haku: @indexterm CAPITAL STRUCTURE OF COMPANIES / yhteensä: 353
viite: 37 / 353
| Tekijä: | Sogorb-Mira, F. |
| Otsikko: | How SME uniqueness affects capital structure: evidence from a 1994-1998 Spanish data panel |
| Lehti: | Small business economics
2005 : DEC, VOL. 25:5, p. 447-457 |
| Asiasana: | capital structure of companies financing panel data small and medium-sized enterprises (smes) Spain |
| Kieli: | eng |
| Tiivistelmä: | 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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