[PDF] Top 20 What is the impact of the access to external finance on the capital structure of SMEs in Europe?

... Finally, capital structure is a continuous research ...require the pecking order theory to explain everything, it will be easily ...There is no universal capital ... See full document

... Regarding the trade-off theory, its central aspect is that firms set an optimal ratio of capital structure, which they try to reach by maximizing the tax gains on ... See full document

... “Access to Finance” and its’ country progress is not being evenly translated into practice for SMEs across ...performance is still considerably behind European average. EU good ... See full document

... investigated the determinants of capital structure for Portuguese SMEs 10 in order to study the effects of the 2008 financial crisis on their ... See full document

... 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 & ... See full document

... Regarding the trade-off theory, its central aspect is that firms set an optimal ratio of capital structure, which they try to reach by maximizing the tax gains on ... See full document

... implication is that firms choose to finance their projects preferably with internally generated funds, which has wide empirical ...According to this theory, if external funds are ... 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

... size is traditionally considered for capital structure ...effect is ambiguous (Rajah & Zingales, ...positive impact on debt, as it is usually taken as an inverse proxy ... See full document

... involves the management of current assets and liabilities, which directly affect an organisation’s liquidity and ...aims to examine the relationship between the operating performance ... See full document

... According to the Trade-off theory more profitable firms should use more debt in order to benefit from the interest tax deduction (Modigliani and Miller, 1963), thus suggesting a ... See full document

... growth of small businesses are normally related to institutional and financial ...related to the interaction with government, including legalization, taxation and government ...support. ... See full document

... regards to non-debt tax shields, we infer from Table 4, 5 and 6 that the expected relation is not verified in Portugal or in Spain in some of the ...periods. ... See full document

... contributes to the existing academic literature in two main ...costs of unemployment are largely absent from theories in corporate finance, which do not emphasize labor market ... See full document

... From the above literature review, one can conclude that the main problems of democracy are fairness and transparency, the influence of big money and that the individual desires ... See full document

... Firstly, in order to evaluate the relation between the model’s constituents, it was elaborated a correlation matrix (Appendix ...Scope is the variable with less significant ... See full document

... patient capital as “a debt or equity investment in an early-stage enterprise providing low-income consumers with access to healthcare, water, housing, alternative energy, or agricultural ... See full document

... until the early 1980s, the word “Anthropocene” was virtually unknown in the Western ...for the first time to refer to the impact and evidence for the ... See full document

... for the at-risk-of-poverty rate after social transfers the results in Table 7 (model ...significant impact on the risk of poverty, active labour market policies ... See full document

... Based on OIC Economic Outlook (2019), the OIC countries are well endowed with productive resources, especially human and natural ...use of these resources can lead to higher economic growth ... See full document