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The evolution of debt policies: New evidence from business startups

dc.contributor.authorHanssens, J
dc.contributor.authorDeloof, M
dc.contributor.authorVanacker, T
dc.date.accessioned2019-03-05T09:13:36Z
dc.date.issued2016-04-01
dc.description.abstractWe investigate the evolution of entrepreneurial firms' debt policies over a period of 15 years after startup, considering leverage, debt specialization, debt maturity and debt granularity. Our analysis is based on a unique sample covering all non-financial Belgian firms founded between 1996 and 1998. We find that the debt policy of entrepreneurial firms is remarkably stable over time. The debt policy in the initial year of operation is a very important determinant of future debt policies, even after controlling for traditional contemporaneous determinants. The founder-CEO has an important impact on the stability of debt policies: the influence of initial debt policies on future debt policies is significantly reduced when the founder-CEO is replaced or when (s)he dies. Combined, our findings support imprinting theory.en_GB
dc.description.sponsorshipHercules Funden_GB
dc.description.sponsorshipNational Bank of Belgiumen_GB
dc.description.sponsorshipGhent University Special Research Funden_GB
dc.identifier.citationVol. 65, pp. 120 - 133en_GB
dc.identifier.doi10.1016/j.jbankfin.2016.01.008
dc.identifier.grantnumberAUGE/11/13en_GB
dc.identifier.urihttp://hdl.handle.net/10871/36265
dc.language.isoenen_GB
dc.publisherElsevieren_GB
dc.rights© 2016 This version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/ en_GB
dc.subjectcapital structureen_GB
dc.subjectdebt structureen_GB
dc.subjectentrepreneurial firmsen_GB
dc.subjectfounder-CEOsen_GB
dc.titleThe evolution of debt policies: New evidence from business startupsen_GB
dc.typeArticleen_GB
dc.date.available2019-03-05T09:13:36Z
dc.identifier.issn0378-4266
dc.descriptionThis is the author accepted manuscript. The final version is available from the publisher via the DOI in this recorden_GB
dc.identifier.journalJournal of Banking and Financeen_GB
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/ en_GB
dcterms.dateAccepted2016-01-22
rioxxterms.versionAMen_GB
rioxxterms.licenseref.startdate2016-04-01
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2019-03-05T09:07:00Z
refterms.versionFCDAM
refterms.dateFOA2019-03-05T09:13:39Z
refterms.panelCen_GB


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© 2016 This version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/ 
Except where otherwise noted, this item's licence is described as © 2016 This version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/