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Financial Development and Financial Structure of Industrial SMEs: The Case Of Greece


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  • Voulgaris, F.
  • Asteriou, D.
  • Agiomirgianakis, G.


The 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 Info

Article provided by European Research Studies Journal in its journal European Research Studies Journal.

Volume (Year): III (2000)
Issue (Month): 3-4 (July - December)
Pages: 95-110

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Handle: RePEc:ers:journl:v:iii:y:2000:i:3-4:p:95-110

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Keywords: Small and Medium Enterprises; financial structure; panel data; non-linear regression analysis;

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Cited by:
  1. 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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