haku: @author Michaelas, N. / yhteensä: 1
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| Tekijä: | Hall, G.C. Hutchinson, P.J. Michaelas, N. |
| Otsikko: | Determinants of the capital structures of European SMEs |
| Lehti: | Journal of Business Finance and Accounting
2004 : JUN/JUL, VOL. 31:5-6, p. 711-728 |
| Asiasana: | Finance Capital structure of companies Small and medium-sized enterprises (SMEs) Europe |
| Vapaa asiasana: | SME |
| Kieli: | eng |
| Tiivistelmä: | This paper aims to examine the degree to which the determinants of small and medium sized enterprises' (or SMEs) capital structures differ btw. European countries. The study is based on data for 4.000 SMEs, 500 from each of eight European countries. Regressions (here as: regrs.) were run using short-term and long-term debt as dependent variables (here as: vars.) and profitability, growth, asset structure, size and age as independent vars. A key feature of this paper is the use of restricted and unrestricted regrs. to isolate the country-effect (hereafter as: c-eff.) from the firm-specific-effect (here as: f-eff). The results show that variations are likely to be related to c-eff. as well as to f-eff. |
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SCIMA