Show simple item record  

dc.contributor.advisorTressler, John
dc.contributor.authorBell, Kendon
dc.date.accessioned2013-01-13T22:10:22Z
dc.date.available2013-01-13T22:10:22Z
dc.date.issued2012
dc.identifier.citationBell, K. (2012). Entrepreneurship and Debt: Growth Aversion, Debt Aversion, Overconfidence, and the Effects on Small Business Credit Decisions (Thesis, Master of Management Studies (MMS)). University of Waikato, Hamilton, New Zealand. Retrieved from https://hdl.handle.net/10289/7025en
dc.identifier.urihttps://hdl.handle.net/10289/7025
dc.description.abstractWidespread empirical consistency with the pecking order theory of capital structure (Myers & Majluf, 1984) has led researchers to conclude that small and medium sized enterprises conform to this theory’s predictions. In chapter 2, a formal model is presented that allows for plausible and empirically supported psychological owner/manager objectives in addition to the profit motive. This chapter provides an alternative explanation of preferences for low leverage that does not rely on informational asymmetry, as well as predicting limits on firm sizes, and the existence of collateral. In chapter 3, a formal model of the entrepreneurship decision with credit is presented for firms with managers who overestimate their probability of success. Explanations for credit rationing, predatory lending, and the existence of collateral are produced and the welfare implications of overconfidence are investigated in an equilibrium model. It is found that overconfidence can increase overall welfare but harms entrepreneurs who are able to engage in poor projects.
dc.format.mimetypeapplication/pdf
dc.language.isoen
dc.publisherUniversity of Waikato
dc.rightsAll items in Research Commons are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.
dc.subjectEntrepreneurship
dc.subjectMicroeconomic theory
dc.subjectSmall business
dc.subjectBanking
dc.titleEntrepreneurship and Debt: Growth Aversion, Debt Aversion, Overconfidence, and the Effects on Small Business Credit Decisionsen
dc.typeThesis
thesis.degree.grantorUniversity of Waikato
thesis.degree.levelMasters
thesis.degree.nameMaster of Management Studies (MMS)
dc.date.updated2012-09-03T00:56:38Z
pubs.place-of-publicationHamilton, New Zealanden_NZ


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record