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Determinants of the Capital Structures of European SMEs

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  • Graham C. Hall
  • Patrick J. Hutchinson
  • Nicos Michaelas
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    Abstract

    The aim of this paper is to examine the degree to which the determinants of SMEs' capital structures differ between European countries. The study is based on data for four thousand SMEs, five hundred from each of eight European countries. Regressions were run using short-term and long-term debt as dependent variables and profitability, growth, asset structure, size and age as independent variables. A key feature of this paper is the use of restricted and unrestricted regressions to isolate the country-effect from the firm-specific-effect. The results show that variations are likely to be due to country differences as well as firm-specific ones. Copyright Blackwell Publishers Ltd, 2004.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

    Volume (Year): 31 (2004-06)
    Issue (Month): 5-6 ()
    Pages: 711-728

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    Handle: RePEc:bla:jbfnac:v:31:y:2004-06:i:5-6:p:711-728

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    Cited by:
    1. Brian Lucey & Colm KEarney & Ciaran MacAnBhaird, . "Culture and capital structure in small and medium sized firms," The Institute for International Integration Studies Discussion Paper Series iiisdp419, IIIS.
    2. Jan Zápal, 2006. "Relation between Cyclically Adjusted Budget Balance and Growth Accounting Method of Deriving ‘Net Fiscal Effort’," Working Papers IES 2006/05, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006.
    3. Hans Degryse & Peter Goeij & Peter Kappert, 2012. "The impact of firm and industry characteristics on small firms’ capital structure," Small Business Economics, Springer, vol. 38(4), pages 431-447, May.
    4. de Jong, Abe & Kabir, Rezaul & Nguyen, Thuy Thu, 2008. "Capital structure around the world: The roles of firm- and country-specific determinants," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1954-1969, September.
    5. Majumdar, Raju, 2012. "The Determinants of Indebtedness in Unlisted Manufacturing Firms in India: A Panel Data Analysis," MPRA Paper 43427, University Library of Munich, Germany.
    6. Maurizio La Rocca & Tiziana La Rocca & Alfio Cariola, 2011. "Capital Structure Decisions During a Firm's Life Cycle," Small Business Economics, Springer, vol. 37(1), pages 107-130, July.
    7. Maria Psillaki & Nikolaos Daskalakis, 2009. "Are the determinants of capital structure country or firm specific?," Small Business Economics, Springer, vol. 33(3), pages 319-333, October.
    8. Degryse, H.A. & Goeij, P. C. de & Kappert, P., 2009. "The Impact of Firm and Industry Characteristics on Small Firms' Capital Structure: Evidence from Dutch Panel Data," Discussion Paper 2009-21, Tilburg University, Center for Economic Research.
    9. Toledo, Arcelia & Hernández, José de la Paz & Griffin, Denis, 2010. "Incentives and the growth of Oaxacan subsistence businesses," Journal of Business Research, Elsevier, vol. 63(6), pages 630-638, June.
    10. Ciarán mac an Bhaird & Brian Lucey, 2010. "Determinants of capital structure in Irish SMEs," Small Business Economics, Springer, vol. 35(3), pages 357-375, October.
    11. Monzurul Hoque & Muhammad Chishty & Rashid Halloway, 2011. "Commercialization and changes in capital structure in microfinance institutions: An innovation or wrong turn?," Managerial Finance, Emerald Group Publishing, vol. 37(5), pages 414-425, May.
    12. Ginés Hernández-Cánovas & Johanna Koëter-Kant, 2010. "The institutional environment and the number of bank relationships: an empirical analysis of European SMEs," Small Business Economics, Springer, vol. 34(4), pages 375-390, May.
    13. Bartholdy, Jan & Mateus, Cesário, 2011. "Debt and taxes for private firms," International Review of Financial Analysis, Elsevier, vol. 20(3), pages 177-189, June.
    14. Azzam, Islam, 2010. "Stock exchange demutualization and performance," Global Finance Journal, Elsevier, vol. 21(2), pages 211-222.

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