Capital Structure of SMEs -A Puzzle that Merits Attention: The Case of India
Using a ten year panel dataset of over 1300 manufacturing SME firms from India, we try to explore whether the conventional capital structure theories can explain the leverage in the SME firms. We undertake a multivariate panel data analysis and relate the firm leverage with various variables suggested by the traditional capital structure theories. Our results indicate that the leverage of the Indian SME firms is highly influenced by asymmetric information and agency costs of debt We also find that the unique characteristics of the SME -age, size, asset structure, which are found to be statistically significant, play a significant role in the dynamics that determine capital structure of SME firms. The measure of creditworthiness is also found to be significantly affecting the debt maturity.
SME capital structure leverage creditworthiness asymmetric information collateral
Duke Ghosh B.B.Chakrabarti
Research & Consulting Division, Bitscrape Solutions Pvt.Limited, India Finance Group, Indian Institute of Management, India
国际会议
杭州
英文
99-111
2009-10-25（万方平台首次上网日期，不代表论文的发表时间）