How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel

被引：171

作者：

Sogorb-Mira, F ^{[1
]}

机构：

[1] Univ Cardenal Herrera CEU, Fac Social & Legal Sci, Dept Econ & Business, Elche 03203, Alicante, Spain

来源：

SMALL BUSINESS ECONOMICS | 2005年 / 25卷 / 05期

关键词：

capital structure; financing; panel data; pecking order theory; SME; trade-off theory;

D O I：

10.1007/s11187-004-6486-8

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise ( SME) capital structure. We carry out an empirical analysis of panel data of 6482 non-financial Spanish SMEs during the five years period 1994 - 1998, modelling the leverage ratio as a function of firm specific attributes hypothesized by capital structure theory. Our 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 firm group.

引用

页码：447 / 457

页数：11

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