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

• Tipo: Artigo em Livro de Atas de Conferência Internacional
• Data: 2019

Autores

Soares, L (Autor) Outra; Duarte, F (Autor) Outra; Borges, A (Autor) Outra

Ata de Conferência Internacional

Título: Innovation, Engineering and Entrepreneurship. HELIX 2018

Páginas: 1051-1057

Indexação

Scopus - 1 Citação

Outras Informações

ID Authenticus: 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.

Idioma: Inglês

Tipo (Avaliação Docente): Científica