Capital structure of exporter SMEs during the financial crisis : evidence from Portugal
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/13947 |
Resumo: | This study aims to identify the most important determinants to explain the capital structure of exporter SMEs during the financial crisis. Capital structure is measured using three alternative ratios: total debt, long-term debt, and short-term debt, as the impact of the determinants can depend on debt maturity. Analysing an unbalanced sample of 277 Portuguese exporter SMEs, from 2008 until 2014, and using a panel data methodology, estimating the models with fixed effects for firms, the results suggest that size, profitability, asset structure, non-debt tax shields, growth, liquidity, and age are important determinants for explaining firms’ capital structure. Furthermore, exports intensity and crisis effect do not impact a firm’s indebtedness. Findings are consistent with the hierarchy of funds proposed by the Pecking Order Theory. The Trade-off Theory is also important, as fixed asset can be used as collateral in the case of a firm’s bankruptcy. Additionally, results suggest that exporter SMEs hold more short-term than long-term debt, especially small-sized firms. Finally, companies’ debt ratio presents a constant tendency during the period analysed. |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Capital structure of exporter SMEs during the financial crisis : evidence from PortugalExportersCapital StructureDebtSMEPanel DataFinancial CrisisThis study aims to identify the most important determinants to explain the capital structure of exporter SMEs during the financial crisis. Capital structure is measured using three alternative ratios: total debt, long-term debt, and short-term debt, as the impact of the determinants can depend on debt maturity. Analysing an unbalanced sample of 277 Portuguese exporter SMEs, from 2008 until 2014, and using a panel data methodology, estimating the models with fixed effects for firms, the results suggest that size, profitability, asset structure, non-debt tax shields, growth, liquidity, and age are important determinants for explaining firms’ capital structure. Furthermore, exports intensity and crisis effect do not impact a firm’s indebtedness. Findings are consistent with the hierarchy of funds proposed by the Pecking Order Theory. The Trade-off Theory is also important, as fixed asset can be used as collateral in the case of a firm’s bankruptcy. Additionally, results suggest that exporter SMEs hold more short-term than long-term debt, especially small-sized firms. Finally, companies’ debt ratio presents a constant tendency during the period analysed.Instituto Superior de Economia e GestãoRepositório da Universidade de LisboaLisboa, Inês2017-07-17T09:41:32Z20172017-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/13947engLisboa, Inês (2017). "Capital structure of exporter SMEs during the financial crisis : evidence from Portugal". European Journal of Management Studies, 22(1):25-492183-4172info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:44:02Zoai:www.repository.utl.pt:10400.5/13947Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:59:50.990852Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
title |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
spellingShingle |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal Lisboa, Inês Exporters Capital Structure Debt SME Panel Data Financial Crisis |
title_short |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
title_full |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
title_fullStr |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
title_full_unstemmed |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
title_sort |
Capital structure of exporter SMEs during the financial crisis : evidence from Portugal |
author |
Lisboa, Inês |
author_facet |
Lisboa, Inês |
author_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Lisboa, Inês |
dc.subject.por.fl_str_mv |
Exporters Capital Structure Debt SME Panel Data Financial Crisis |
topic |
Exporters Capital Structure Debt SME Panel Data Financial Crisis |
description |
This study aims to identify the most important determinants to explain the capital structure of exporter SMEs during the financial crisis. Capital structure is measured using three alternative ratios: total debt, long-term debt, and short-term debt, as the impact of the determinants can depend on debt maturity. Analysing an unbalanced sample of 277 Portuguese exporter SMEs, from 2008 until 2014, and using a panel data methodology, estimating the models with fixed effects for firms, the results suggest that size, profitability, asset structure, non-debt tax shields, growth, liquidity, and age are important determinants for explaining firms’ capital structure. Furthermore, exports intensity and crisis effect do not impact a firm’s indebtedness. Findings are consistent with the hierarchy of funds proposed by the Pecking Order Theory. The Trade-off Theory is also important, as fixed asset can be used as collateral in the case of a firm’s bankruptcy. Additionally, results suggest that exporter SMEs hold more short-term than long-term debt, especially small-sized firms. Finally, companies’ debt ratio presents a constant tendency during the period analysed. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-07-17T09:41:32Z 2017 2017-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/13947 |
url |
http://hdl.handle.net/10400.5/13947 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Lisboa, Inês (2017). "Capital structure of exporter SMEs during the financial crisis : evidence from Portugal". European Journal of Management Studies, 22(1):25-49 2183-4172 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Instituto Superior de Economia e Gestão |
publisher.none.fl_str_mv |
Instituto Superior de Economia e Gestão |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799131085524697088 |