Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/192450 
Year of Publication: 
2006
Series/Report no.: 
Discussion Papers No. 468
Publisher: 
Statistics Norway, Research Department, Oslo
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.
Subjects: 
financing structure
non-listed firms
debt maturity
panel data
JEL: 
G32
D92
Document Type: 
Working Paper

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