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How Sme Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Spanish Data Panel

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Author Info
Francisco Sogorb- Mira (Universidad CEU Cardenal Herrera)
Abstract

The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise (SME) capital structure. We carry out an empirical analysis over a panel data of 6482 non?financial Spanish SMEs along the five-year period 1994?1998, modelling the leverage ratio as a function of firm specific attributes hypothesized by capital structure theory. Our results suggest that non?debt tax shields and profitability are both negatively related to SME leverage, while size, growth options and asset structure influence positively on SME capital structure; they also confirm a maturity matching behaviour in this firm group. El principal objetivo de este trabajo reside en estudiar cómo determinadascaracterísticas empresariales afectan a la estructura de capital de la Pequeña y MedianaEmpresa (PYME). Para lograr este objetivo, se lleva a cabo un análisis empírico sobre unpanel de 6482 PYMEs no financieras españolas a lo largo del lustro 1994¿1998. El ratio deendeudamiento se contempla como una función de aquellos atributos específicos de lasempresas que han sido identificados por la teoría de la estructura de capital. Los resultadosobtenidos sugieren que, tanto los escudos fiscales alternativos a la deuda como la rentabilidadempresarial, se encuentran negativamente relacionados con el endeudamiento de las PYMEs,mientras que el tamaño, las oportunidades de crecimiento y la estructura de los activosinfluyen de forma positiva en la estructura de capital de las PYMEs. Estos resultados tambiénconfirman un comportamiento tendente a la conciliación de vencimientos de activos y pasivosen este grupo empresarial.

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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2002-18.

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Length: 22 pages
Date of creation: Jul 2002
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2002-18

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Keywords: Financing; Capital Structure; Trade ¿ Off Theory; Pecking Order Theory; SME; Panel Data. Financiación; estructura de capital; ¿Trade-off Theory¿; ¿Pecking Order Theory¿; PYME; Panel de Datos.;

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Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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