NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Alicia Robb

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Working Papers and Chapters

August 2010The Capital Structure Decisions of New Firms
with Alicia M. Robb, David T. Robinson: w16272
This paper investigates the capital structure choices that firms make in their initial year of operation, using restricted-access data from the Kauffman Firm Survey. Contrary to many accounts of startup activity, the firms in our data rely heavily on external debt sources such as bank financing, and less extensively on friends and family-based funding sources. This fact is robust to numerous controls for credit quality, industry, and business owner characteristics. The heavy reliance on external debt underscores the importance of well functioning credit markets for the success of nascent business activity.

Published: Alicia M. Robb & David T. Robinson, 2014. "The Capital Structure Decisions of New Firms," Review of Financial Studies, Society for Financial Studies, vol. 27(1), pages 153-179, January. citation courtesy of

January 2010Local Labor Force Education, New Business Characteristics, and Firm Performance
with Mark Doms, Ethan Lewis, Alicia Robb
in Cities and Entrepreneurship, Edward L. Glaeser, Stuart S. Rosenthal and William C. Strange, organizers

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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