Title: Capital structure, voluntary corporate governance and credit ratings: evidence from non-listed SMEs

Authors: Apostolos Dasilas

Addresses: Department of Applied Informatics, University of Macedonia, 156 Egnatia str., P.O. Box 1591, 54636, Thessaloniki, Greece

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.

Keywords: capital structure; credit ratings; corporate governance; SMEs.

DOI: 10.1504/IJMFA.2024.135353

International Journal of Managerial and Financial Accounting, 2024 Vol.16 No.1, pp.17 - 42

Received: 18 Jun 2022
Accepted: 17 Nov 2022
Published online: 06 Dec 2023 *

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