How do we explain the capital structure of SMEs in sub-Saharan Africa?: Evidence from Ghana
AbstractPurpose – The purpose of this study is to examine the determinants of capital structure decisions of small and medium enterprises (SMEs) in Ghana. The issue is very relevant considering that SMEs have been noted as important contributors to the growth of the Ghanaian economy. Design/methodology/approach – Regression model is used to estimate the relationship between the firm level characteristics and capital structure measured by long-term debt and short-term debt ratios. Findings – The results of the study suggest that variables such as firm's age, size, asset structure, profitability, and growth affect the capital structure of Ghanaian SMEs. Short-term debt is found to represent an important financing source for SMEs in Ghana. Originality/value – The findings of this study have important implications for policy makers and entrepreneurs of SMEs in Ghana
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Emerald Group Publishing in its journal Journal of Economic Studies.
Volume (Year): 36 (2009)
Issue (Month): 1 (January)
Contact details of provider:
Web page: http://www.emeraldinsight.com
Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Eric Osei-Assibey & Godfred A. Bokpin & Daniel K. Twerefou, 2012. "Microenterprise financing preference: Testing POH within the context of Ghana's rural financial market," Journal of Economic Studies, Emerald Group Publishing, vol. 39(1), pages 84-105, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Harris).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.