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الرئيسية > Evaluating the Factors that Af...>الوصف

Evaluating the Factors that Affect SMEs Financing Decisions: An Empirical Study on NILEX Listed SMEs in Egypt

المصدر: المجلة العلمية للاقتصاد والتجارة
الناشر: جامعة عين شمس - كلية التجارة
المؤلف الرئيسي: Abd ElKader, Noha Adel Mohamed (Author)
مؤلفين آخرين: Wahba, Hayam Hassan (Advisor)
المجلد/العدد: ع1
محكمة: نعم
الدولة: مصر
التاريخ الميلادي: 2019
الشهر: ابريل
الصفحات: 267 - 293
ISSN: 2636-2562
رقم MD: 1066620
نوع المحتوى: بحوث ومقالات
اللغة: الإنجليزية
قواعد المعلومات: EcoLink
مواضيع:
الشركات الصغيرة والمتوسطة | الإدارة المالية | اتخاذ القرارات | تمويل الاستثمارات | سوق الأوراق المالية | مصر
كلمات المؤلف المفتاحية:
SMEs | Capital Structure | Trade-Off Theory | Pecking Order Theory | Firm-Level Determinants | NILEX | Profitability | Growth | Size | Age | Asset Structure | Industry | Business Risk | Ordinary Least Squares "OLS" | Generalized Method of Moments "GMM"
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المستخلص: The objective of this paper is to empirically investigate the firm-level factors that affect SMEs’ capital structure decisions in Egypt, being one of the developing countries striving to promote SMEs for their vital role in economic growth, employment generation, enhancing competitiveness, fostering innovation and entrepreneurship. In order to achieve the research objectives, static Ordinary Least Squares (OLS) and dynamic panel system Generalized Method of Moments (GMM) were incorporated using data of 30 NILEX listed SMEs throughout the period 2009 - 2017 to assess the factors that affect the firm’s capital structure like sales growth, profitability, SMEs’ size, SMEs’ age, industry sector, asset structure and business risk. Results showed that SMEs profitability was the only independent variable that consistently showed a negative significant impact on SMEs’ debt ratio using the different estimation methods, which is in accordance with the pecking order theory. SMEs’ size positively affected debt ratio under OLS regression results, which is in line with the trade-off theory. Results for SMEs’ size were insignificant under one-step and robust two-step system GMM methods. SMEs’ age significantly and positively affected SMEs’ leverage under OLS. SMEs’ business risk was found to be negatively related to SMEs’ financing decision under OLS regression results, but showed a positive impact on debt ratio under GMM method. Finally, the technology and real estate sectors positively affected SMEs’ debt ratio under OLS. Asset structure and sales growth were insignificant to the capital structure decision of SMEs, which could be attributed to the sample employed in the study.
ISSN: 2636-2562

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