The main sources of financing for small and medium sized enterprises (SMEs) are equity (internally generated cash), trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by...

We examine the trade credit linkages among firms within a supply chain to reckon the effect of such linkages on the propagation of liquidity shocks from downstream to upstream firms. We choose a sample appropriate for this task, consisting of a large data set of Italian firms from the textile...

For small and medium enterprises (SMEs), various types of debt are not identical. There are specific costs and benefits associated with each funding source. Using a sample of Portuguese SMEs over the years 1990-2000, we show that the asset and liability side of the balance sheet are...

For small and medium-sized enterprises, various types of debt are not identical. There are specific costs and benefits associated with each funding source. We argue that the asset and liability sides of the balance sheet are interrelated. Specifically, we hypothesize that firms match specific...

This paper investigates the determinants of capital structure for a sample of 13,070 small medium sized enterprises (SMEs) and 67,449 firm-year observations from Eastern European countries over the period 1994-2004. The use of a sample of SMEs in our analysis rather than large listed firms...

The aim of this paper is to analyse for a multi-country large emerging market sample the choice between debt and equity simultaneously with the decision between short-and long-term debt. In order to investigate the joint decision among leverage and maturity we examine an unique sample of 986...