SMEs capital structure determinants during severe economic crisis: The case of Greece

D. Balios, N. Daskalakis, N. Eriotis, D. Vasiliou

Research output: Contribution to journalArticle

17 Citations (Scopus)

Abstract

The objective of this paper was to explore whether and how the main capital structure determinants of SMEs affected capital structure determination in different ways during the years of economic crisis. We used panel data of 8,052 SMEs operating in Greece during 2009-2012. We found that the effect of capital structure determinants on leverage does not change in an environment of economic crisis; larger SMEs continued to show higher debt ratios, the relationship between profitability and tangibility of assets with leverage continued to be negative, and growth was positively related to leverage.

Original languageEnglish
Article number1145535
JournalCogent Economics and Finance
Volume4
Issue number1
DOIs
Publication statusPublished - 18 Feb 2016

Keywords

  • Capital structure
  • Corporate finance
  • Financial leverage
  • Greek firms

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