Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

João M. Pinto; Cátia S. Silva

doi:10.1016/j.frl.2019.101418

Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

João M. Pinto^*, Cátia S. Silva^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

7 Citations (Scopus)

23 Downloads

Abstract

This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisis.

Original language	English
Article number	101418
Journal	Finance Research Letters
Volume	38
DOIs	https://doi.org/10.1016/j.frl.2019.101418
Publication status	Published - Jan 2021

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1016/j.frl.2019.101418

19845972Accepted author manuscript, 765 KBLicence: CC BY-NC-ND

http://hdl.handle.net/10400.14/29640Licence: CC BY-NC-ND

Cite this

@article{d894ba1ca8894ddfaf8e8ff86d99056e,

title = "Does export intensity affect corporate leverage? Evidence from Portuguese SMEs",

abstract = "This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms{\textquoteright} borrowing activities are critical in economies facing a financial crisis.",

author = "Pinto, {Jo{\~a}o M.} and Silva, {C{\'a}tia S.}",

year = "2021",

month = jan,

doi = "10.1016/j.frl.2019.101418",

language = "English",

volume = "38",

journal = "Finance Research Letters",

issn = "1544-6123",

publisher = "Elsevier B.V.",

}

TY - JOUR

T1 - Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

AU - Pinto, João M.

AU - Silva, Cátia S.

PY - 2021/1

Y1 - 2021/1

N2 - This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisis.

AB - This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisis.

UR - http://www.scopus.com/inward/record.url?scp=85078750183&partnerID=8YFLogxK

U2 - 10.1016/j.frl.2019.101418

DO - 10.1016/j.frl.2019.101418

M3 - Article

AN - SCOPUS:85078750183

SN - 1544-6123

VL - 38

JO - Finance Research Letters

JF - Finance Research Letters

M1 - 101418

ER -

Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

Abstract

UN SDGs

Access to Document

Other files and links

Fingerprint

CEGE: Research Center in Management and Economics

Cite this

Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

Abstract

UN SDGs

Access to Document

Other files and links

Fingerprint

Projects

CEGE: Research Center in Management and Economics

Cite this