Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina

Autores
Briozzo, Anahí; Vigier, Hernán Pedro; Martinez, Lisana Belén
Año de publicación
2016
Idioma
inglés
Tipo de recurso
artículo
Estado
versión aceptada
Descripción
This article studies the determinants of the financing decisions of small and medium enterprises (SMEs), which we characterize through three cases: trade-off behavior, pecking order, and extreme aversion to debt. We test our hypotheses using a datas et of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size, and legal form; and personal factors, such as owner’s age and education; and perception of emotional bankruptcy costs, are relevant variables in SME financing behavior. The recognition of extreme aversion to debt motivates reconsideration of the underleverage problem of SMEs.
Materia
Economía y Negocios
Aversion to debt
financing decisions
Pecking order
Small firms
Trade-off
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-nd/4.0/
Repositorio
CIC Digital (CICBA)
Institución
Comisión de Investigaciones Científicas de la Provincia de Buenos Aires
OAI Identificador
oai:digital.cic.gba.gob.ar:11746/5098
Acceder
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oai_identifier_str oai:digital.cic.gba.gob.ar:11746/5098
network_acronym_str CICBA
repository_id_str 9441
network_name_str CIC Digital (CICBA)
spelling Firm-level determinants of small and medium enterprises financing decisions. Evidence from ArgentinaBriozzo, AnahíVigier, Hernán PedroMartinez, Lisana BelénEconomía y NegociosAversion to debtfinancing decisionsPecking orderSmall firmsTrade-offThis article studies the determinants of the financing decisions of small and medium enterprises (SMEs), which we characterize through three cases: trade-off behavior, pecking order, and extreme aversion to debt. We test our hypotheses using a datas et of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size, and legal form; and personal factors, such as owner<em>’</em>s age and education; and perception of emotional bankruptcy costs, are relevant variables in SME financing behavior. The recognition of extreme aversion to debt motivates reconsideration of the underleverage problem of SMEs.2016-09-26info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfhttps://digital.cic.gba.gob.ar/handle/11746/5098enginfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-nd/4.0/reponame:CIC Digital (CICBA)instname:Comisión de Investigaciones Científicas de la Provincia de Buenos Airesinstacron:CICBA2025-09-29T13:40:17Zoai:digital.cic.gba.gob.ar:11746/5098Institucionalhttp://digital.cic.gba.gob.arOrganismo científico-tecnológicoNo correspondehttp://digital.cic.gba.gob.ar/oai/snrdmarisa.degiusti@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:94412025-09-29 13:40:18.106CIC Digital (CICBA) - Comisión de Investigaciones Científicas de la Provincia de Buenos Airesfalse
dc.title.none.fl_str_mv Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
title Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
spellingShingle Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
Briozzo, Anahí
Economía y Negocios
Aversion to debt
financing decisions
Pecking order
Small firms
Trade-off
title_short Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
title_full Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
title_fullStr Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
title_full_unstemmed Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
title_sort Firm-level determinants of small and medium enterprises financing decisions. Evidence from Argentina
dc.creator.none.fl_str_mv Briozzo, Anahí
Vigier, Hernán Pedro
Martinez, Lisana Belén
author Briozzo, Anahí
author_facet Briozzo, Anahí
Vigier, Hernán Pedro
Martinez, Lisana Belén
author_role author
author2 Vigier, Hernán Pedro
Martinez, Lisana Belén
author2_role author
author
dc.subject.none.fl_str_mv Economía y Negocios
Aversion to debt
financing decisions
Pecking order
Small firms
Trade-off
topic Economía y Negocios
Aversion to debt
financing decisions
Pecking order
Small firms
Trade-off
dc.description.none.fl_txt_mv This article studies the determinants of the financing decisions of small and medium enterprises (SMEs), which we characterize through three cases: trade-off behavior, pecking order, and extreme aversion to debt. We test our hypotheses using a datas et of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size, and legal form; and personal factors, such as owner<em>’</em>s age and education; and perception of emotional bankruptcy costs, are relevant variables in SME financing behavior. The recognition of extreme aversion to debt motivates reconsideration of the underleverage problem of SMEs.
description This article studies the determinants of the financing decisions of small and medium enterprises (SMEs), which we characterize through three cases: trade-off behavior, pecking order, and extreme aversion to debt. We test our hypotheses using a datas et of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size, and legal form; and personal factors, such as owner<em>’</em>s age and education; and perception of emotional bankruptcy costs, are relevant variables in SME financing behavior. The recognition of extreme aversion to debt motivates reconsideration of the underleverage problem of SMEs.
publishDate 2016
dc.date.none.fl_str_mv 2016-09-26
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://digital.cic.gba.gob.ar/handle/11746/5098
url https://digital.cic.gba.gob.ar/handle/11746/5098
dc.language.none.fl_str_mv eng
language eng
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:CIC Digital (CICBA)
instname:Comisión de Investigaciones Científicas de la Provincia de Buenos Aires
instacron:CICBA
reponame_str CIC Digital (CICBA)
collection CIC Digital (CICBA)
instname_str Comisión de Investigaciones Científicas de la Provincia de Buenos Aires
instacron_str CICBA
institution CICBA
repository.name.fl_str_mv CIC Digital (CICBA) - Comisión de Investigaciones Científicas de la Provincia de Buenos Aires
repository.mail.fl_str_mv marisa.degiusti@sedici.unlp.edu.ar
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score 13.070432

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