Abstract

BRIOZZO, Anahí  and  VIGIER, Hernán. La estructura de capital de las pequeñas y medianas empresas argentinas. Estud. Econ. [online]. 2009, vol.26, n.53, pp. 1-55. ISSN 2525-1295.

Abstract In this research we propose that the financial structure of small and medium enterprises (SME) is influenced by demand side factors, which are based on a fundamental characteristic of these firms: the owner-firm intertwinement. This approach is complementary to the traditional view for small firms that focus on information asymmetries between firms and external fund providers. Studying a group of firms from Bahía Blanca, we find evidence supporting the new approach. We consider these results as a contribution to the understanding and modelling of SME's distinctive characteristics.

Keywords : Small firms; Financing decisions; Capital structure.