Please use this identifier to cite or link to this item: https://hdl.handle.net/1959.11/11166
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dc.contributor.authorGibson, Brianen
local.source.editorEditor(s): Robert Andersonen
dc.date.accessioned2012-08-29T11:35:00Z
dc.date.issued2008en
dc.identifier.citationProceedings of the 53rd ICSB World Conferenceen
dc.identifier.isbn9780973650228en
dc.identifier.urihttps://hdl.handle.net/1959.11/11166en
dc.description.abstractResults of many past studies suggest privately held firms are different from large firms in how they fund their financial resource requirements. However, most of these studies focus on aggregate results that are interpreted to represent small firms as an homogenous group and consequently mask considerable heterogeneity and the possibility that there may be no "universal" optimum in respect of financial structure. In the absence of an optimal outcome, trying to understand financial structure from a single dichotomous measure such as leverage may be of little value. The study reported in this paper extends the analysis of information related to over 3,500 Australian firms from which four groups of firms with unique defining financial structure variables have previously been identified. These groups (defined by the dominance of short-term debt, bank loan debt, related persons debt, and working owner equity) are analysed for association with a range of potentially influencing variables such as age, size, profitability and risk. The results highlight a number of variables that appear to have greater predictive ability and are therefore potentially more important when the heterogeneity of privately held firms is considered. The more important continuous variables are: size (measured by the log transformation of sales); liquidity (the log transformation of the ratio of current assets to current liabilities); risk (only as measured by the default risk proxy based on an adaptation of Altman's Z score); asset tangibility (using an arcsine transformation of an asset structure proportion); and, an owners' characteristic (years of experience). The more important categorical variables are governance structure (measured by both type of legal organisation and family business status) and industry sector.en
dc.languageenen
dc.publisherICSB: International Council for Small Businessen
dc.relation.ispartofProceedings of the 53rd ICSB World Conferenceen
dc.titleIncorporating Heterogeneity into an Understanding of the Financial Structure of Privately Held Firmsen
dc.typeConference Publicationen
dc.relation.conference53rd Annual World Conference of the International Council for Small Business - Advancing Small Business and Entrepreneurship: From Research to Results, Halifax, Canada, 22nd - 25th June, 2008en
dc.subject.keywordsSmall Business Managementen
local.contributor.firstnameBrianen
local.subject.for2008150314 Small Business Managementen
local.subject.seo2008910402 Managementen
local.profile.schoolAdministrationen
local.profile.emailbgibson4@une.edu.auen
local.output.categoryE1en
local.record.placeauen
local.record.institutionUniversity of New Englanden
local.identifier.epublicationsrecordpes:7167en
local.publisher.placeonlineen
local.peerreviewedYesen
local.contributor.lastnameGibsonen
dc.identifier.staffune-id:bgibson4en
local.profile.roleauthoren
local.identifier.unepublicationidune:11364en
dc.identifier.academiclevelAcademicen
local.title.maintitleIncorporating Heterogeneity into an Understanding of the Financial Structure of Privately Held Firmsen
local.output.categorydescriptionE1 Refereed Scholarly Conference Publicationen
local.relation.urlhttp://www.smu.ca/events/icsb/proceedings/creaf5s.htmlen
local.conference.details53rd Annual World Conference of the International Council for Small Business - Advancing Small Business and Entrepreneurship: From Research to Results, Halifax, Canada, 22nd - 25th June, 2008en
local.description.statisticsepubsVisitors: 52<br />Views: 51<br />Downloads: 0en
local.search.authorGibson, Brianen
local.uneassociationUnknownen
local.year.published2008en
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