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How SME Uniqueness Affects Capital Structure: Evidence From A 1994–1998 Spanish Data Panel

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  • Francisco Sogorb-Mira

    ()

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    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 of panel data of 6482 non-financial Spanish SMEs during the five years 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 SME capital structure; they also confirm a maturity matching behaviour in this firm group. Copyright Springer 2005

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    File URL: http://hdl.handle.net/10.1007/s11187-004-6486-8
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    Article provided by Springer in its journal Small Business Economics.

    Volume (Year): 25 (2005)
    Issue (Month): 5 (December)
    Pages: 447-457

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    Handle: RePEc:kap:sbusec:v:25:y:2005:i:5:p:447-457
    DOI: 10.1007/s11187-004-6486-8
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    1. Cardone Riportella, Clara & Cazorla Papis, Leonardo, 2001. "New approaches to the analysis of the capital structure of SME's: empirical evidence from Spanish firms," DEE - Working Papers. Business Economics. WB wb011003, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
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