Capital structure, voluntary corporate governance and credit ratings: evidence from non-listed SMEs

Apostolos Dasilas

International Journal of Managerial and Financial Accounting, 2024, vol. 16, issue 1, 17-42

Abstract: This study investigates the capital structure of 26,335 Greek non-listed SMEs during the period 2014-2018 employing a gamut of firm-specific, credit ratings and corporate governance variables. Employing both static and dynamic panel data regression models, the results show that the short-term debt ratio is negatively (positively) related with profitability, tangibility and growth (firm size). The long-term ratio is positively (negatively) associated with profitability, tangibility, and firm age (firm size). Board size exerts a positive effect on the long-term debt ratio, while CEO gender is negatively related to the long-term debt ratio. Finally, higher credit ratings are associated with more debt levels.

Keywords: capital structure; credit ratings; corporate governance; SMEs. (search for similar items in EconPapers)
Date: 2024
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