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Title: | Financial development and financial structure of industrial SMEs : the case of Greece |
Authors: | Voulgaris, Fotini Asteriou, Dimitrios Agiomirgianakis, George M. |
Keywords: | Small business -- Greece Small business -- Finance Venture capital -- Greece |
Issue Date: | 2000 |
Publisher: | University of Piraeus. International Strategic Management Association |
Citation: | Voulgaris, F., Asteriou, D., & Agiomirgianakis, G. (2000). Financial development and financial structure of industrial SMEs: the case of Greece. European Research Studies Journal, 3(3-4), 95-109. |
Abstract: | The aim of this paper is to investigate the determinants of capital structure for the Greek manufacturing SMEs (1-100 employees). Various theories on the determinants of capital structure of SMEs are discussed and findings of previous empirical studies are examined. This study is based on a panel data set consisted of a random sample of 142 manufacturing SMEs in Greece for the time span 1989-1996. A non-linear regression model was developed with total debt; short-term debt and long-term debt ratios used as dependent variables. Enterprise size, profitability, asset structure, liquidity, average inventory period and accounts receivables collection period are found to have a significant effect on the capital structure of Greek manufacturing SMEs. A number of policy implications are suggested by the findings, which will improve the viability, growth and competitiveness of the manufacturing SME sector in Greece. |
URI: | https://www.um.edu.mt/library/oar//handle/123456789/30823 |
ISSN: | 11082976 |
Appears in Collections: | European Research Studies Journal, Volume 3, Issue 3-4 |
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Financial_development_and_financial_structure_of_industrial_SMEs_the_case_of_Greece_2000.pdf | 130.56 kB | Adobe PDF | View/Open |
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