Aybar-Arias, Cristina; Casino-Martínez, Alejandro; … - In: Small Business Economics 39 (2012) 4, pp. 977-996
The aim of this paper is to analyse the speed of adjustment of small and medium-sized enterprises (SMEs) to the target leverage. By applying a system GMM technique to Spanish panel data collected during the period 1995–2005, we estimate a partial adjustment model in which both target leverage...