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The impact of firm and industry characteristics on small firms’ capital structure

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  • Hans Degryse
  • Peter Goeij

    ()

  • Peter Kappert

Abstract

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File URL: http://hdl.handle.net/10.1007/s11187-010-9281-8
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Bibliographic Info

Article provided by Springer in its journal Small Business Economics.

Volume (Year): 38 (2012)
Issue (Month): 4 (May)
Pages: 431-447

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Handle: RePEc:kap:sbusec:v:38:y:2012:i:4:p:431-447

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Web page: http://www.springerlink.com/link.asp?id=100338

Related research

Keywords: Capital structure; Panel data; Pecking-order theory; Trade-off theory; SME; Industry effects; C23; G32; G30; L26;

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References

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  1. Berger, Allen N. & Udell, Gregory F., 2006. "A more complete conceptual framework for SME finance," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2945-2966, November.
  2. Michaelas, Nicos & Chittenden, Francis & Poutziouris, Panikkos, 1999. " Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data," Small Business Economics, Springer, vol. 12(2), pages 113-30, March.
  3. Hernán Ortiz-Molina & María Penas, 2008. "Lending to small businesses: the role of loan maturity in addressing information problems," Small Business Economics, Springer, vol. 30(4), pages 361-383, April.
  4. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
  5. Malcolm Baker & Jeffrey Wurgler, 2002. "Market Timing and Capital Structure," Journal of Finance, American Finance Association, vol. 57(1), pages 1-32, 02.
  6. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
  7. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  8. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
  9. Nicola Cetorelli & Michele Gambera, 1999. "Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data," Center for Financial Institutions Working Papers 00-19, Wharton School Center for Financial Institutions, University of Pennsylvania.
  10. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  11. Jong, A. de, 1999. "An Empirical Analysis of Capital Structure Decisions in Dutch Firms," Open Access publications from Tilburg University urn:nbn:nl:ui:12-80017, Tilburg University.
  12. Vos, Ed & Yeh, Andy Jia-Yuh & Carter, Sara & Tagg, Stephen, 2007. "The happy story of small business financing," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2648-2672, September.
  13. de Jong, A. & Kabir, R. & Nguyen, T.T., 2007. "Capital Structure around the World: The Roles of Firm- and Country-Specific Determinants," ERIM Report Series Research in Management ERS-2007-058-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  14. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
  15. Judith Jordan & Julian Lowe & Peter Taylor, 1998. "Strategy and Financial Policy in UK Small Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(1&2), pages 1-27.
  16. Gavin Cassar & Scott Holmes, 2003. "Capital structure and financing of SMEs: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 0(2), pages 123-147.
  17. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  18. Peter MacKay & Gordon M. Phillips, 2005. "How Does Industry Affect Firm Financial Structure?," Review of Financial Studies, Society for Financial Studies, vol. 18(4), pages 1433-1466.
  19. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  20. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. " On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-78, July.
  21. Chen, Linda H. & Lensink, Robert & Sterken, Elmer, 1999. "The determinants of capital structure: evidence from Dutch panel data," Research Report 99E14, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  22. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  23. Stulz, ReneM., 1988. "Managerial control of voting rights : Financing policies and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 25-54, January.
  24. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
  25. Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
  26. Maksimovic, Vojislav & Zechner, Josef, 1991. " Debt, Agency Costs, and Industry Equilibrium," Journal of Finance, American Finance Association, vol. 46(5), pages 1619-43, December.
  27. Dries Heyman & Marc Deloof & Hubert Ooghe, 2008. "The Financial Structure of Private Held Belgian Firms," Small Business Economics, Springer, vol. 30(3), pages 301-313, March.
  28. Graham C. Hall & Patrick J. Hutchinson & Nicos Michaelas, 2004. "Determinants of the Capital Structures of European SMEs," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(5-6), pages 711-728.
  29. Brennan, Michael J & Schwartz, Edwardo S, 1978. "Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure," The Journal of Business, University of Chicago Press, vol. 51(1), pages 103-14, January.
  30. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
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Citations

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Cited by:
  1. Ramzi Benkraiem, 2014. "Small business investment sensitivity of debt before and during the global crisis," Economics Bulletin, AccessEcon, vol. 34(2), pages 1185-1196.
  2. MariaJosé Palacin-Sanchez & Filippo di Pietro, 2013. "Are Regional Institutional Factors Determinants Of The Capital Structure Of Smes?," ERSA conference papers ersa13p498, European Regional Science Association.
  3. Winkler, Adalbert & Wagner, Charlotte, 2013. "Growth patterns of microfinance clients - Evidence from Sub-Saharan Africa," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79945, Verein für Socialpolitik / German Economic Association.
  4. María Palacín-Sánchez & Luis Ramírez-Herrera & Filippo di Pietro, 2013. "Capital structure of SMEs in Spanish regions," Small Business Economics, Springer, vol. 41(2), pages 503-519, August.

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