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Capital structure and financing of SMEs: Australian evidence
Open accessAbstract
This paper investigates the determinants of capital structure and use of financing for small and medium sized enterprises. Hypotheses utilising static trade‐off and pecking order arguments are empirically examined using a series of firm characteristics including: size, asset structure, profitability, growth and risk. The hypotheses developed are tested using a large Australian nationwide panel survey. The results suggest that asset structure, profitability and growth are important determinants of capital structure and financing. For asset structure the direction of the influence is reliant upon the capital structure or financing measure employed. The results generally support static trade‐off and pecking order arguments proposed by theoretical models.
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Citations
Cited by
Serrasqueiro, Z., & Caetano, A. (2014) · Journal of Business Economics and Management · doi:10.3846/16111699.2012.744344 · Cited by 218
Mittal, V., & Raman, T. V. (2021) · World Journal of Entrepreneurship, Management and Sustainable Development · doi:10.1108/wjemsd-07-2020-0089 · Cited by 32
Analysis of External Financing Use: A Study of Small and Medium Enterprises in Malawi
Mulaga, A. N. (2013) · International Journal of Business and Management · doi:10.5539/ijbm.v8n7p55 · Cited by 14
Metadata
- Authors
- Cassar, G., & Holmes, S.
- Venue
- Accounting & Finance
- Publisher
- Wiley
- Published
- 2003-05-28
- Volume
- 43
- Issue
- 2
- Pages
- 123-147
- ISSN
- 0810-5391 (ISSN-L)
- 1467-629X
- OpenAlex
- W2074658738
- Cited by
- 598
- References
- 0
- FWCI
- 21.14
- Type
- journal article
- Language
- en
- Open access
- green
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- Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting & Finance. https://doi.org/10.1111/1467-629x.t01-1-00085
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
