Capital Structure and Sensitivity in SME Definition: A Panel Data Investigation

Autor:	Cristina Aybar-Arias, Alejandro Casino-Martínez, José López-Gracia
Rok vydání:	2003
Předmět:	Finance Capital structure business.industry media_common.quotation_subject Pecking order Sample size determination Debt Pecking order theory Cash flow Business Small and medium-sized enterprises Industrial organization media_common Panel data
Zdroj:	SSRN Electronic Journal.
ISSN:	1556-5068
DOI:	10.2139/ssrn.549082
Popis:	We provide an empirical examination of the pecking order theory on capital structure in the field of Small and Medium Enterprises (SMEs). We mainly investigate if the results are sensitive to different definitions commonly used for these types of companies. Our evidence offers strong support for the growth opportunities and cash flow hypotheses. Firms that have many growth opportunities and small cash flows clearly show more debt in their capital structure. Moreover, results do not change when different SME definitions or sample sizes are used.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::95f88e673ab9a35b3185be81c5520a16 https://doi.org/10.2139/ssrn.549082 Zobrazit plný text záznamu