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performance levels. The capital structure of Austrian SMEs are biased towards debt-financing and stronger equity, growth and …
Persistent link: https://www.econbiz.de/10012203255
debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm … value. Shareholders would instead choose to increase leverage even if the new debt is junior and would reduce firm value …. These asymmetric forces in leverage adjustments, which we call the leverage ratchet effect, cause equilibrium leverage …
Persistent link: https://www.econbiz.de/10010205870
One of the major issues for SME development has been access to finance. This paper examines the current state of SME development and financing in Kazakhstan. It also examines the current state of the development of value chains and discusses barriers for agriculture value chain financing. The...
Persistent link: https://www.econbiz.de/10012113904
The main objective of this paper is to understand how the changes in the macroeconomic conditions (the global financial crisis) relate to the investment and financial decision-making for each of the different size categories of SMEs. To do so, we use a large dataset of 764,963 observations in...
Persistent link: https://www.econbiz.de/10011804488
-post performance, we find that issuer firms expand their total assets and fixed assets, and also raise their leverage. …
Persistent link: https://www.econbiz.de/10012390449
their leverage …
Persistent link: https://www.econbiz.de/10012419623
issuer firms expand their total assets and fixed assets, and also raise their leverage …
Persistent link: https://www.econbiz.de/10012614108
This study examines the relationship between access to finance and growth in sales for Micro, Small, and Medium Enterprises (MSMEs) in Iran. Using data from 486 firms in five provinces, our findings indicate that external financing positively impacts sales growth for MSMEs. The results suggest...
Persistent link: https://www.econbiz.de/10014245441
financial instruments used. Some are consistent with existing theory, while others are understudied. Many leverage changes are …). This implies a lower frequency of proactive leverage adjustments than indicated by prior research using accounting data …
Persistent link: https://www.econbiz.de/10011980257
leverage faced tighter constraints in accessing bank credit after the COVID-19 outbreak in spring 2020. Specifically, SMEs with … higher pre-COVID leverage obtained a smaller volume of new loans and had to pay a higher spread on them during the pandemic … were not able to substitute to other sources of debt financing and thus experienced more of a reduction in total debt as …
Persistent link: https://www.econbiz.de/10013414903