Abstract
In general, the study of the determinants of capital structure has handled the third-party capitalas a homogeneous source of funds, despite this being often formed by a variety of fundraisinginstruments. This paper analyzes the relevance of heterogeneity of debt structure forunderstanding the capital structure. The results show that the firms' characteristics areassociated with resources taken by specific sources and the use of general measures of debt asthe dependent variable can effectively hide relevant factors for the composition of thecapital structure.
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