Regional development and capital structure of SMEs

Pietro, Filippo Di; Sánchez, María José Palacín; Roldán, José L.

doi:10.5295/cdg.150530fd

Cited by 14 publications

(29 citation statements)

References 39 publications

(93 reference statements)

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“…The negative sign, in this case, could be due to the fact that the SMEs whose short-term debt carries the greatest weight within the total debt have been analyzed and logically the asset structure favors the long-term debt because, as the POT theory postulates, fixed assets can be used as a guarantee. In this sense, SMEs with greater fixed assets (asset structure) use less short-term debt than SMEs with smaller fixed assets [Di Pietro et al 2018]. They may demonstrate another influential business issue: the maturity matching of assets and liabilities.…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

“…The empirical verification of the theories on capital structure was carried out via the study of the effect of different company factors. With regard to SMEs, most empirical research verifies that company size is positively related to debt [Di Pietro et al 2018;Fama, French 1998;Nicos Michaelas et al 1999]. Although it is true that a few studies have obtained contrary results e.g.…”

Section: Capital Structure Theory and Evidencementioning

confidence: 99%

“…Hence the majority of academic interest is focused on the internal determinants of a company's capital structure, and much less on external environment determinants, especially for small and medium-sized enterprises [Rouse, Jayawarna 2006]. However, the external environment determinants such as the characteristics of the business sector within which the company does business, influence the financing decisions [Di Pietro et al 2018] measured as regional development, on capital structure of small and medium-sized enterprises (SMEs). Moreover, the empirical evidence shows a relationship between the sector and the level of debt in SMEs [Nicos Michaelas et al 1999;Hall et al 2000].…”

Section: Introductionmentioning

confidence: 99%

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SMEs capital structure determinants: empirical evidence from Kazakhstan

Kokeyeva

2019

Financial Sciences

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The purpose of this paper is to study the standard firm-factor determinants on capital structure of small and medium-sized enterprises (SMEs). To this end, we analyzed small and medium sized firms in Kazakhstan, where all sectors were considered. We use panel data methods to investigate the determinants of capital structure for non-financial SMEs in Kazakhstan. This study examines the impact of key determinants such as asset tangibility, size, growth, profitability and tax rate of SMEs. The trade-off theory and the pecking order theory of capital structure guided this study. The results suggest that despite some differences in the influence of factors on the capital structure, most of the determinants presented by the theory of finance appear indeed to be relevant for the Kazakhstan small and medium business sector.

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Section: Empirical Results and Discussionmentioning

confidence: 99%

Section: Capital Structure Theory and Evidencementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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SMEs capital structure determinants: empirical evidence from Kazakhstan

Kokeyeva

2019

Financial Sciences

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“…This question is of relevance and it is addressed in the literature as empirical studies on the effects of regional asymmetries on corporate finance that are very scarce, and hence this research is highly relevant since Poland is not alone in facing significant regional disparities (Palacín-Sánchez et al, 2013;Filipiak and Dylewski, 2019). Many countries, such as Spain, Italy, Australia, the United States, China, India, Brazil, and Russia present differences in the regional institutional environment (di Pietro et al, 2018). In view of geopolitical similarities, membership in economic communities, will the Czech Republic, Slovakia and Poland exhibit the same similarities in terms of market response to the intervention related to the change in the structure of financing of enterprises caused by an increased use of EU funds?…”

Section: Introductionmentioning

confidence: 99%

Do European Union Funds Have an Impact on the Volume of Corporate Lending? The Case of the Czech Republic, Slovakia and Poland

Beata¹,

Dylewski²,

Kalinowski³

et al. 2020

ERSJ

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Purpose: The research problem of this article is to determine the existence of a direct relationship between the EU funds spent and the volume of bank lending in the corporate sector in the Czech Republic, Slovakia and Poland. Design/Methodology/Approach: The statistical analysis aimed to achieve the objective of this study consisted in revealing some interesting associations between the variables: EU funding to individual countries and lending to non-financial companies in the category of short and long-term loans. A linear regression analysis procedure was carried out, and an additional tool to support the course of the study was a relationship analysis measured by the Pearson's product moment correlation coefficient of the individual variables. Findings: The research hypothesis adopted was that EU funds significantly modify the market for credit services offered by banks and, therefore, EU funds have an impact on the volume of bank lending in the corporate sector. The absorption of EU funds, based on the observation of their disbursements in the countries concerned which are members of the Community, demonstrates basically a similar regularity. This is consistent with the process of the implementation of programmes under particular EU perspectives. However, EU funding for the Czech Republic and Slovakia has a similar structure, and it can be seen that an increase in funding is in line with a decrease in lending (short-term loans) while this phenomenon does not occur in Poland. Practical Implications: The research results can be used by EU funds disposers as well as by banks authorities to create their future policy. Originality/Value: Original research.

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“…Di Pietro et al (2018) examined the impact of regional institutional environment on capital structure of small and medium-sized enterprises (SMEs). This research was carried out on a sample of 6560 Spanish companies in 2017, and the research sample included all regions of Spain and all sectors except the financial sector.…”

Section: Introductionmentioning

confidence: 99%

Impact of the state on business environment - sectoral analysis

Gavurová

Belás

Strnad

et al. 2019

Journal of International Studies

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The main aim of the paper is to research the differences in perception and evaluation impact of the country on macroeconomic business environment on the basis of a sector in which the entrepreneur is running a business. Differences in perception and evaluation of entrepreneurial support from the state on the basis of a sector, in which the company is established, are analyzed using the cases of the Slovak and Czech Republic. Correspondence analysis is applied, while exploratory technique has been designed to examine the data with the aim to reduce dimensionality. Correspondence analysis provides a measure of correspondence between the explored dimensions-the categorical variables. This technique is widely applied incases when graphical output is clearer than

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Regional development and capital structure of SMEs

Cited by 14 publications

References 39 publications

SMEs capital structure determinants: empirical evidence from Kazakhstan

SMEs capital structure determinants: empirical evidence from Kazakhstan

Do European Union Funds Have an Impact on the Volume of Corporate Lending? The Case of the Czech Republic, Slovakia and Poland

Impact of the state on business environment - sectoral analysis

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