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Debt financing and firm performance: an empirical study based on Swedish data
Mittuniversitetet, Fakulteten för humanvetenskap, Institutionen för samhällsvetenskap.
Mittuniversitetet, Fakulteten för humanvetenskap, Avdelningen för ekonomivetenskap och juridik.ORCID-id: 0000-0001-5731-0489
2015 (engelsk)Inngår i: The Journal of Risk Finance, ISSN 1526-5943, Vol. 16, nr 1, s. 102-118Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

The purpose of this study is to examine the relationship between debt level and performance among small and medium-sized enterprises (SMEs). Design/methodology/approach– Unlike the vast majority of previous research, this study uses three-stage least squares (3SLS) and fixed-effects models to analyse a comprehensive, cross-sectoral sample of 15,897 Swedish SMEs operating in five industry sectors during the 2009-2012 period. Findings– This study confirms that debt ratios, in terms of trade credit, short-term debt and long-term debt, negatively affect firm performance in terms of profitability. As a high debt ratio seems to increase the agency costs and the risk of losing control of the firm, SME owners and managers tend to finance their businesses with equity capital to a fairly high degree.

sted, utgiver, år, opplag, sider
UK: Emerald Group Publishing Limited, 2015. Vol. 16, nr 1, s. 102-118
Emneord [en]
Profitability, SMEs, Capital structure, Firm performance, Sweden, Debt policy
HSV kategori
Identifikatorer
URN: urn:nbn:se:miun:diva-23431DOI: 10.1108/JRF-06-2014-0085Scopus ID: 2-s2.0-84995897724OAI: oai:DiVA.org:miun-23431DiVA, id: diva2:763669
Tilgjengelig fra: 2014-11-16 Laget: 2014-11-16 Sist oppdatert: 2017-12-05bibliografisk kontrollert

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