Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.13/27372

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Title
Capital structure and financing of SMEs: Australian evidence
Author/Creator
Cassar, Gavin;  Holmes, Scott
Description
This paper investigates the determinants of capital structure and use of financing for small and medium sized enterprises. Hypotheses utilising static trade-off and pecking order arguments are empirically examined using a series of firm characteristics including: size, asset structure, profitability, growth and risk. The hypotheses developed are tested using a large Australian nationwide panel survey. The results suggest that asset structure, profitability and growth are important determinants of capital structure and financing. For asset structure the direction of the influence is reliant upon the capital structure or financing measure employed. The results generally support static trade-off and pecking order arguments proposed by theoretical models.
Relation
Accounting and Finance Vol. 43, Issue 2, p. 123-147
Publisher Link
http://dx.doi.org/10.1111/1467-629X.t01-1-00085
Date
2003
Publisher
Blackwell Publishing Asia
Keyword(s)
capital structure;  financing;  small enterprises;  medium enterprises
Resource Type
journal article
Identifier
http://hdl.handle.net/1959.13/27372
Identifier
ISSN:0810-5391
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Subject
"Accounting and Finance"
 
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