Share repurchases have become persistent. Firms use cash flow as the primary source of capital to finance repeated share repurchases. This internal financing increases (decreases) retained earnings (paid-in-capital) in the capital structure and weakens the sensitivity of investment to cash flow....

This paper analyses the capital structure of 100 Irish technology oriented small companies and in particular looks at the impact financing options have on a variety of key topics. We examine key variables and their impact on the source of finance used by tech SMES The importance of internal...

The purpose of this study is to investigate empirically the impact of capital structure on firm performance. This study examined the impact of capital structure on firm performance of manufacturing sector SMEs in UK for the period of 1998-2008. The authors hypothesize that there is a negative...

This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. The main findings in the literature are the 1) European TBSF's finance new investments by relying primarily on internal funds, due to capital market failures induced by asymmetric information; 2)...

We use a dynamic framework and panel methodology to investigate the determinants of a firms' time-varying capital structure. Our sample comprises 706 European firms from France, Germany, Italy and the U.K. over the period from 1983 to 2002. If capital structure adjustment is costly, firms may...

India's rural households continued to remain financially excluded prominently compared to urban households particularly with respect to their access to institutional credit. Nearly half (44%) of the credit requirements of rural households is still met through non-institutional sources of finance...

This paper examines the structure of debt covenants in small firms, with emphasis on privately owned firms. It is based on a survey of a large sample of firms drawn from the S&P Register of Corporations. The findings show that debt covenants imposed on small firms differ according to the firm...