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Financial Crisis and Capital Structure Decisions. Were All Portuguese Smes in the Same Boat?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financial Crisis and Capital Structure Decisions. Were All Portuguese Smes in the Same Boat?/
Author:	Fachada, Joao Pedro Carvalho.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	43 p.
Notes:	Source: Dissertations Abstracts International, Volume: 83-12, Section: B.
Contained By:	Dissertations Abstracts International83-12B.
Subject:	Manufacturing. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29084268
ISBN:	9798819339251

Financial Crisis and Capital Structure Decisions. Were All Portuguese Smes in the Same Boat?
Fachada, Joao Pedro Carvalho.

Financial Crisis and Capital Structure Decisions. Were All Portuguese Smes in the Same Boat? - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 43 p.

Source: Dissertations Abstracts International, Volume: 83-12, Section: B.

Thesis (M.Ec.)--Universidade NOVA de Lisboa (Portugal), 2021.

This item must not be sold to any third party vendors.

This study explores how the adverse macroeconomic scenario impact small and medium-sized enterprises capital structure, further exploring heterogeneous effects. We find that the financial crisis negatively impacted total debt ratio of Portuguese SMEs, but it was after the crisis that firms decreased their leverage the most, pointing to relevant legacy effects. Short-term debt was particularly affected, with the debt of lower maturity being partially replaced by long-term across the all period. We show that capital structure determinants are responsive to adverse macroeconomic conditions. We also document important heterogenous effects in the capital structure decisions of international and innovative firms during the financial crisis. Our findings reveal that young firms are higher indebted and have a less flexible capital structure. Furthermore, even though no inter-industry effects were found, we show how the higher indebted within industry were under more pressure to reduce their debt ratios.

ISBN: 9798819339251Subjects--Topical Terms:

3389707
Manufacturing.

Financial Crisis and Capital Structure Decisions. Were All Portuguese Smes in the Same Boat?
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520 $a This study explores how the adverse macroeconomic scenario impact small and medium-sized enterprises capital structure, further exploring heterogeneous effects. We find that the financial crisis negatively impacted total debt ratio of Portuguese SMEs, but it was after the crisis that firms decreased their leverage the most, pointing to relevant legacy effects. Short-term debt was particularly affected, with the debt of lower maturity being partially replaced by long-term across the all period. We show that capital structure determinants are responsive to adverse macroeconomic conditions. We also document important heterogenous effects in the capital structure decisions of international and innovative firms during the financial crisis. Our findings reveal that young firms are higher indebted and have a less flexible capital structure. Furthermore, even though no inter-industry effects were found, we show how the higher indebted within industry were under more pressure to reduce their debt ratios.
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