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External Financing, Growth and capital structure of the firms listed on the Athens Exchange

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  • Panayiotis P. Athanasoglou

    ()
    (Bank of Greece)

  • Ioannis Asimakopoulos G.

    ()
    (Bank of Greece)

  • Konstantinos Siriopoulos P.

    (University of Patras)

Abstract

The study focuses on Greek non-financial firms listed on the Athens Exchange in the period 1998-2002 and shows that only a small fraction of these firms were in a position to finance their growth by exclusively using internal resources with the findings varying depending on the firms’ size. For those firms that had to resort to external financing, short-term financing was favoured compared to long-term financing. While the need for short-term debt did not differ significantly between small and large firms, the need for additional long-term debt was clearly greater for large firms. As regards the determinants of capital structure (as measured by the total-debt-to-assets ratio), the effect of profitability is negative and statistically significant supporting the “pecking order” theory. As expected, tangible assets and firm size have a positive and statistically significant effect on the total debt-to-assets ratio, while short-term assets have the anticipated positive effect only on short-term external financing.

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Bibliographic Info

Article provided by Bank of Greece, Economic Research Department in its journal Economic Bulletin.

Volume (Year): (2006)
Issue (Month): 26 (January)
Pages: 59-77

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Handle: RePEc:bog:econbl:y:2006:i:26:p:59-77

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Web page: http://www.bankofgreece.gr
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Keywords: capital structure; Athens Exchange;

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Cited by:
  1. Nikos G. Zonzilos & Zacharias G. Bragoudakis & Georgia I. Pavlou, 2009. "An analysis of the reliability of first (flash) quarterly national account data releases for Greece," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 32, pages 39-51, May.
  2. Christos Papazoglou, 2009. "Is Greece's export performance really low?," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 32, pages 27-37, May.
  3. Vassilis Th. Rapanoss & Georgia Kaplanoglou, 2010. "Independent Fiscal Councils and Their Possible Role in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 33, pages 7-20, May.
  4. Hiona Balfoussia & Heather Gibson, 2010. "Inflation and Nominal Uncertainty: the case of Greece," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 33, pages 63-78, May.
  5. Petros M Migiakis, 2010. "Determinants of the Greek stock-bond correlation," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 33, pages 79-90, May.
  6. Theodore Mitrakos & Panos Tsakloglou & Ioannis Cholezas, 2010. "Determining factors of youth unemployment in Greece with emphasis on tertiary education graduates," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 33, pages 21-62, May.
  7. Theodoros M. Mitrakos & George T. Simigiannis, 2009. "The determinants of Greek household indebtedness and financial stress," Economic Bulletin, Bank of Greece, Economic Research Department, Bank of Greece, Economic Research Department, issue 32, pages 7-26, May.

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