Capital structure and financing of SMEs: Australian evidence
This paper investigates the determinants of capital structure and use of financing for small and medium sized enterprises. Hypotheses utilising static trade-off and pecking order arguments are empirically examined using a series of firm characteristics including: size, asset structure, profitability, growth and risk. The hypotheses developed are tested using a large Australian nationwide panel survey. The results suggest that asset structure, profitability and growth are important determinants of capital structure and financing. For asset structure the direction of the influence is reliant upon the capital structure or financing measure employed. The results generally support static trade-off and pecking order arguments proposed by theoretical models. Copyright (c) AFAANZ, 2003.
Year of publication: |
2003
|
---|---|
Authors: | Cassar, Gavin ; Holmes, Scott |
Published in: |
Accounting and Finance. - Accounting and Finance Association of Australia and New Zealand - AFAANZ, ISSN 0810-5391. - Vol. 43.2003, 2, p. 123-147
|
Publisher: |
Accounting and Finance Association of Australia and New Zealand - AFAANZ |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Capital Structure and Financing of SMEs : Australian Evidence
Cassar, Gavin, (2011)
-
Capital structure and financing of SMEs: Australian evidence
Cassar, Gavin, (2003)
-
Capital structure and financing of SMEs: Australian evidence
Cassar, Gavin, (2003)
- More ...