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| Tekijä: | Psillaki, M. Daskalakis, N. |
| Otsikko: | Are the determinants of capital structure country or firm specific? |
| Lehti: | Small business economics
2009 : OCT, VOL. 33:3, p. 319-333 |
| Asiasana: | capital structure of companies small and medium-sized enterprises (smes) financing France Greece Italy Portugal |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the capital structure (hereafter as: cap. str/s.) determinants of Greek, French, Italian, and Portuguese small and medium-sized enterprises (SMEs). The SMEs' cap. str/s. are compared across countries and differences in country characteristics, asset structure, size, profitability, risk, and growth with their possible impact on cap. str/s. choices. It is shown that SMEs in these countries determine their cap. str/s. in similar ways. These similarities are attributed to the country institutional and financial characteristics and their civil law systems' communality. However, there are structural differences due to firm specific effects. It is found that size is positively related to leverage while the relationship btw. leverage and asset structure, profitability and risk is negative. Growth is not a statistically significant determinant of leverage for any of the four countries. It is concluded that differences in SME cap. str/s. choices are explained by firm-specific rather than by country facts. |
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