University of Twente Student Theses
Determinants of the capital structure of Dutch SMEs
Hul, E.F. van 't (2014) Determinants of the capital structure of Dutch SMEs.
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| Abstract: | This study explores the important firm-level factors determining the capital structure of Dutch SMEs. Data, containing financial statements of Dutch SMEs in the period 2010-2012, was collected from the database Reach. I analyzed 5235 firm-year observations. Using the Ordinary Least Squares regression analysis factors of the trade-off theory and the pecking order theory have been tested. The empirical results show that the capital structure of Dutch SMEs is mainly influenced by the firm-level factors ‘Non-debt tax shields’, ‘Profitability’ and ‘Liquidity’ and that the pecking order theory has the most explanatory power for the capital structure of Dutch SMEs. |
| Item Type: | Essay (Bachelor) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | International Business Administration BSc (50952) |
| Link to this item: | https://purl.utwente.nl/essays/65383 |
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