Determinants of corporate leverage and sustainability of small and medium‐sized enterprises: The case of commercial companies in Ecuador
Herenia Gutiérrez‐Ponce
Abstract:This article studies the determinants of the capital structure of 2694 small Ecuadorian companies throughout their organizational life cycle, breaking down their total liabilities in long‐ and short‐term leverage. The empirical investigation focuses on small and medium enterprises (SMEs) in the commercial sector, with 11,023 observations during the period 2015–2019. The results suggest both that information asymmetry and agency problems are important and that larger size and higher collateral are very importan… Show more
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