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Is age a determinant of SMEs' financing decisions? Empirical evidence using panel data models.(small and medium enterprises)(Report)

Serrasqueiro, Zelia ; Nunes, Paulo Macas

Entrepreneurship: Theory and Practice, July, 2012, Vol.36(4), p.627(28) [Periódico revisado por pares]

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  • Título:
    Is age a determinant of SMEs' financing decisions? Empirical evidence using panel data models.(small and medium enterprises)(Report)
  • Autor: Serrasqueiro, Zelia ; Nunes, Paulo Macas
  • Assuntos: Small And Medium Sized Companies -- Finance ; Capital Structure -- Analysis
  • É parte de: Entrepreneurship: Theory and Practice, July, 2012, Vol.36(4), p.627(28)
  • Descrição: Using panel data models, this study investigates whether firm's age is a determinant of Portuguese SMEs' financing decisions. The results suggest that age is relevant for: the impact of financial deficit on variations of short- and long-term debt; the level of adjustment of short- and long-term debt toward the respective optimal levels; and the relationships between usual determinants and short- and long-term debt. The results for young and old SMEs suggest that Trade-Off Theory and Pecking Order Theory should not be considered to be mutually exclusive, since both theories are necessary to understand the SMEs' capital structure decisions throughout their life-cycle. Reprinted by permission of Blackwell Publishing
  • Idioma: English

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