Impact of capital structure on micro firm productivity: empirical evidence from Swedish firm-level data

Darush Yazdanfar

International Journal of Entrepreneurship and Small Business, 2012, vol. 16, issue 2, 223-237

Abstract: The paper examines the impact of key productivity determinants at the firm level using data on 24,257 Swedish micro firms, including approximately 194,000 observations for the 2007-2008 period. The regression model includes a firm-level measure of total factor productivity as the dependent variable and capital structure and other relevant control variables as independent variables. Analysis reveals that firm-level variables, such as lagged productivity, size, age, profitability, short-term debt ratio, and industry affiliation, significantly affect firm productivity. Agency cost theory seems applicable in partly explaining the relationship between capital structure and productivity.

Keywords: total factor productivity; TFP; firm performance; capital structure; agency cost theory; Sweden; micro firms; productivity. (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijesbu:v:16:y:2012:i:2:p:223-237

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