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1、SmallBusEcon(2011)37:107–130DOI10.1007/s11187-009-9229-zCapitalStructureDecisionsDuringaFirmsLifeCycleMaurizioLaRoccaÆTizianaLaRoccaÆAlfioCariolaAccepted:16July2009/Publishedonline:25August2009ÓSpringerScience+BusinessMedia,LLC.2009AbstractThestudyreportedhereexam
2、inestheKeywordsCapitalstructurefinancingchoicesofsmallandmedium-sizedfirms,FinancialgrowthcycleFinancingdecisionsi.e.,thosemostvulnerabletoinformationandincen-Smallandmedium-sizedfirmsSourceoffinancetiveproblems,throughthelensofthebusinesslifecycle.Wearguethatthe
3、controversyintheempiricalJELClassificationsG30G32literatureregardingthedeterminantsofcapitalstruc-turedecisionsisbasedonafailuretotakeintoaccountthedifferentdegreesofinformationopacity,and,consequently,firms’characteristicsandneedsatspecificstagesoftheirlifecycles.
4、Theresultsshow1Introductionthat,inabank-orientedcountry,firmstendtoadoptspecificfinancingstrategiesandadifferenthierarchyAnanalysisoftheinternationalliteratureoncapitaloffinancialdecision-makingastheyprogressthroughstructure,asoneofthemainelementsindeterminingthephas
5、esoftheirbusinesslifecycle.Contrarytovalue,showsthataprincipalresearchpriorityistheconventionalwisdom,debtisshowntobefunda-attempttoapplycapitalstructuretheorytosmallmentaltobusinessactivitiesintheearlystages,firms(BergerandUdell1998;Michaelasetal.1999;1representi
6、ngthefirstchoice.Bycontrast,intheRomanoetal.2001;Gregoryetal.2005).Smallandmaturitystage,firmsre-balancetheircapitalstruc-medium-sizedfirmsplayanessentialroleintheture,graduallysubstitutingdebtforinternalcapital,Europeaneconomy.Theyaccountformorethan95%andforfirmstha
7、thaveconsolidatedtheirbusiness,ofthetotalnumberofoperatingfirmsandforaroundthepecking-ordertheoryshowsahighdegreeoftwo-thirdsofjobsandhalfoftheturnoverinthenon-application.Thisfinanciallife-cyclepatternseemstoagriculturalbusinesssector(EuropeanCommissionbehomogeneo
8、usfordifferentindustriesandconsis-andEurostat2001).Giventheireconomicrelevance,tentovertime.theroleofsmallandmedium-sizedfirmsandtheirabilitytogrowandbesuccessf
