SMEs capital structure determinants during severe economic crisis: The case of Greece

被引:34
作者
Balios, D. [1 ]
Daskalakis, N. [2 ]
Eriotis, N. [1 ]
Vasiliou, D. [3 ]
机构
[1] Natl & Kapodistrian Univ Athens, Dept Econ, Athens, Greece
[2] Univ Brighton, Brighton Business Sch, Mithras House,Lewes Rd, Brighton BN2 4AT, E Sussex, England
[3] Hellen Open Univ, Sch Social Sci, Patras, Greece
关键词
corporate finance; financial leverage; capital structure; Greek firms;
D O I
10.1080/23322039.2016.1145535
中图分类号
F [经济];
学科分类号
02 [经济学];
摘要
The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009-2012. We found that the effect of capital structure determinants on leverage does not change in an environment of economic crisis; larger SMEs continued to show higher debt ratios, the relationship between profitability and tangibility of assets with leverage continued to be negative, and growth was positively related to leverage.
引用
收藏
页数:11
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