What are the determining factors in the capital structure decisions of small and medium-sized firms in Cabinda, Angola?,

Q3 Economics, Econometrics and Finance

Revista Contabilidade e Financas Pub Date : 2021-06-25 DOI:10.1590/1808-057x202110920

João Lussuamo, Zélia Serrasqueiro

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引用次数: 2

Abstract

Abstract The objective of this study was to analyze the determining factors that explain the capital structure decisions of small and medium-sized enterprises (SMEs) in the province of Cabinda, Angola. In this study, debt maturity was also analyzed and, therefore, total indebtedness was broken down into short, medium, and long-term debt ratios. This study is motivated the poor number of studies on the determinants of the capital structure of SMEs in developing countries, more specifically in Cabinda, Angola. This research is relevant for Corporate Finance, particularly regarding the capital structure of SMEs located in a developing country like Angola. Also, it corroborates previous studies on the applicability of the principles of the pecking-order theory to SMEs in developed countries. This research present contributions to Corporate Finance, as it identifies the determinants of the capital structure of SMEs in a developing country - considering the debt maturity -, through the analysis of total debt ratios-, short-, medium- and long-term debt. Based on a sample of 73 SMEs for the period between 2011 and 2016, we used panel data models (pooled OLS, fixed and random effects). The results of this study show that tangibility, age, liquidity, and non-debt tax shield are determining factors in the decisions of the capital structure of SMEs in the province of Cabinda, Angola. Furthermore, they suggest that these firms follow the principles of pecking-order theory in capital structure decisions. The research contributes to increase studies in Corporate Finance, particularly concerning the determinants of the capital structure of SMEs located in a developing country.

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安哥拉卡宾达中小企业资本结构决策的决定因素是什么?，

摘要本研究的目的是分析安哥拉卡宾达省中小企业资本结构决策的决定因素。在本研究中，还分析了债务期限，因此，总负债被分解为短期、中期和长期债务比率。这项研究的动机是关于发展中国家中小企业资本结构决定因素的研究数量很少，特别是在安哥拉卡宾达。这项研究是有关企业融资，特别是关于中小企业的资本结构位于一个发展中国家，如安哥拉。同时，这也印证了以往关于啄食序理论原则在发达国家中小企业中的适用性的研究。这项研究对《公司财务》有贡献，因为它通过对总债务比率、短期、中期和长期债务的分析，确定了发展中国家中小企业资本结构的决定因素- -考虑到债务期限。基于2011年至2016年期间73家中小企业的样本，我们使用面板数据模型(汇集OLS，固定效应和随机效应)。本研究的结果表明，有形性、年龄、流动性和非债务税盾是安哥拉卡宾达省中小企业资本结构决策的决定因素。此外，他们认为这些公司在资本结构决策中遵循了啄食顺序理论的原则。这项研究有助于增加对公司财务的研究，特别是关于设在发展中国家的中小企业资本结构的决定因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Revista Contabilidade e Financas Economics, Econometrics and Finance-Finance

CiteScore

1.00

自引率

0.00%

发文量

审稿时长

17 weeks

期刊介绍： Revista Contabilidade & Finanças (RC&F) publishes inedited theoretical development papers and theoretical-empirical studies in Accounting, Controllership, Actuarial Sciences and Finance. The journal accepts research papers in different paradigms and using various research methods, provided that they are consistent and relevant for the development of these areas. Besides research papers, its main focus, traditional papers and manuscripts in other formats that can contribute to communicate new knowledge to the community are also published.