Capital structure and internationalization

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Details zur Publikation

Untertitel: The case of Portuguese industrial SMEs
Autorenliste: Pacheco L
Verlag: Elsevier
Jahr der Veröffentlichung: 2016
Bandnummer: 38
Erste Seite: 531
Letzte Seite: 545
Seitenumfang: 15
ISSN: 0275-5319
Sprachen: Englisch-Vereinigtes Königreich (EN-GB)


Beschreibung

The central objective of this paper is to empirically examine the
relationship between the capital structure of Portuguese small and
medium enterprises (SMEs) and their export performance. We focus our
study in the Portuguese industrial firms due to their importance for the
Portuguese economy and role played in the country's economic recovery
amid the recessionary environment of the last decade. Though many
empirical papers studied the determinant factors of capital structure,
the interaction between export performance and capital structure has
been much less studied. We intend to fill that gap, particularly for the
case of Portugal and focusing on SMEs, where agency and asymmetric
information problems could impact more on export performance, and not on
large and listed corporations. Using panel data methodology,
considering a sample of 3.164 firms and the period from 2011 to 2014,
the paper extends the literature since analyzes the impact of the
presence in foreign markets on short and long-term indebtedness.
Distinguishing between different sectors of activity, the results
suggest that profitability, asset tangibility, size, liquidity and
presence in foreign markets are key factors affecting the capital
structure of industrial SMEs. Albeit not validating the
“upstream-downstream” hypothesis, we highlight the possible role played
by agency costs and information asymmetries over debt during the
internationalization process.


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