Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina

Autor:	Briozzo, Anahí, Vigier, Hernán Pedro, Martinez, Lisana Belén
Jazyk:	angličtina
Rok vydání:	2016
Předmět:	Pecking order Aversion to debt Trade-off Small firms Economía y Negocios financing decisions
Zdroj:	CIC Digital (CICBA) Comisión de Investigaciones Científicas de la Provincia de Buenos Aires instacron:CICBA
Popis:	This article studies the determinants of the financing decisions of small and medium enterprises (SMEs), which we characterize through three cases: trade-off behavior, pecking order, and extreme aversion to debt. We test our hypotheses using a datas et of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size, and legal form; and personal factors, such as owner’s age and education; and perception of emotional bankruptcy costs, are relevant variables in SME financing behavior. The recognition of extreme aversion to debt motivates reconsideration of the underleverage problem of SMEs.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od______3056::e3e9e2564299a6c62bba3147b317d8d5 https://digital.cic.gba.gob.ar/handle/11746/5098 Zobrazit plný text záznamu