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What Do We Know about the Capital Structure of Small Firms?
Joeveer, Karin - Center for Economic Research and Graduate Education and … - 2005
There are no stylized facts about the capital structure of small firms. Therefore, in this paper I use firm data from 10 Western European countries to contrast the sources of leverage across small and large firms. Specifically, I jointly evaluate the explanatory power of firm-specific, country...
Persistent link: https://www.econbiz.de/10005146525
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HOW SME UNIQUENESS AFFECTS CAPITAL STRUCTURE: EVIDENCE FROM A 1994-1998 SPANISH DATA PANEL
Mira, Francisco Sogorb- - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002
The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise (SME) capital …. 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 on SME capital structure; they also confirm a maturity matching …
Persistent link: https://www.econbiz.de/10005212514
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ARE REGIONAL INSTITUTIONAL FACTORS DETERMINANTS OF THE CAPITAL STRUCTURE OF SMES?
Palacin-Sanchez, MariaJosé; Pietro, Filippo di - European Regional Science Association - 2013
This paper analyses the role that institutional factors play in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of the...
Persistent link: https://www.econbiz.de/10010755462
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Equity gap? - Which equity gap? On the financing structure of Germany's Mittelstand
Bannier, Christina E.; Grote, Michael H. - Frankfurt School of Finance and Management - 2008
. We do not detect any structural problems in average SME's capital structure. Rather, German Mittelstand firms appear to …
Persistent link: https://www.econbiz.de/10005026952
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How Theory Meets Practice: An Analysis of the Capital Structure of Spanish SMEs
Riportella, Clara Cardone; Papis, Leonardo Cazorla - In: Journal of Entrepreneurial Finance 11 (2006) 2, pp. 73-94
The article analyzes the factors determining the capital structure of the Spanish small and medium enterprises [SMEs]. The analysis is grounded on the agency theory, the signalling approach and the pecking order theory. In particular, the article provides a qualitative and quantitative analysis...
Persistent link: https://www.econbiz.de/10010765325
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The impact of internal rating systems on the finan ing policy of firms
Renato, Maino; Michele, Modina - In: Banca Impresa Società (2012) 1, pp. 89-106
The diffusion of internal rating systems changes the scenario of the financial strategy adopted by firms. The objective of the work consists of understanding how firms can respond to increasingly complex strategies that require an operative and managerial maturity, by building an optimum...
Persistent link: https://www.econbiz.de/10011157742
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Is There a Size Gap in Corporate Leverage? A European Comparison
Coeurderoy, Régis - In: Journal of Economics and Statistics (Jahrbuecher fuer … 221 (2001) 5-6, pp. 672-688
The main purpose of this paper is to evaluate corporate debt ratios by size classes in Continental Europe. Evidence is …
Persistent link: https://www.econbiz.de/10008633403
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Leasing by small enterprises
Neuberger, Doris; Räthke-Döppner, Solvig - Institut für Volkswirtschaftlehre, Universität Rostock - 2012
Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...
Persistent link: https://www.econbiz.de/10010986127
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Investment and capital structure decisions under time-inconsistent preferences
Kijima, Masaaki; Tian, Yuan - Institute of Economic Research, Kyoto University - 2013
Based on a continuous-time model of quasi-hyperbolic discounting, this paper provides an analytically tractable framework of entrepreneurial firms’ investment and capital structure decisions with time-inconsistent preferences. We show that the impact of time-inconsistent preferences depends...
Persistent link: https://www.econbiz.de/10010860085
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Réglementation du travail et structure financière:Théorie et preuve empirique - Employment laws and capital structure:Theory and empirical evidence
Bunkanwanicha, Pramuan; Moussu, Christophe - In: Revue Finance Contrôle Stratégie 15 (2012) 1, pp. 27-42
(VF)Cet article révèle une association négative forte entre la réglementation du travail et l’endettement financier des entreprises, sur un large échantillon d’entreprises cotées des 21 pays les plus riches de l’OCDE. L’hypothèse développée est que la réglementation du travail...
Persistent link: https://www.econbiz.de/10010860194