Capital structure on Portuguese SMEs: The role of innovation and internationalization during financial crisis

• Type: Article in International Conference Proceedings Book
• Date: 2019

Authors

Soares, L (Author) Other; Duarte, F (Author) Other; Borges, A (Author) Other

Conference proceedings International

Title: Innovation, Engineering and Entrepreneurship. HELIX 2018

Pages: 1051-1057

Indexing

Scopus - 1 Citation

Other information

Authenticus ID: P-00R-4R4

DOI: 10.1007/978-3-319-91334-6_145

Abstract (EN): This study explicitly examines the relation between financing decisions, innovation and internationalization in the case of Portuguese small and medium sized enterprises (SMEs) from the manufacturing sector in a period of financial crisis (between 2010 and 2016). Using a panel data analysis (Fixed effects model) with a sample of 1768 firms, this study tests the determinants of the Pecking Order Theory (POT) in comparison with Agency Cost Theory (ACT) and the Trade-Off Theory (TOT) This study provides first-hand results regarding the relation between both innovation and internationalization with SMEs debt financing. Results broadly support the POT but results show no significance of Internationalization to the econometric model. Innovative practices are positively related with debt. © 2019, Springer International Publishing AG, part of Springer Nature.

Language: English

Type (Professor's evaluation): Scientific