WHAT DO WE KNOW ABOUT THE FINANCIAL BEHAVIOUR OF THE SPANISH SME?: AN EMPIRICAL ANALYSIS*

Abstract

The main objective of this work is to analyze the capital structure of Spanish small and medium-sized enterprises from the point of view of the pecking order theory”. The Data base employed to test our hypotheses comes from the SABI (Sistema de Analisis de Balances Ibericos). The contribution of this paper are basically: i) the database used in the empirical analysis of the Spanish financial companies behaviour and ii) the panel data allow us to control the possible existence of fixed effects associated to each company as well as the endogeneity problems through the use of instrumental variables models. By means of the so-called, pecking-order-theory we make a test of the capital structure againsts the size, age and activities within the sector.

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