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Determinants of capital structure in new ventures: Evidence from Swedish longitudinal data
Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Innovation and Design.ORCID iD: 0000-0001-6921-1779
2006 (English)In: Journal of Developmental Entrepreneurship, ISSN 1084-9467, Vol. 11, no 4, p. 277-296Article in journal (Refereed) Published
Abstract [en]

The early years are seen as a crucial period for the survival of ventures and yet only a limited number of studies have focused on successful new ventures when studying capital structure. Furthermore, only a few studies have included longitudinal data, tracking ventures over time, or have elaborated on the difference between short-term and long-term debt ratios when studying capital structure. In this paper, hypotheses are developed, based on capital structure theories and literature on new venture financing, and are tested on longitudinal empirical data. Results of multivariate analysis, through structural equation modeling, reveals that: (1) asset structure assists in explaining the variance in capital structure; (2) explained variance in dependent variables is decreasing for each of the four years studied; and (3) multi-group analysis reveals that the determinants influence short-term and long-term debt differently in the first four years of venture existence. Implications of this study suggest that determinants of capital structure in new ventures require theorizing of its own and demand special attention in entrepreneurial policy-making.

Place, publisher, year, edition, pages
2006. Vol. 11, no 4, p. 277-296
National Category
Other Engineering and Technologies not elsewhere specified
Research subject
Entrepreneurship and Innovation
Identifiers
URN: urn:nbn:se:ltu:diva-10021Local ID: 8c5ee070-f25d-11db-bb1b-000ea68e967bOAI: oai:DiVA.org:ltu-10021DiVA, id: diva2:982961
Note
Validerad; 2006; 20070424 (ysko)Available from: 2016-09-29 Created: 2016-09-29 Last updated: 2017-11-24Bibliographically approved

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Örtqvist, Daniel

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