Arbeitspapier/Forschungsbericht

Autorenliste: Bannier, Christina E.; Heyden, Thomas

Jahr der Veröffentlichung: 2019

DOI Link: https://doi.org/10.2139/ssrn.3257002

Serientitel: BSFA Working Paper Series

Serienzählung: 8

Abstract: 

We study the dynamics of the relationship between capital structure and performance of unlisted small and medium-sized enterprises (SMEs) in Germany. A panel vector autoregressive model allows us to account for potential endogeneity and individual heterogeneity. Our results show that there is a strong positive association between leverage and performance for small and medium-sized firms. However, we find no relation for micro-sized firms. While the smallest SMEs hence seem unable to seize the performance-enhancing effects of higher leverage, it appears important to keep credit restrictions at bay for larger SMEs.

Harvard-Zitierstil: Bannier, C. and Heyden, T. (2019) The Dynamics of SMEs' Capital Structure and Performance: Evidence From a Panel VAR. (BSFA Working Paper Series, 8). Giessen: Justus Liebig University. https://doi.org/10.2139/ssrn.3257002

APA-Zitierstil: Bannier, C., & Heyden, T. (2019). The Dynamics of SMEs' Capital Structure and Performance: Evidence From a Panel VAR. (BSFA Working Paper Series, 8). Justus Liebig University. https://doi.org/10.2139/ssrn.3257002