[PDF] Top 20 Credit Guarantee and the Impact in Financial Structure of the Portuguese SMEs

... usually SMEs suffer from a lack of financing, particularly long term stable funds, is strongly related to information asymmetry (Gregory, Rutherford, Oswald, & Gardiner, 2005; Berger & Udell, 1998; ... See full document

... – the moderating effect of age on internationalization – means that the positive impact of internationalization on performance is greater for young- er firms, that is, those firms seem ... See full document

... modelling of such variables requires choices not easily made, and may lead to the interpretation that it is the morphological realm and the people’s choices which affect store ... See full document

... collateral and default is quite ...highlight the critical role played by personal guarantees in facilitating access to bank loans and reducing defaults in bank loans at the peak ... See full document

... slow credit growth since 2009 may be reflected in a decrease in the availability of external funds and may be adversely affecting ...whether the decline in ... See full document

... positive impact on debt, as it is usually taken as an inverse proxy of the probability of bankruptcy (Palacín-Sánchez et ...volume and can benefit from economies of scale which ... See full document

... investigated the dividend signaling effects and provided supports to the role of dividend payout as signals to the market participants ...model in the context of ... See full document

... used the Erel, Jang and Weisbach (2015) approach since their analysis also focus only private ...on the cash flow sensitivity of cash, the cash flow sensitivity of investment ... See full document

... enjoyed the benefits of learning, are not prone to the liabilities of newness and can, therefore, enjoy superior financial ...reputation and legitimacy are some strategic ... See full document

... for the bank is the lack of reserves and inflexible structure before the crisis as, the institution wasn’t ready and didn’t take the necessary steps to hedge ... See full document

... increase the ability of SMEs to establish financing relations: among them, the use of personal guarantees as collateral, the definition of appropriate covenants and ... See full document

... lot of similarities were found in the answers from our ...some of the factors that contributed to develop a resilient organizational climate are from a strategic and ... See full document

... capital structure is a continuous research ...require the pecking order theory to explain everything, it will be easily ...capital structure theory but conditional theories, highlighting important ... See full document

... measure the impact of market structure on the banks’ ...profitability. The most common approach consists in testing the econometric relationship between a given ... See full document

... peers in terms of scale, measured by total assets and average annual number of employees, the most widely used measures of scale in the extant literature, ... See full document

... Moreover, financial illiteracy has shown to be positively associated with non- payment of consumer credit and excessive debt ...lack of self-control, measured as time-inconsistency, ... See full document

... theories and views about the factors influencing ...level and discusses from an endowment of market factors how different nations had advantages that determine international trade and ... See full document

... concentration and insider ownership have a positive impact on ...(1983) and Demsetz and Lehn (1985) question this causal relationship, indicating that ownership concentration should be thought ... See full document

... objective of this paper is to empirically examine the relationship between the capital structure of Portuguese small and medium enterprises (SMEs) and their ... See full document

... studied the impacts on the debt-equity choice in terms of firms’ capital structure, throughout the recent financial crisis: ...crisis and European sovereign debt ... See full document