search query: @indexterm capital structure of companies / total: 353
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| Author: | Sogorb-Mira, F. |
| Title: | How SME uniqueness affects capital structure: evidence from a 1994-1998 Spanish data panel |
| Journal: | Small business economics
2005 : DEC, VOL. 25:5, p. 447-457 |
| Index terms: | capital structure of companies financing panel data small and medium-sized enterprises (smes) Spain |
| Language: | eng |
| Abstract: | This article tests how company characteristics affect small and medium-sized enterprise (SME) capital structure. An empirical analysis of panel data of 6482 non-financial Spanish SMEs is carried out during the five years period 1994-1998, modelling the leverage ratio as a function of company specific attributes hypothesized by capital strcuture theory. The results suggest that non-debt tax shields and profitability are both negatively related to SME leverage, while size, growth options and asset structure influence positively SME capital structure; they also confirm a maturity matching behaviour in this company group. |
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