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How do SMEs with single and multiple owners finance their operations differently? Empirical evidence from China

Newman, Alexander, Borgia, Daniel and Deng, Ziliang 2013, How do SMEs with single and multiple owners finance their operations differently? Empirical evidence from China, Thunderbird international business review, vol. 55, no. 5, pp. 531-544, doi: 10.1002/tie.21568.

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Title How do SMEs with single and multiple owners finance their operations differently? Empirical evidence from China
Author(s) Newman, Alexander
Borgia, Daniel
Deng, Ziliang
Journal name Thunderbird international business review
Volume number 55
Issue number 5
Start page 531
End page 544
Total pages 14
Publisher Wiley
Place of publication New York, NY
Publication date 2013-09-01
ISSN 1096-4762
1520-6874
Summary We study the impact of firm-level characteristics on the capital structures of private small and medium-sized enterprises (SMEs) as well as the differences between the capital structures adopted by SMEs with single and multiple owners in China. Our findings highlight the limited use of asset-based financing by Chinese SMEs. We also find that the propensity of SMEs with single-owners to use external debt was significantly less than those with multiple owners. Furthermore, our findings suggest that single-owned firms are subject to a more constrained pecking order than those with multiple owners.
Language eng
DOI 10.1002/tie.21568
Field of Research 150310 Organisation and Management Theory
1503 Business And Management
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2013, Wiley
Persistent URL http://hdl.handle.net/10536/DRO/DU:30080238

Document type: Journal Article
Collection: Department of Management
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