Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/218342 
Year of Publication: 
2005
Citation: 
[Journal:] South African Journal of Business Management [ISSN:] 2078-5976 [Volume:] 36 [Issue:] 4 [Publisher:] African Online Scientific Information Systems (AOSIS) [Place:] Cape Town [Year:] 2005 [Pages:] 9-18
Publisher: 
African Online Scientific Information Systems (AOSIS), Cape Town
Abstract: 
In this paper we argue the case for a relationship between capital structure and a firm's life stage. We provide an overview of the two sets of theories and follow this with a proposed linkage between the life stage and capital structure. We use the Adizes life stage model to assess the life stage of the firms in our sample. Our pilot study found a statistically significant relationship between life stage and the capital structure of respondents. The nature of the relationship (more debt in the early and late life stages than in prime) supports the pecking order theory of capital structure and suggests a practical use of the life stage model in helping firms to understand how their financing is likely to change over time.
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.