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Cited by 391

The DOI matches its Crossref record; 44 of the 44 references it cites were found in a registry or an index.

The impact of firm and industry characteristics on small firms’ capital structure

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Degryse, Hans, de Goeij, Peter, Kappert, Peter·2012·Small Business Economics
DOI 10.1007/s11187-010-9281-8
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Abstract

We study the impact of firm and industry characteristics on small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. The firm characteristics suggest that the capital structure decision is consistent with the pecking-order theory: Dutch SMEs use profits to reduce their debt level, and growing firms increase their debt position since they need more funds. We further document that profits reduce in particular short-term debt, whereas growth increases long-term debt. We also find that inter- and intra-industry effects are important in explaining small firms’ capital structure. Industries exhibit different average debt levels, which is in line with the trade-off theory. Furthermore, there is substantial intra-industry heterogeneity, showing that the degree of industry competition, the degree of agency conflicts, and the heterogeneity in employed technology are also important drivers of capital structure.

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Research works printed but not linked: 3

  1. De Jong, A. (1999). An empirical analysis of capital structure decisions in Dutch firms. PhD. dissertation. CentER, Tilburg University.
  2. Mitchel, K. (1991). The call, sinking fund and term-to-maturity features of corporate bonds: An empirical investigation. Journal of Financial and Quantitative Analysis, 26, 201–222. · doi:10.2307/2331265
  3. Van Dijk, R. (1997). Corporate finance and equity investment: Panel data analyses. PhD. dissertation. Tinbergen Institute Research Series no. 168, Erasmus University Rotterdam.

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Metadata

Authors
Degryse, H., de Goeij, P., & Kappert, P.
Venue
Small Business Economics
Publisher
Springer Science and Business Media LLC
Published
2010-04-03
Volume
38
Issue
4
Pages
431-447
ISSN
  • 0921-898X (ISSN-L)
  • 1573-0913
DOI
10.1007/s11187-010-9281-8
OpenAlex
W2082506116
Cited by
391
References
44
FWCI
29.26
Type
journal article
Language
en
Open access
hybrid

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CoChat. (2026). Citation check: The impact of firm and industry characteristics on small firms’ capital structure. https://app.cochat.ai/papers/10.1007/s11187-010-9281-8
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Degryse, H., de Goeij, P., & Kappert, P. (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics. https://doi.org/10.1007/s11187-010-9281-8

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