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Information asymmetry and capital structure: An empirical study of micro firms in Sweden
Mid Sweden University, Faculty of Human Sciences, Department of Social Sciences.
2012 (English)In: International Journal of Entrepreneurship and Small Business, ISSN 1476-1297, Vol. 17, no 3, 304-318 p.Article in journal (Refereed) Published
Abstract [en]

This study empirically examines the capital structure determinants of

Swedish micro companies by testing hypotheses based on information

asymmetry theory. The study sample contains 20,270 micro firms for which

complete 2007 to 2008 financial information is available, giving a total of

182,430 observations. The empirical results indicate that six explanatory

variables, that is, lagged long-term debt, size, age, profitability, tangibility, and

industry affiliation, are related to capital structure to various extents. The

results suggest that information asymmetry theory is relevant in explaining the

financial behaviour of micro firms in Sweden. These findings can help SMEs to

improve their awareness of financial management and to use resources more

effectively.

Place, publisher, year, edition, pages
2012. Vol. 17, no 3, 304-318 p.
Keyword [en]
capital structure; SME finance; information asymmetry theory;
National Category
Business Administration
Identifiers
URN: urn:nbn:se:miun:diva-17517DOI: 10.1504/IJESB.2012.049579Scopus ID: 2-s2.0-84867824037OAI: oai:DiVA.org:miun-17517DiVA: diva2:573232
Available from: 2012-11-30 Created: 2012-11-30 Last updated: 2013-01-24Bibliographically approved

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Yazdanfar, Darush
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CiteExportLink to record
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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
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  • asciidoc
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