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TitlePecking 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
KeywordsOther firms
Pecking Order Theory
Service SMEs
Trade-Off Theory
Two-step estimation method
Issue dateDec-2011
JournalService 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.
Publisher version
AccessOpen access
Appears in Collections:EEG - Artigos em revistas de circulação internacional com arbitragem científica
NEGE - Publicações em Revistas Internacionais (com referee)

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