and negatively correlated with the tax rate. It also predicts that firms that are farther away from their target capital …

-off theories explain the changes in capital structure of startups from inception to the later stages of development. Consistent … with the predictions of financial growth cycle theory, at the startup stage, entrepreneurs rely on initial insider capital … firms become less opaque, the proportion of business debt and trade credit financing in the total capital injection volume …

The optimal capital structure is a key precondition for business, even though defining the optimal capital structure is … entities. Given the specificities of companies in the SME segment, achieving an optimal capital structure is a challenging task … as there is no model of an optimal capital structure that can be universally applied in corporate practice. For this …

. -- leasing ; financial constraints ; small firm finance ; capital structure ; aging population …

below-median capital buffers. Highly levered SMEs that relied on low-capital large banks for funding before the pandemic …

The paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative …) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by …