The objective of this article is to analyse how the regional financial and economic differences influence the capital structure decisions of small and medium-sized enterprises (SMEs). Specifically, the paper considers the regional financial and economic differences dividing four aspects: the...

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...