Capital structure of exporter SMEs during the financial crisis : evidence from Portugal

Detalhes bibliográficos
Autor(a) principal: Lisboa, Inês
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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spelling 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
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