Capital structure, voluntary corporate governance and credit ratings: evidence from non-listed SMEs
by Apostolos Dasilas
International Journal of Managerial and Financial Accounting (IJMFA), Vol. 16, No. 1, 2024

Abstract: This study investigates the capital structure of 26,335 Greek non-listed SMEs during the period 2014-2018 employing a gamut of firm-specific, credit ratings and corporate governance variables. Employing both static and dynamic panel data regression models, the results show that the short-term debt ratio is negatively (positively) related with profitability, tangibility and growth (firm size). The long-term ratio is positively (negatively) associated with profitability, tangibility, and firm age (firm size). Board size exerts a positive effect on the long-term debt ratio, while CEO gender is negatively related to the long-term debt ratio. Finally, higher credit ratings are associated with more debt levels.

Online publication date: Wed, 06-Dec-2023

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