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Applicability of financial theories of capital structure to the Chinese cultural context: a study of privately owned SMEs

Newman, Alexander, Gunessee, Sailesh and Hilton, Brian 2012, Applicability of financial theories of capital structure to the Chinese cultural context: a study of privately owned SMEs, International small business journal, vol. 30, no. 1, pp. 65-83, doi: 10.1177/0266242610370977.

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Title Applicability of financial theories of capital structure to the Chinese cultural context: a study of privately owned SMEs
Author(s) Newman, Alexander
Gunessee, Sailesh
Hilton, Brian
Journal name International small business journal
Volume number 30
Issue number 1
Start page 65
End page 83
Total pages 19
Publisher Sage
Place of publication London, Eng.
Publication date 2012-02
ISSN 0266-2426
1741-2870
Keyword(s) capital structure
financing
pecking-order theory
SMEs
Summary Using a new dataset of 1539 Chinese small and medium-sized enterprises this article investigates the firm-level determinants of capital structure and tests them against the predictions of financial theory. Firm size and profitability are both found to be related to leverage as posited by pecking-order theory. In contrast little support is found for the predicted relationship between asset structure and leverage. These findings are discussed in relationship to their Chinese cultural context. The managerial and policy implications of the research are then explored.
Language eng
DOI 10.1177/0266242610370977
Field of Research 150201 Finance
1503 Business And Management
1505 Marketing
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2010, Sage Publications
Persistent URL http://hdl.handle.net/10536/DRO/DU:30080401

Document type: Journal Article
Collection: Department of Management
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