Publicação
Capital structure of exporter SMEs during the financial crisis: evidence from Portugal
| dc.contributor.author | Lisboa, Inês | |
| dc.date.accessioned | 2017-10-19T09:10:09Z | |
| dc.date.available | 2017-10-19T09:10:09Z | |
| dc.date.issued | 2017 | |
| dc.description.abstract | 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. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.issn | 2183-4172 | |
| dc.identifier.uri | http://hdl.handle.net/10400.8/2748 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | pt_PT |
| dc.subject | Exporters | pt_PT |
| dc.subject | Capital structure | pt_PT |
| dc.subject | Debt | pt_PT |
| dc.subject | SME | pt_PT |
| dc.subject | Panel data | pt_PT |
| dc.subject | Financial crisis | pt_PT |
| dc.title | Capital structure of exporter SMEs during the financial crisis: evidence from Portugal | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.citation.endPage | 49 | pt_PT |
| oaire.citation.issue | 1 | pt_PT |
| oaire.citation.startPage | 25 | pt_PT |
| oaire.citation.title | European Journal of Management Studies | pt_PT |
| oaire.citation.volume | 22 | pt_PT |
| person.familyName | Lisboa | |
| person.givenName | Inês | |
| person.identifier | 2201979 | |
| person.identifier.ciencia-id | 5510-48F2-54DF | |
| person.identifier.orcid | 0000-0003-2802-2589 | |
| person.identifier.scopus-author-id | 55582040700 | |
| rcaap.rights | restrictedAccess | pt_PT |
| rcaap.type | article | pt_PT |
| relation.isAuthorOfPublication | d738c31a-5c43-42ad-8643-e7349164d0e4 | |
| relation.isAuthorOfPublication.latestForDiscovery | d738c31a-5c43-42ad-8643-e7349164d0e4 |