Factors influencing SMEs’ capital structure: A comparative analysis from Turkey
[ X ]
Tarih
2021
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Taylor&Francis
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This paper aims to analyse the factors affecting SMEs’ capital
structure decisions with a comparative analysis covering SMEs of
different sizes in Turkey from 2007 to 2018. According to the
study results, no significant difference is observed based on firm
size. Secondly, as SMEs’ assets grow and efficiency increases, their
financial debt also rises. Asset growth leads to long-term debt,
while efficiency increase generates short-term borrowing.
However, as profitability increases, long-term borrowing
decreases. The findings show that SMEs try to meet their
financing needs with internal resources, acting in alignment with
the pecking order theory. Thirdly, no relationship is identified
between financial debt and SMEs’ liquidity strength, risk, and
asset structure. This finding likely indicates that SMEs do not act
with financial stress or agency costs in mind. That is, they do not
act in alignment with the trade-off theory.
Açıklama
Anahtar Kelimeler
SMEs, Capital Structure, Leverage, Turkish SMEs, Pecking Order Theory
Kaynak
SMALL ENTERPRISE RESEARCH
WoS Q Değeri
N/A
Scopus Q Değeri
Q1
Cilt
28
Sayı
1
Künye
Delikanlı, İ., & Kılıç, S. (2021). Factors influencing SMEs’ capital structure: A comparative analysis from Turkey. Small Enterprise Research, 28(1), 57-74.
