Please use this identifier to cite or link to this item:
https://hdl.handle.net/1822/17966| Title: | Pecking order theory versus trade-off theory : are service SMEs’ capital structure decisions different? |
| Author(s): | Serrasqueiro, Zélia Armada, Manuel José da Rocha Maças Nunes, Paulo |
| Keywords: | Other firms Pecking Order Theory Service SMEs Trade-Off Theory Two-step estimation method |
| Issue date: | Dec-2011 |
| Publisher: | Springer |
| Journal: | Service Business |
| Abstract(s): | This paper seeks to analyse if the capital structure decisions of service small and medium-sized enterprises (SMEs) are different from those of other types of firm. To do so, we consider four research samples: (i) 610 service SMEs; (ii) 126 service large firms; (iii) 679 manufacturing and construction SMEs; and (iv) 132 manufacturing and construction large firms. Using the two-step estimation method, the empirical evidence obtained in this study shows that the capital structure decisions of service SMEs are different from those of other types of firm. Service SMEs’ capital structure decisions are closer to the assumptions of Pecking Order Theory and further removed from those of Trade-Off Theory compared with the case of other types of firm. |
| Type: | Article |
| URI: | https://hdl.handle.net/1822/17966 |
| DOI: | 10.1007/s11628-011-0119-5 |
| ISSN: | 1862-8516 1862-8508 |
| Publisher version: | http://dx.doi.org/10.1007/s11628-011-0119-5 |
| Peer-Reviewed: | yes |
| Access: | Open access |
| Appears in Collections: | EEG - Artigos em revistas de circulação internacional com arbitragem científica NEGE - Publicações em Revistas Internacionais (com referee) |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| SUBMIT_SBUS_versão última.pdf | Pecking Order Theory Versus Trade-Off Theory: Are Service SMEs’ Capital Structure Decisions Different? | 515,01 kB | Adobe PDF | View/Open |
