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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:http://purl.utwente.nl/essays/65383
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