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Title: Financial development and financial structure of industrial SMEs : the case of Greece
Authors: Voulgaris, Fotini
Asteriou, Dimitrios
Agiomirgianakis, George M.
Keywords: Small business -- Greece
Small business -- Finance
Venture capital -- Greece
Issue Date: 2000
Publisher: University of Piraeus. International Strategic Management Association
Citation: Voulgaris, F., Asteriou, D., & Agiomirgianakis, G. (2000). Financial development and financial structure of industrial SMEs: the case of Greece. European Research Studies Journal, 3(3-4), 95-109.
Abstract: The aim of this paper is to investigate the determinants of capital structure for the Greek manufacturing SMEs (1-100 employees). Various theories on the determinants of capital structure of SMEs are discussed and findings of previous empirical studies are examined. This study is based on a panel data set consisted of a random sample of 142 manufacturing SMEs in Greece for the time span 1989-1996. A non-linear regression model was developed with total debt; short-term debt and long-term debt ratios used as dependent variables. Enterprise size, profitability, asset structure, liquidity, average inventory period and accounts receivables collection period are found to have a significant effect on the capital structure of Greek manufacturing SMEs. A number of policy implications are suggested by the findings, which will improve the viability, growth and competitiveness of the manufacturing SME sector in Greece.
ISSN: 11082976
Appears in Collections:European Research Studies Journal, Volume 3, Issue 3-4

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