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

6533b833fe1ef96bd129c086

RESEARCH PRODUCT

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

Cristina Aybar-arias Alejandro Casino-martínez José López-gracia

subject

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

description

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.

year	journal	country	edition	language
2003-01-01	SSRN Electronic Journal

https://doi.org/10.2139/ssrn.549082

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