Capital Structure and Financing of SMEs: The Tunisian Case

Ayed, Wafa Hadriche Ben; Zouari, Sonia

doi:10.5539/ijef.v6n5p96

Cited by 9 publications

(7 citation statements)

References 75 publications

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“…Empirical findings show that a positive relationship amongst fixed asset and accessing formal finance. (Newman et al , 2013; Ayed and Zouari, 2014). Asset structure is associated with long-term formal credit positively and negatively associated with short-term informal credit (Frank and Goyal, 2009).…”

Section: Literature Reviewmentioning

confidence: 99%

Disruptive financial innovations: the case of Nigerian micro-entrepreneurs

Adeosun

Shittu

Ugbede

2021

JBSED

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PurposeDespite the noticeable consequences of disruptive financial innovations, access to finance remains a major factor inhibiting the sustainable-growth potentials of young micro-entrepreneurs in informal settings. This study examines the determinants of financing options among micro-entrepreneurs in informal settings. Specifically, the study seeks to establish whether credit history, income, asset, gender, awareness and network capability have effects on formal and informal financing options among micro-entrepreneurs in informal settings.Design/methodology/approachThis article uses the survey research design and administers a structured questionnaire among 300 purposively selected micro-entrepreneurs within the University of Lagos, Nigeria. Only 291 completed questionnaires are retrieved. This article also uses the multiple regression analysis to estimate the empirical model and test the research hypotheses respectively.FindingsThis article establishes that: (1) credit history and assets-based financing are significant determinants of formal financing options among young micro-entrepreneurs in informal settings, (2) gender and network capability are significant determinants of informal financing options among young micro-entrepreneurs in informal settings and (3) awareness is significant of both formal and informal financing options among young micro-entrepreneurs in informal settings.Originality/valueThis article examines the determinants of financing option among young micro-entrepreneurs in informal settings. Specifically, the study seeks to establish whether credit history income asset gender awareness and network capability have effects on formal and informal financing options among micro-entrepreneurs in informal settings.

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Section: Literature Reviewmentioning

confidence: 99%

Disruptive financial innovations: the case of Nigerian micro-entrepreneurs

Adeosun

Shittu

Ugbede

2021

JBSED

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“…Tingkat likuiditas yang tinggi menyebabkan perusahaan sangat dipercaya oleh pihak pemilik dana (investor/bank) untuk menambah kebutuhan modalnya yang bisa dilihat pada tingkat leverage perusahaan yang meningkat. Hasil ini sesuai dengan penelitian dari Al-Najjar (2011); dan Ayed & Zouari (2014) yang menyatakan bahwa tingkat likuiditas berpengaruh terhadap leverage perusahaan.…”

Section: Pengaruh Likuiditas Terhadap Leverageunclassified

Pengaruh Profitabilitas, Likuiditas, Dan Pertumbuhan Penjualan Terhadap Leverage Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Di Bursa Efek Jakarta

Rochayati

2020

Jebi

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This research was conducted to see how the influence of the level of pofitability, the level of liquidity and the growth of sales to the level of leverage in manufacturing companies of consumer goods industry sector. Samples in this research are 12 companies manufacturing industry sector in Indonesia stock exchanges, sampling method with purposive sampling method. Analysis of the research using multiple linear regression analysis. The results showed that the variable profitability and variable growth penjulan not significantly affect the level of corporate leverage, while the liquidity variable significantly influence the level of corporate leverage. The results indicate that rising profitability and increased sales growth will not affect the increase in leverage level of the firm, but an increased level of liquidity will affect the increase in corporate leverage levels. Where liquidity is the ability of the company to immediately pay off the obligations that are soon due so that will cause the level of corporate leverage increased by increasing the amount of loan capital from other parties. Increased profitability and sales growth will lead to an increase in corporate profits and earnings but are not used to increase leverage but will be used for additional investment or dividend payouts of the company's shareholders. Keywords: Profitability, Liquidity, Sales Growth, and Leverage

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“…Previous studies in capital structure such as Harris & Raviv (1991); Saidi (2004); Lopez-Gracia & Sogorb-Mira (2008); Joni & Lina (2010); Panda (2012); Manurung (2012); Ayed & Zouari (2014); Adiyana & Ardiana (2014), found that there is a relationship between size and other financial determinants to the capital structure in certain industries in some countries. In addition, Mayangsari (2001) noted that some studies have been done in the determinants of capital structure of firms in different business sectors, among others in joint venture firms (Boateng, 2004); manufacturing sectors (Long & Malitz, 1985;Titman & Wessels, 1988), electric and utilities firms (Modigliani & Miller, 1966), non profit hospital (Wedig, et al 1988) and in agricultural firms (Jensen & Langemeier, 1996).…”

Section: Introductionmentioning

confidence: 95%

The Capital Structure of Venture Capital Firms in Indonesia

Buchari

Achsani

Tambunan

et al. 2016

Jurnal Keuangan Dan Perbankan

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Venture capital (VC) is an important fund source for small and medium enterprises (SMEs) and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009)(2010)(2011)(2012)(2013)(2014) monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms' capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms' capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.

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Capital Structure and Financing of SMEs: The Tunisian Case

Cited by 9 publications

References 75 publications

Disruptive financial innovations: the case of Nigerian micro-entrepreneurs

Disruptive financial innovations: the case of Nigerian micro-entrepreneurs

Pengaruh Profitabilitas, Likuiditas, Dan Pertumbuhan Penjualan Terhadap Leverage Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Di Bursa Efek Jakarta

The Capital Structure of Venture Capital Firms in Indonesia

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