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Determinants of the collateralization of credit by small firms

✍ Scribed by Heather M. Hulburt; Frederick C. Scherr

Publisher
John Wiley and Sons
Year
2003
Tongue
English
Weight
156 KB
Volume
24
Category
Article
ISSN
0143-6570

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✦ Synopsis

Abstract

This study presents results of an empirical investigation of debt collateralization using samples of small firms. We examine the fraction of debt that is collateralized and find substantial support for firm size, firm age, and collateral quality as determinants of collateralization. Our results regarding firm size and age are different from prior research and may stem from basic financial differences between small and large firms. We find mixed support for growth opportunities and taxation and little support for default probability, regulation, and form of legal organization as determinants of collateralization. Copyright © 2003 John Wiley & Sons, Ltd.

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