INVESTIGADORES
BRIOZZO Anahi Eugenia
artículos
Título:
Firm-level determinants of SME´s financing decisions. Evidence from Argentina
Autor/es:
ANAHÍ BRIOZZO; HERNÁN VIGIER; LISANA MARTINEZ
Revista:
LATIN AMERICAN BUSINESS REVIEW (BINGHAMTON, N.Y.)
Editorial:
Taylor & Francis
Referencias:
Año: 2016 vol. 17 p. 245 - 268
ISSN:
1097-8526
Resumen:
This paper studies the determinants of small and medium enterprises (SMEs) financing decisions, which we characterise through three cases: trade-off behaviour, pecking order and extreme aversion to debt. We test our hypotheses using a dataset of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size and legal form, and personal factors, as owner?s age and education, and perception of emotional bankruptcy costs, are relevant variables in SME? financing behaviour. The recognition of extreme aversion to debt leads to reconsider the underleverage problem of SMEs.