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

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

Content Provider	Springer Nature Link
Author	Serrasqueiro, Zélia Silva Armada, Manuel Rocha Nunes, Paulo Maçãs
Copyright Year	2011
Abstract	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.
Starting Page	381
Ending Page	409
Page Count	29
File Format	PDF
ISSN	18628516
Journal	Service Business
Volume Number	5
Issue Number	4
e-ISSN	18628508
Language	English
Publisher	Springer-Verlag
Publisher Date	2011-09-29
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Other firms Pecking Order Theory Service SMEs Trade-Off Theory Two-step estimation method Management/Business for Professionals Human Resource Management Business/Management Science
Content Type	Text
Resource Type	Article
Subject	Business and International Management Strategy and Management

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