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Comparative study of the relevance of equity financing in European SMEs

Wieczorek-Kosmala, Monika; Błach, Joanna; Trzęsiok, Joanna - In: Journal of business economics and management 21 (2020) 6, pp. 1543-1560

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...

Persistent link: https://www.econbiz.de/10012505322

The interaction of institutional quality and human capital in shaping the dynamics of capital structure in Viet Nam

Santarelli, Enrico; Hien Thu Tran - 2018

The aim of this paper is to find which of two theories of capital structure - trade-off theory or pecking order theory - best explains the capital structure decision of non-state firms during the post-transition process in Viet Nam. We also investigate the effect of human capital, institutional...

Persistent link: https://www.econbiz.de/10011874005

Impact of selected characteristics of SMEs on the capital structure

Belás, Jaroslav; Gavurova, Beata; Tóth, Peter - In: Journal of business economics and management 19 (2018) 4, pp. 592-608

entities. Given the specificities of companies in the SME segment, achieving an optimal capital structure is a challenging task … reason, we decided to realize our research. The main aim of the paper is to identify determinants of the SME's capital … consist of all SME in the Czech Republic. We applied ordinal logistic regression and estimated five models. These models were …

Persistent link: https://www.econbiz.de/10012174898

Are regional institutional factors determinants of the capital structure of SMEs?

Palacín-Sánchez, María-José; Di Pietro, Filippo - 2013

This paper analyses the role that institutional factors play in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of the...

Persistent link: https://www.econbiz.de/10011565931

Family control and financing decisions

Crocci, Ettore; Doukas, John A.; Gonenc, Halit - 2010

Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms, using a comprehensive sample of 777 large...

Persistent link: https://www.econbiz.de/10008669982

Capital structure, corporate taxation and firm age

Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2008

This paper analyzes the relationship between capital structure, corporate taxation and firm age. We adapt a standard model of optimal capital structure choice under corporate taxation, focusing on the financing and investment decisions a young firm is typically faced with. Our model allows to...

Persistent link: https://www.econbiz.de/10009731787

Dynamic approach of capital structure of European shipping companies

Arvanitis, Stavros H.; Tzigkounaki, Irakleia S.; … - In: International journal of economic sciences and applied … 5 (2012) 3, pp. 33-63

The issue of capital structure of companies is one of the most debated problems of financial management. According to economic theory, capital structure determines the stock market value of firms and therefore their viability, while one of the most negative result of the crash of 2008 and the...

Persistent link: https://www.econbiz.de/10009716831

The state of the banking sector in Europe

Schoenmaker, Dirk; Peek, Toon - 2013

This paper reviews the state of the banking sector in Europe. At the aggregate level, the empirical data suggest that … market thus gives a lower value to these banks. Our findings provide prima facie evidence of a credit crunch in Europe …

Persistent link: https://www.econbiz.de/10010231412

Bank market structure and firm capital structure in Europe

Baert, Lieven; Vander Vennet, Rudi - 2008

We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship...

Persistent link: https://www.econbiz.de/10011384212

Operating Performance, Valuation, Leverage, and Corporate Governance of Leveraged Buy-Out Transactions : A Continental European Perspective

Harbula, Péter - 2011

This article aims to analyse the evolution over the recent years of LBO funds, in terms of valuation (asset prices) and the role that leverage and corporate governance played in its evolution.Leverage is one of the positive factors that is supposed to contribute to the success of private equity,...

Persistent link: https://www.econbiz.de/10013123032