Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/30653
Título: | Capital structure decisions : old issues, new insights from high-tech small- and medium-sized enterprises |
Autor(es): | Serrasqueiro, Zélia Nunes, Paulo Maçãs Armada, Manuel José da Rocha |
Palavras-chave: | High-tech SMEs Non-high-tech SMEs Panel data models Pecking Order Theory Trade-Off Theory C23 G32 L26 |
Data: | 2016 |
Editora: | Routledge |
Revista: | The European journal of finance |
Resumo(s): | Using panel data models and this study analyses the capital structure decisions of high-tech small- and medium-sized enterprises (SMEs) and non-high-tech SMEs. The results suggest that the capital structure decisions of high-tech SMEs are closer to what is predicted by the Pecking Order Theory. However, the results also suggest a modified version of the Pecking Order Theory for high-tech SMEs that have relied on venture capital. These firms prefer equity issues to debt, when internal finance is exhausted. The empirical evidence suggests that problems relating to information asymmetry as well as technological and market uncertainty influence the capital structure decisions of high-tech SMEs. |
Tipo: | Artigo |
Descrição: | "Published online: 28 Aug 2014" |
URI: | https://hdl.handle.net/1822/30653 |
DOI: | 10.1080/1351847X.2014.946068 |
ISSN: | 1351-847X 1466-4364 |
Versão da editora: | http://www.tandfonline.com/doi/abs/10.1080/1351847X.2014.946068 |
Arbitragem científica: | yes |
Acesso: | Acesso restrito UMinho |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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Capital Structure decisions.pdf Acesso restrito! | Capital Structure Decisions | 898,4 kB | Adobe PDF | Ver/Abrir |