. Aim and Outline of the Study

      • D. van der Wijst

      Pages 3-10

   3. Small Business Characteristics

      • D. van der Wijst

      Pages 11-26

3. Inventory of Financial Structure Determinants

   1. Front Matter

      Pages 27-27

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   2. Determinants from the Theory of Finance

      • D. van der Wijst

      Pages 29-43

   3. Models of Capital Structure Choice

      • D. van der Wijst

      Pages 44-82

   4. Determinants from the Practice of Small Business Finance

      • D. van der Wijst

      Pages 83-93

   5. A Comparison and Evaluation of Both Sources

      • D. van der Wijst

      Pages 94-99

4. Empirical Analyses in Small Business

   1. Front Matter

      Pages 101-101

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   2. Analyses of Samples of Individual Firms

      • D. van der Wijst

      Pages 103-130

   3. Analyses of Industry Averages in Retailing

      • D. van der Wijst

      Pages 131-150

5. Applications and Conclusions

   1. Front Matter

      Pages 151-151

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   2. Applications

      • D. van der Wijst

      Pages 153-165

   3. Summary and Conclusions

      • D. van der Wijst

      Pages 166-171

6. Back Matter

   Pages 172-184

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46 4. 2 Assumptions and definitions 48 4. 3 Single period models 4. 3. 1 Introduction: the MM-position 48 4. 3. 2 The effect of risk of default and limited liability 50 53 4. 3. 3 The effect of bankruptcy costs 4. 3. 4 The effect of agency costs 58 4. 3. 5 The effect of informational differences 60 4. 4 Multi-period models 63 4. 4. 1 Introduction: additional assumptions and redefinitions 63 65 4. 4. 2 The MM-position 67 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 72 4. 4. 6 Some extensions of the Scott model 76 4. 5 Conclusions 79 Appendix to chapter 4 82 83 5 Determinants from the practice of small business finance 83 5. 1 Introduction and overview 5. 2 Determinants related to the firm's internal characteristics 85 5. 3 Determinants related to the firm's external relationships 91 6 A comparison and evaluation of both sources 94 6. 1 Comparison and evaluation 94 6. 2 Summary and empirical implications 98 PART III : EMPIRICAL ANALYSES IN SMALL BUSINESS 7 Analyses of samples of individual firms 103 7. 1 Introduction 103 7. 2 Data 104 7. 3 Hypotheses and variables 107 7. 4 Specification and estimation results 113 IV 8 Analyses of industry averages in retailing 131 8. 1 Introduction 131 8. 2 Data 132 8.

• Finance
• business
• calculus
• capital markets
• evaluation
• inventory
• management
• modeling
• research
• retailing
• time series
• quantitative finance

• Research Institute for Small Business, Zoetermeer, The Netherlands

  D. Wijst

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