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Financial crisis and SME capital structure: Swedish empirical evidence
Department of Business, Economics and Law, Centre for Research on Economic Relations, Mid Sweden University, Östersund, Sweden.
Department of Business, Economics and Law, Centre for Research on Economic Relations, Mid Sweden University, Östersund, Sweden.
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.ORCID iD: 0000-0002-2536-0446
2019 (English)In: Journal of economic studies, ISSN 0144-3585, E-ISSN 1758-7387, Vol. 46, no 4, p. 925-941Article in journal (Refereed) Published
Abstract [en]

Purpose: The purpose of this paper is to empirically examine capital structure determinants of small- and medium-sized enterprises (SMEs) during and after the global financial crisis.

Design/methodology/approach: Statistical methods, including ordinary least squares and the generalised method of moments, were used to analyse a sample of over 40,800 Swedish SMEs operating in four industries during the 2008–2015 period.

Findings: The results indicate that the independent variables – i.e. financial crisis, profitability, size, tangibility and industry affiliation – to various degrees explain changes in short-term debt (STD) and long-term debt (LTD) ratios. In particular, the empirical findings indicate that the sampled SMEs tended to rely more on STD and LTD during (2008–2009) than after (2010–2015) the financial crisis.

Research limitations/implications: Due to data availability, the current study is limited to a sample of Swedish SMEs in four industries covering eight years. Further research could examine the generalisability of these findings by investigating other firms operating in other industries and other countries.

Originality/value: This study is one of few examining determinants of short- and long-term SME debt during and after the global financial crisis, using data from a large-scale cross-sectional database.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2019. Vol. 46, no 4, p. 925-941
Keywords [en]
Capital structure, Financial crisis, Small- and medium-sized enterprises, Cross-sectional sample
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hig:diva-30759DOI: 10.1108/JES-04-2018-0147ISI: 000487074500008Scopus ID: 2-s2.0-85074519305OAI: oai:DiVA.org:hig-30759DiVA, id: diva2:1359544
Available from: 2019-10-09 Created: 2019-10-09 Last updated: 2019-11-25Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • harvard-cite-them-right
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Language
  • sv-SE
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  • de-DE
  • Other locale
More languages
Output format
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