How do SMEs with single and multiple owners finance their operations differently? Empirical evidence from China
Data(s) |
01/09/2013
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Resumo |
We study the impact of firm-level characteristics on the capital structures of private small and medium-sized enterprises (SMEs) as well as the differences between the capital structures adopted by SMEs with single and multiple owners in China. Our findings highlight the limited use of asset-based financing by Chinese SMEs. We also find that the propensity of SMEs with single-owners to use external debt was significantly less than those with multiple owners. Furthermore, our findings suggest that single-owned firms are subject to a more constrained pecking order than those with multiple owners. |
Identificador | |
Idioma(s) |
eng |
Publicador |
Wiley |
Relação |
http://dro.deakin.edu.au/eserv/DU:30080238/newman-howdosmes-2013.pdf http://www.dx.doi.org/10.1002/tie.21568 |
Direitos |
2013, Wiley |
Tipo |
Journal Article |