Financial Development and Financial Structure of Industrial SMEs: The Case Of Greece
AbstractThe aim of this paper is to investigate the determinants of capital structure for the Greek manufacturing SMEs (1-100 employees). Various theories on the determinants of capital structure of SMEs are discussed and findings of previous empirical studies are examined. This study is based on a panel data set consisted of a random sample of 142 manufacturing SMEs in Greece for the time span 1989-1996. A non-linear regression model was developed with total debt, short-term debt and long-term debt ratios used as dependent variables. Enterprise size, profitability, asset structure, liquidity, average inventory period and accounts receivables collection period are found to have a significant effect on the capital structure of Greek manufacturing SMEs. A number of policy implications are suggested by the findings, which will improve the viability, growth and competitiveness of the manufacturing SME sector in Greece.
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Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): III (2000)
Issue (Month): 3-4 (July - December)
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Web page: http://www.ersj.eu/
Small and Medium Enterprises; financial structure; panel data; non-linear regression analysis;
Find related papers by JEL classification:
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
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- F. Voulgaris & D. Asteriou & G. Agiomirgianakis, 2004. "Size and Determinants of Capital Structure in the Greek Manufacturing Sector," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 247-262.
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