publication . Master thesis . 2012

Determinants of capital structure and financial crisis impact: evidence

Proença, Pedro Miguel Correia;
Open Access English
  • Published: 01 Jan 2012
  • Country: Portugal
The objectives of this empirical work are to investigate the determinants of Portuguese SMEs capital structure, evaluate whether and how the impacts of those determinants affect the debt ratios and examine the effects of financial crisis and industry on Portuguese SMEs capital structure. The sample used considers the period 2007-2010, resulting in 12.857 Portugues e SMEs per year observations. Results suggest that liquidity, asset structure and profitability are the most important determinants explaining the capital structure of Portuguese SMEs. Short-term debt was found to be negatively related to liquidity, asset structure, size and profitability, while long-t...
free text keywords: Capital structure, Financial crisis, SMEs Small and Medium Enterprises, Clustersanalysis, Estrutura de capital, Crise financeira, PME Pequenas e Médias Empresas, Análise de clusters, Portugal
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