Factors influencing SMEs’ capital structure: A comparative analysis from Turkey

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dc.contributor.authorDelikanlı, İhsan
dc.contributor.authorKılıç, Saim
dc.date.accessioned2022-03-08T06:20:02Z
dc.date.available2022-03-08T06:20:02Z
dc.date.issued2021en_US
dc.departmentFakülteler, İşletme Fakültesi, İşletme Bölümüen_US
dc.description.abstractThis 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.en_US
dc.identifier.citationDelikanlı, İ., & Kılıç, S. (2021). Factors influencing SMEs’ capital structure: A comparative analysis from Turkey. Small Enterprise Research, 28(1), 57-74.en_US
dc.identifier.endpage74en_US
dc.identifier.issue1en_US
dc.identifier.scopus2-s2.0-85124486766
dc.identifier.scopusqualityQ1
dc.identifier.startpage57en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12939/2269
dc.identifier.volume28en_US
dc.identifier.wosWOS:000631371700001
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorDelikanlı, İhsan
dc.institutionauthorKılıç, Saim
dc.language.isoen
dc.publisherTaylor&Francisen_US
dc.relation.ispartofSMALL ENTERPRISE RESEARCH
dc.relation.isversionof10.1080/13215906.2021.1889651en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectSMEsen_US
dc.subjectCapital Structureen_US
dc.subjectLeverageen_US
dc.subjectTurkish SMEsen_US
dc.subjectPecking Order Theoryen_US
dc.titleFactors influencing SMEs’ capital structure: A comparative analysis from Turkey
dc.typeArticle

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