Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

João M. Pinto*, Cátia S. Silva*

*Autor correspondente para este trabalho

Resultado de pesquisarevisão de pares

Resumo

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.
Idioma originalEnglish
Número do artigo101418
RevistaFinance Research Letters
Volume38
DOIs
Estado da publicaçãoPublished - jan 2021

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