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  • 1.
    Yazdanfar, Darush
    et al.
    Mittuniversitetet, Fakulteten för humanvetenskap, Avdelningen för ekonomivetenskap och juridik.
    Öhman, Peter
    Mittuniversitetet, Fakulteten för humanvetenskap, Avdelningen för ekonomivetenskap och juridik.
    Capital structure dynamics among SMEs: Swedish empirical evidence2016Inngår i: The Journal of Risk Finance, ISSN 1526-5943, Vol. 17, nr 2, s. 245-260Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Purpose

    This paper aims to empirically investigate the existence of dynamic capital structure among small and medium-sized enterprises (SMEs) across their life cycle stages.

    Design/methodology/approach

    The analysis examined a sample of 15,952 SMEs across five industry sectors for the 2009-2012 period. Several techniques, including ANOVA and multivariate regressions, were used to analyse firm-level data.

    Findings

    The findings suggest that start-up SMEs, on average, rely on equity capital, and that the level of equity capital increases as firms age. The short-term debt level is particularly high in early life cycle stages, decreasing later on. The long-term debt ratio is positively related to firm age, although it is low in all life cycle stages investigated.

    Practical implications

    The findings may help several parties, including firm owners, to better understand how capital structure can be related to various life cycle stages. Such an understanding may help these actors use financial resources efficiently.

    Originality/value

    To the authors’ best knowledge, little research has addressed whether there are any differences in financing patterns over the firm life cycle.

  • 2.
    Yazdanfar, Darush
    et al.
    Mittuniversitetet, Fakulteten för humanvetenskap, Institutionen för samhällsvetenskap.
    Öhman, Peter
    Mittuniversitetet, Fakulteten för humanvetenskap, Avdelningen för ekonomivetenskap och juridik.
    Debt financing and firm performance: an empirical study based on Swedish data2015Inngår i: The Journal of Risk Finance, ISSN 1526-5943, Vol. 16, nr 1, s. 102-118Artikkel i tidsskrift (Fagfellevurdert)
    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.

  • 3.
    Yazdanfar, Darush
    et al.
    Mittuniversitetet, Fakulteten för humanvetenskap, Avdelningen för ekonomivetenskap och juridik.
    Öhman, Peter
    Mittuniversitetet, Fakulteten för humanvetenskap, Avdelningen för ekonomivetenskap och juridik.
    Life cycle and performance among SMEs: Swedish empirical evidence2014Inngår i: The Journal of Risk Finance, ISSN 1526-5943, Vol. 15, nr 5, s. 555-571Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Purpose – This study aims to empirically examine the applicability of the life cycle model of firm performance to growth and profitability among Swedish small- and medium-sized enterprises (SMEs). Design/methodology/approach – Using analysis of variance, multiple analysis of variance and three-stage least square modelling, this study analyses a longitudinal data set covering 26,721 Swedish SMEs in six industries from 2008 to 2011. Findings – The empirical results indicate a clear life cycle performance pattern among the sampled SMEs, and that a six-stage life cycle model is applicable in predicting the performance pattern in terms of growth and profitability. On average, younger SMEs tend to display better performance in terms of growth and profitability than do their older and larger counterparts; moreover, larger SMEs tend to achieve better performance than do smaller ones. Practical implications – The findings help SME managers understand how their decision-making style, strategy and structure can be related to various life cycle stages. Such an understanding may help them improve firm performance over time. Policymakers may find the results useful in coordinating SME support in line with various life cycle stages. Originality/value – To the authors' knowledge, this study is one of only a few using two performance variables to test the applicability of the life cycle model in a longitudinal and cross-industrial sample

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