Capital Structures of Startup Firms

• Honjo Yuji

  Faculty of Commerce, Chuo University

Bibliographic Information

Other Title

• スタートアップ企業の資本構成
• スタートアップ キギョウ ノ シホン コウセイ

Abstract

This article aims to explore capital structures, using data on Japanese start-up firms. I examine how startup firms change their capital structures over time, focusing on debt financing that plays a central role in start-up financing. It is found that start-up firms are more likely to use debt financing than equity financing. Additionally, I examine the determinants of debt financing with a dynamic panel data model. The results reveal that start-up firms with less cash flow, those with a higher growth rate, and those with a higher proportion of fixed assets are more likely to use debt financing. Moreover, the results indicate that start-up firms’ capital structures tend to follow previous patterns.

Journal

• Organizational Science

  Organizational Science 49 (1), 4-18, 2015-09-20

  The Academic Association for Organizational Science

Keywords

• Capital Structure
• Debt Finance
• Equity Finance
• Startup

Details

• CRID: 1390282680487318528
• NII Article ID: 130005162101
• NII Book ID: AN00135007
• DOI: 10.11207/soshikikagaku.49.1_4
• ISSN: 2187932X
• ISSN: 02869713
• NDL BIB ID: 026775539
• Web Site: http://id.ndl.go.jp/bib/026775539
• Web Site: https://ndlsearch.ndl.go.jp/books/R000000004-I026775539
• Text Lang: ja
• Data Source:
  • JaLC
  • NDL
  • CiNii Articles
  • KAKEN
• Abstract License Flag: Disallowed