Predictors of Capital Structure in Small Ventures
研究了903家小型企业的资本结构决策，发现企业家目标导向（尤其是经济需求满意度）和成功概率是股权与债务融资、内部与外部股权融资的最重要预测因素。
What are the key determinants of capital structure of small ventures? We empirically examined the question by analyzing capital structure decisions of 903 small ventures. Six categories of predictors were included in the analysis: goal orientation of the entrepreneur, business outlook for the enterprise, stock of human capital input, strategic changes made, gender, and life-stage of the enterprise. Goal orientation, especially satisfaction with economic need, and odds of success of the firm are among the most important predictors of equity vs. debt and Internal equity vs. external equity financing. The results suggest that entrepreneurs’ personal characteristics play a key role in capital structure decisions.