haku: @author Torre, C. de la / yhteensä: 3
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| Tekijä: | Pindado, J. Rodrigues, L. Torre, C. de la |
| Otsikko: | How does financial distress affect small firms' financial structure? |
| Lehti: | Small business economics
2006 : MAY, VOL. 26:4, p. 377-391 |
| Asiasana: | financial structure crises recession small business models companies Portugal models |
| Kieli: | eng |
| Tiivistelmä: | New evidence is provided on the financial (here as: fin.) structure of small firms (as: s-firms.) by emphasizing the role of fin. distress. A model of debt adjustments (as: adjstm.) allowing investigation of the specific nature of the adjstm. process towards target debt levels in s-firms is provided. Model estimation by the Generalized Method of Moments (GMM) is performed on a data panel of Portuguese s-firms during a period of recession. It is found that s-firms do adjust their debt ratios towards target levels, the speed of adjstm. being faster in the shorter term. It is also indicated that there are major differences in the determinants of long-term and short-term debt etc. |
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