ABSTRACT

This paper aims to analyse the factors affecting SMEs’ capital structure decisions with a comparative analysis covering SMEs of different sizes in Turkey from 2007 to 2018. According to the study results, no significant difference is observed based on firm size. Secondly, as SMEs’ assets grow and efficiency increases, their financial debt also rises. Asset growth leads to long-term debt, while efficiency increase generates short-term borrowing. However, as profitability increases, long-term borrowing decreases. The findings show that SMEs try to meet their financing needs with internal resources, acting in alignment with the pecking order theory. Thirdly, no relationship is identified between financial debt and SMEs’ liquidity strength, risk, and asset structure. This finding likely indicates that SMEs do not act with financial stress or agency costs in mind. That is, they do not act in alignment with the trade-off theory.

摘要

本文旨在通过对2007年至2018年土耳其不同规模的中小企业进行比较分析来分析影响中小企业资本结构决策的因素。根据研究结果，基于企业规模没有发现显着差异。其次，随着中小企业资产的增长和效率的提高，其金融债务也随之增加。资产增长导致长期债务，而效率提高则产生短期借款。但是，随着盈利能力的提高，长期借款会减少。调查结果表明，中小型企业试图用内部资源来满足其融资需求，这与啄食顺序理论是一致的。第三，金融债务与中小企业的流动性强度，风险和资产结构之间没有关系。这一发现可能表明中小型企业在行动时并没有考虑到财务压力或代理成本。也就是说，它们的行为与权衡理论不符。