Pecking Order Theory versus Trade-Off Theory: are service SMEs' capital structure decisions different?

被引：22
作者：
Serrasqueiro, Zelia Silva [1 ,2 ,3 ]
Armada, Manuel Rocha [4 ,5 ]
Nunes, Paulo Macas [2 ,3 ]
机构：
[1] Univ Beira Interior, Fac Ciencias Sociais & Humanas, P-6200209 Covilha, Portugal
[2] Univ Beira Interior, Management & Econ Dept, P-6200209 Covilha, Portugal
[3] Univ Evora, CEFAGE Res Ctr, Evora, Portugal
[4] Univ Minho, Management & Econ Sch, Braga, Portugal
[5] Univ Minho, NEGE Res Ctr, Braga, Portugal
来源：
SERVICE BUSINESS | 2011年 / 5卷 / 04期
关键词：
Other firms; Pecking Order Theory; Service SMEs; Trade-Off Theory; Two-step estimation method; PANEL-DATA; CORPORATE; DEBT; MODEL; BEHAVIOR; FINANCE; SPECIFICATION; OWNERSHIP; BUSINESS; TAXES;
D O I：
10.1007/s11628-011-0119-5
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
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页码：381 / 409
页数：29
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