Scandinavian Working Papers in Economics

Discussion Papers,
Statistics Norway, Research Department

No 468: The financing structure of non-listed firms

Suzan Hol and Nico van der Wijst ()
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Nico van der Wijst: Statistics Norway

Abstract: This paper presents an analysis of how Norwegian non-listed firms are financed. Using a unique database covering all limited liability firms in Norway, both the size (leverage) and composition (maturity structure) of debt are investigated. The empirical evidence provides support for the effects of taxes, asymmetric information and size suggested in the theoretical literature, and rejects the effects of agency costs and the pecking order theory.

Keywords: financing structure; non-listed firms; debt maturity; panel data

JEL-codes: G32; D92 August 2006

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