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Capital structure determinants in German SMEs : panel analysis and policy recommendations

Shugliashvili, Teona; Pirveli, Erekle; Munjishvili, Tea; … - In: Credit and capital markets : Kredit und Kapital 56 (2023) 3/4, pp. 313-351

non-debt tax shields affect SME leverage; 2) Policies addressing the term spread and economic uncertainty influence debt … the importance of factors such as the non-debt tax shield, firm size, interest rate spread, and the economic policy … Panel Fractional (DPF) estimator to identify the key variables influencing the debt-to-equity ratio. The findings underscore …

Persistent link: https://www.econbiz.de/10015188165

Innovation and investment funding in the post-crisis period : have financing patterns and financial constraints of German firms changed?

Schäfer, Dorothea; Stephan, Andreas - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 1, pp. 129-142

This study examines the actual funding behavior of German innovative firms in the pre- and post-crisis period. Specifically, we investigate if and how the funding patterns and financial constraints of German small and medium enterprises (SME) changed during and since the financial crisis. The...

Persistent link: https://www.econbiz.de/10011916059

Does Export Intensity Affect Corporate Leverage? Evidence from Portuguese SMEs

Silva, Cátia - 2020

SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export … intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits …, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation …

Persistent link: https://www.econbiz.de/10012849809

Firming up the capital base of the Austrian business sector : consolidating Austria's business sector strengths and its social role in the face of new challenges

Dlugosch, Dennis; Gönenç, Rauf; Kim, Eun Jung; … - 2020

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

Financing of Entrepreneurial Firms in Canada : An Overview

Miglo, Anton - 2016

are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME) in Canada. Tax …

Persistent link: https://www.econbiz.de/10012989374

Small Bank Financing and Funding Hesitancy in a Crisis : Evidence from the Paycheck Protection Program

Balyuk, Tetyana; Prabhala, Nagpurnanand; Puri, Manju - 2021

We study the delivery of subsidized financing to small firms through the Paycheck Protection Program (PPP). Smaller firms are less likely to gain early PPP access, an effect attenuated in small banks and firms with prior lending relationships. Their more even treatment offers a new rationale,...

Persistent link: https://www.econbiz.de/10013224246

Financing of Entrepreneurial Firms in Canada : Some Patterns

Miglo, Anton - 2019

SMEs in Canada. On the other hand, tax theory of capital structure does not seem to play a significant role for SMEs as …

Persistent link: https://www.econbiz.de/10012897102

Theories of financing for entrepreneurial firms : a review

Miglo, Anton - 2022

This article provides an overview of literature related to capital structure theories for entrepreneurial firms. It identifies gaps and controversial areas in existing literature and also discusses potential directions for future research. Credit rationing, signalling by risk-bearing, the...

Persistent link: https://www.econbiz.de/10014237806

On the dynamics of small and medium-sized enterprises : evidence from Japan

Yamada, Kazuo; El Kalak, Izidin; Takahashi, Hidenori - 2018

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

Bank credit and market-based finance for corporations : the effects of minibond issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020

their leverage …

Persistent link: https://www.econbiz.de/10012419623