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Impact of capital structure on micro firm productivity: empirical evidence from Swedish firm-level data

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  • Darush Yazdanfar

Abstract

The paper examines the impact of key productivity determinants at the firm level using data on 24,257 Swedish micro firms, including approximately 194,000 observations for the 2007-2008 period. The regression model includes a firm-level measure of total factor productivity as the dependent variable and capital structure and other relevant control variables as independent variables. Analysis reveals that firm-level variables, such as lagged productivity, size, age, profitability, short-term debt ratio, and industry affiliation, significantly affect firm productivity. Agency cost theory seems applicable in partly explaining the relationship between capital structure and productivity.

Suggested Citation

  • Darush Yazdanfar, 2012. "Impact of capital structure on micro firm productivity: empirical evidence from Swedish firm-level data," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 16(2), pages 223-237.
  • Handle: RePEc:ids:ijesbu:v:16:y:2012:i:2:p:223-237
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    Cited by:

    1. Beatrice Sarpong‐Danquah & Michael Adusei & Joseph Magnus Frimpong, 2023. "The capital structure–firm performance nexus: The role of judicial efficiency," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1585-1600, April.

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