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2 edition of Empirical evidence on the stability of the determinants of capital structure in SMEs found in the catalog.

Empirical evidence on the stability of the determinants of capital structure in SMEs

N. Michaelas

Empirical evidence on the stability of the determinants of capital structure in SMEs

by N. Michaelas

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  • 22 Currently reading

Published by MBS in Manchester .
Written in English


Edition Notes

StatementN. Michaelas, F. Chittenden and P. Poutziouris.
SeriesManchester Business School working paper -- no.363
ContributionsChittenden, Francis, 1950-, Poutziouris, P., Manchester Business School.
ID Numbers
Open LibraryOL17176073M

Detecting Determinants of Capital Structure Abstract The determinants of the leverage of rms are widely used as a means to study optimal capital structure decisions. However, empirical studies do not agree on the importance of several commonly proposed determinants. We provide a dynamic capital structure model which endogenously generates the inde-.   The size of the firm appears a more important factor that determines the profitability in SMEs in the UK. There is consistent evidence for positive size-profitability relationship. The results of this study have shown that the capital structure of the firm has a significant influence on the profitability of SMEs in the UK.

Financial policy and capital structure choice in U.K. SMEs: Empirical evidence from company panel data. Small Business Economics, 12(2), – Miller, M. (). Firm’s Capital Structure Determinants and Financing Choice by Industry in Morocco. International Journal of Management Science and Business Administration, 4(3), pp APA: Amraoui, M., Jianmu, Y. & Bouarara, K. (). Firm’s Capital Structure Determinants and Financing Choice by Industry in Morocco.

Determinants of Capital Structure: Empirical evidence from listed firms in Norway comprehensive model of capital structure that can enhance all the empirical findings. All the determinants of capital structure that affect the cost of capital.   A prior version of this chapter has been part of the EIF Working Paper series: Masiak, C., Moritz, A. and Lang, F. (): Financing Patterns of European SMEs Revisited: An Updated Empirical Taxonomy and Determinants of SME Financing Clusters, EIF Working Paper /40 and the doctoral dissertation of Christian Masiak “Financing SMEs and .


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Empirical evidence on the stability of the determinants of capital structure in SMEs by N. Michaelas Download PDF EPUB FB2

This paper presents an empirical examination of determinants of the capital structure of a sample of Irish small and medium-sized enterprises (SMEs).

Results suggest that. Based on received financial theory, we empirically examine the role of the following firm-specific determinants of leverage: bankruptcy costs, growth, variability, non-debt tax shields, collateral value, profitability, and size.

For our sample, to focus on firm-specific aspects, we purposely use pooled time-series cross-sectional data from a single industry Cited by: 2. In Section 2 we formulated a number of empirical hypotheses in order to test which of the two most relevant capital structure theories (trade-off and pecking order theory) better explains the capital structure of SMEs in Central and Eastern Europe.

We begin by analyzing the main determinants of the leverage by: Determinants of Capital Structure (An Empirical Evidence, US) By Ra The University of Lahore, Pakistan.

Abstract- This paper develops a study on identifying the most significant determinants of capital structure of 15 firms listed on the S&P index, New York Stock Exchange using panel data over 5 years period from to THE DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM KUWAIT Ahmad Mohammad Obeid Gharaibeh Assistant Professor, Dept.

of Banking and Finance, Ahlia University KINGDOM OF BAHRAIN ABSTRACT The main purpose of this study is to examine the determinants of capital structure of a firm. Abstract.

This paper presents an empirical examination of determinants of the capital structure of a sample of Irish small and medium-sized enterprises (SMEs). Results suggest that age, size, level of intangible activity, ownership structure and the provision of collateral are important determinants of the capital structure in SMEs.

theoretical and empirical evidence concerning capital structure determinants. Next section reports data and presents research methodology. Last sections provide the argumentation and discussion of results, as well as conclusion. Literature review The variations and adjustments of debt ratios has been the subject of constant scrutiny.

choice in UK SMEs: empirical evidence from company and some measure of stability, bank loans may the paper also examines the determinants of capital structure. Amir Moradi, Elisabeth Paulet, The firm-specific determinants of capital structure – An empirical analysis of firms before and during the Euro Crisis, Research in International Business and Finance, /, 47, (), ().

somewhat similar effects are found. However, for book leverage, the impact of firm size, the market-to-book ratio, and the effect of inflation are not reliable. The empirical evidence seems reasonably consistent with some versions of the trade-off theory of capital structure.

Determinants of capital structure in Irish SMEs Abstract This paper presents an empirical examination of firm characteristic determinants of the capital structure of a sample of Irish small and medium sized firms (SMEs).

Hypotheses formulated from pecking order and agency theories incorporating a. However, to the best of my knowledge, no empirical research has been carried out for Italian family firms by simultaneously addressing these specific issues and using a dynamic panel data model and thus, the aim of the paper is to improve understanding of the determinants of capital structure choice among Italian family firms.

Keywords. SMEs, Long Term Debt, Short Term Debt, Jordan. Introduction. A key decision made by firms is the selection of the components of their capital structure which is defined as “the mix of debt and equity maintained by the firm” (Gitman & Zutter, ).Capital structure influences the profitability, cost of the capital, and the firm’s liquidity, and thus the value of the firm (Ross.

Abstract This paper presents an empirical examination of firm characteristic determinants of the capital structure of a sample of Irish small and medium sized firms (SMEs).

Hypotheses formulated from pecking order and agency theories incorporating a financial growth life cycle approach are tested on a number of multivariate regression models. The results suggest that age, size, level of intangible activity, ownership structure and the provision of collateral are important determinants of the capital structure in.

Capital structure determinants of Indonesian plantation firms: Empirical study on Indonesian stock exchange. Proceedings of the 2nd International Conference on Business Economics Management and Behavioral Sciences, October, The Book Publishers of Bali, Indonesia, pp:   Appendix A.

External determinants of corporate capital structure: literature review Authors external determinants of capital structure Sample of research Findings Jordan et al., Industry effect* Effective tax rate United Kingdom SMEs for the period – There is industry effect on the capital s ructu e.

theory (DeAngelo and Masulis, ) of capital structure. This study makes several important contributions to the existing studies of capital structure. This research led to the development of a model of capital structure determinants by integrating factors related to owner-managers, firms, culture, and environment.

Determinants of Capital Structure: A Comparative Study of Public and Private Firms 3 There are certain limitations to the existing literature on capital structure. Due to data limitations, the study on private firms has largely been neglected.

Results derived from the study of public firms are generalized to the private firms. 5 Hall et al. () find that there are variations in both SME capital structure and the determinants of capital structure between European SMEs.

The variations could well be due to differences in attitudes to borrowing, disclosure requirements, relationships with banks, taxation and other national economic, social and cultural differences.

AbstractWe investigate the determinants of capital structure of public listed companies on Bursa Malaysia, Singapore Stock Exchange and Thailand Stock Exchange from to We also investigate how firm-specific factors such as profitability, firm size, tangibility of assets and depreciation to total assets along with the macroeconomic factor such as inflation influence the capital.

Furthermore, empirical findings should help corporate managers to make optimal capital structure decisions., – To the authors' knowledge, this is the first study that explores the determinants of capital structure of manufacturing firms in .empirical evidence.

Goal of this chapter. The goal of this chapter is to discuss the various theories that help to explain the determination of capital structure. The capital structure puzzle is unravelled and a clear picture is presented in terms of why capital structure matters.

The patterns of corporate.