Determinants of Corporate Capital Structure of Norwegian Manufacturing Firms

This study contributes by analyzing the maturity structure in Norwegian non-listed firms. Using a large sample panel data facilitates use of panel data techniques to wipe out unobserved firm heterogeneity that may bias the estimates of the parameters of interest. The new findings to this study compared to previous studies are that only the fixed assets seem to have any economic significance as measured by the elasticity between debt and fixed assets. The other variables are statistically significant, however, they do not have a non-trivial magnitude of the elasticities.