Capital Structure, Working Capital, and Governance Quality Affect the Financial Performance of Small and Medium Enterprises in Taiwan

被引：11

作者：

Anh-Huyen Vu Thi ^{[1
]}

The-Dong Phung ^{[2
]}

机构：

[1] Acad Policy & Dev, Hanoi 100000, Vietnam

[2] Natl Financial Supervisory Commiss, Hanoi 100000, Vietnam

来源：

JOURNAL OF RISK AND FINANCIAL MANAGEMENT | 2021年 / 14卷 / 08期

关键词：

capital structure; working capital; governance quality; financial performance; CASH CONVERSION CYCLE; FIRM PROFITABILITY; IMPACT; MANAGEMENT;

D O I：

10.3390/jrfm14080381

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of capital structure, working capital, and governance quality on the financial performance of small- and medium-sized enterprises in Taiwan using a sample of more than 2000 firms from the Taiwan Economic Journal (TEJ) during the 24-year period of 1995-2018. Panel data are used to create statistics for the regression model. The result shows that a firm's capital structure, represented by the debt ratio, has a significantly negative impact on the firm's financial measures (return on assets (ROA) and return on equity (ROE)), where the working capital, represented by the cash conversion cycle (CCC), has a negative impact and governance quality, represented by the board size, cash dividend distribution, and the percentage of directors, has different impacts.

引用

页数：13

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