The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009-2012. We found that the...

The aim of this study is to analyse the impact of corporate financial structure on a firm's export propensity, especially that of small and medium-sized enterprises (SMEs). The paper contributes to the literature concerned with the relationship between exports and financial constraints from the...

There is tremendous interest, in the economic literature, for the determinants of firms’ capital structure decisions. A rich body of empirical works now exists that purports to identify firm- and country-level factors affecting firms’ financing patterns. In addition, more recently, a new...

This paper contributes to the academic debate on the pecking order theory and SMEs equity financing, in this equity financing gap. In order to address this problem, this study relies on the empirical design that is driven by the premises of the pecking order theory and distinguishes between the...

The optimal capital structure is a key precondition for business, even though defining the optimal capital structure is difficult. The available studies present many different and mutually contradictory factors that need to be taken into account in the strategic financial decisions of managers....

Private debt contracts tend to have covenants that restrict future investment, restrict capital structure decisions, or impose thresholds for cash flows or other performance measures. While previous studies have demonstrated a relationship between firm characteristics and the overall strictness...

We provide evidence that investment horizons of institutional shareholders affect firms' financing decisions. We find that short-term institutional ownership positively affects firms' likelihood of equity relative to debt issues, the size of equity issues, and the likelihood of long-term...

This paper introduces a new form of contingent capital, contingent convertible securities (CCSs), which might repeatedly convert between debt- and equity-like instruments depending on financial conditions. We derive explicit prices of corporate securities, assuming the cash flow is modeled as a...

We examine the relevance of the pecking order theory of capital structure among emerging market firms in the light of their debt capacity concerns. We consider the financing choices of all public listed Indian firms during 1992 to 2011 for the empirical analysis. The estimated annual pecking...