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SMEs capital structure determinants during severe economic crisis: The case of Greece

Cogent economics & finance, 2016-12, Vol.4 (1), p.1145535 [Peer Reviewed Journal]

2016 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license 2016 ;2016 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license. This work is licensed under the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2332-2039 ;EISSN: 2332-2039 ;DOI: 10.1080/23322039.2016.1145535

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  • Title:
    SMEs capital structure determinants during severe economic crisis: The case of Greece
  • Author: Balios, D. ; Daskalakis, N. ; Eriotis, N. ; Vasiliou, D.
  • McMillan, David
  • Subjects: Capital ; Capital structure ; corporate finance ; Economic crisis ; Economic models ; financial leverage ; Greek firms ; Leverage ; Panel data ; Profitability ; Small & medium sized enterprises-SME
  • Is Part Of: Cogent economics & finance, 2016-12, Vol.4 (1), p.1145535
  • Description: The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009-2012. We found that the effect of capital structure determinants on leverage does not change in an environment of economic crisis; larger SMEs continued to show higher debt ratios, the relationship between profitability and tangibility of assets with leverage continued to be negative, and growth was positively related to leverage.
  • Publisher: London: Cogent
  • Language: English
  • Identifier: ISSN: 2332-2039
    EISSN: 2332-2039
    DOI: 10.1080/23322039.2016.1145535
  • Source: AUTh Library subscriptions: ProQuest Central
    Taylor & Francis Journals Open Access
    ROAD: Directory of Open Access Scholarly Resources
    DOAJ Directory of Open Access Journals
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