Open AccessThe financing and capital structure of small and medium-scale enterprises: The importance of enterprise characteristics and gender financing constraints
Author(s) -
SO Migiro
Publication year - 2014
Publication title -
suid-afrikaanse tydskrif vir ekonomiese en bestuurswetenskappe/south african journal of economic and management sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.277
H-Index - 17
eISSN - 2222-3436
pISSN - 1015-8812
DOI - 10.4102/sajems.v8i4.1172
Subject(s) - capital structure , finance , scale (ratio) , external financing , empirical evidence , internal financing , business , survey data collection , empirical research , financial structure , industrial organization , economics , information asymmetry , debt , philosophy , statistics , physics , mathematics , epistemology , quantum mechanics
This paper investigates the determinants of the financing structure of SMEs. The evidence on SMEs’ financing structure is based on existing empirical surveys and literature review. The paper provides testable implications developed from economic finance theory. The presentations in the paper utilise data from a previously unexamined source, complementing existing evidence that has been dominated by studies from more developed countries. The results from the empirical survey reveal that there are strong relationships between enterprise size and age, and SME financing structure