Determinants of capital structure and the 2008 financial crisis: evidence from Portuguese SMEs

被引：40
|
作者：
Proenca, Pedro [1 ]
Laureano, Raul M. S. [1 ]
Laureano, Luis M. S. [1 ]
机构：
[1] BRU IUL, Inst Univ Lisboa ISCTE IUL, P-1649026 Lisbon, Portugal
来源：
10TH INTERNATIONAL STRATEGIC MANAGEMENT CONFERENCE 2014 | 2014年 / 150卷
关键词：
Capital structure; Financial crisis; Portuguese SMEs; CORPORATE; CHOICE; EQUITY; COSTS; DEBT;
D O I：
10.1016/j.sbspro.2014.09.027
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
This study aims to investigate the determinants of Portuguese SMEs capital structure and to examine the effects of the 2008 financial crisis on Portuguese SMEs capital structure. The sample used considers the period 2007-2010, resulting in 12,857 Portuguese SMEs. Results suggest that liquidity, asset structure and profitability are the most important determinants explaining the capital structure of Portuguese SMEs. We report a downward tendency on companies' debt ratios levels during the financial crisis. (C) 2014 The Authors. Published by Elsevier Ltd.
引用
收藏
页码：182 / 191
页数：10
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