Abstract

BRIOZZO, Anahí et al. SME financing decisions: Are there differences depending on the size and legal form?. estud.gerenc. [online]. 2016, vol.32, n.138, pp.71-81. ISSN 0123-5923.  https://doi.org/10.1016/j.estger.2015.11.003.

We examine whether there are distinctive features in small and medium enterprises according to their size and legal form. Financing decisions in particular are studied, using pecking order, trade-off and life cycle theories as our conceptual framework. Using a sample of companies from Bahía Blanca (Argentina), we analyze the variables through nonparametric tests and tests of independence. The results show that larger companies are more leveraged, while businesses that adopt limited liability legal forms differ in their greater use of loans with collateral. These results point to the need to design support policies specially targeted to the different business segments.

Keywords : Legal form; Limited liability; Size; Financing decisions; Small and medium firms.

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