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Financial crisis an...
Financial crisis and SME capital structure : Swedish empirical evidence
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- Yazdanfar, Darush, 1955- (författare)
- Mittuniversitetet,Institutionen för ekonomi, geografi, juridik och turism,Department of Business, Economics and Law, Centre for Research on Economic Relations, Mid Sweden University, Östersund, Sweden
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- Öhman, Peter, 1960- (författare)
- Mittuniversitetet,Institutionen för ekonomi, geografi, juridik och turism,Department of Business, Economics and Law, Centre for Research on Economic Relations, Mid Sweden University, Östersund, Sweden
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- Homayoun, Saeid (författare)
- Högskolan i Gävle,Företagsekonomi
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(creator_code:org_t)
- Emerald Group Publishing Limited, 2019
- 2019
- Engelska.
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Ingår i: Journal of economic studies. - : Emerald Group Publishing Limited. - 0144-3585 .- 1758-7387. ; 46:4, s. 925-941
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https://urn.kb.se/re...
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https://doi.org/10.1...
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Abstract
Ämnesord
Stäng
- Purpose The purpose of this paper is to empirically examine capital structure determinants of small- and medium-sized enterprises (SMEs) during and after the global financial crisis. Design/methodology/approach Statistical methods, including ordinary least squares and the generalised method of moments, were used to analyse a sample of over 40,800 Swedish SMEs operating in four industries during the 2008-2015 period. Findings The results indicate that the independent variables - i.e. financial crisis, profitability, size, tangibility and industry affiliation - to various degrees explain changes in short-term debt (STD) and long-term debt (LTD) ratios. In particular, the empirical findings indicate that the sampled SMEs tended to rely more on STD and LTD during (2008-2009) than after (2010-2015) the financial crisis. Originality/value This study is one of few examining determinants of short- and long-term SME debt during and after the global financial crisis, using data from a large-scale cross-sectional database.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
Nyckelord
- Capital structure
- Financial crisis
- Small- and medium-sized enterprises
- Cross-sectional sample
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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