Capital structure of Chinese listed SMEs: an agency theory perspective Huang, Wei, Boateng, Agyenim and Newman, Alexander 2016, Capital structure of Chinese listed SMEs: an agency theory perspective, Small Business Economics, vol. 47, no. 2, pp. 535-550, doi: 10.1007/s11187-016-9729-6. Attached Files Name Description MIMEType Size Downloads newman-capitalstructure-2016.pdf Published version application/pdf 546.16KB 72 Title Capital structure of Chinese listed SMEs: an agency theory perspective Author(s) Huang, Wei Boateng, Agyenim Newman, Alexander orcid.org/0000-0003-1170-8947 Journal name Small Business Economics Volume number 47 Issue number 2 Start page 535 End page 550 Total pages 16 Publisher Springer Place of publication Berlin, Germany Publication date 2016-08 ISSN 0921-898X 1573-0913 Keyword(s) capital structure executive compensation ownership structure SMEs China Summary Prior work examining the antecedents of capital structure for small and medium-sized enterprises in emerging markets is limited. This paper sheds light on how the corporate governance mechanisms adopted by firms on the newly established Growth Enterprise Market (GEM) in China influence their use of debt. We find that the financial leverage of GEM firms is positively influenced by executives’ shareholding and their excess cash compensation. Ownership concentration appears to reduce leverage, whereas the percentage of tradable shares increases leverage. In contrast, institutional investors’ shareholding does not influence the level of debt. Traditional factors such as tax and operating cash flow are insignificant in explaining the debt levels among GEM firms. Language eng DOI 10.1007/s11187-016-9729-6 Field of Research 150304 Entrepreneurship Socio Economic Objective 970115 Expanding Knowledge in Commerce HERDC Research category C1 Refereed article in a scholarly journal ERA Research output type C Journal article Copyright notice ©2016, The Authors Free to Read? Yes Use Rights Persistent URL http://hdl.handle.net/10536/DRO/DU:30083626 Document type: Journal Article Collections: Deakin Graduate School of Business Open Access Collection Related Links Link Description Connect to published version Go to link with your DU access privileges     Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au. Versions Version Filter Type Mon, 23 May 2016, 14:58:31 EST Tue, 24 May 2016, 05:16:40 EST Wed, 25 May 2016, 06:07:31 EST Wed, 24 Aug 2016, 11:51:54 EST Wed, 24 Aug 2016, 11:54:55 EST Wed, 24 Aug 2016, 11:55:39 EST Wed, 07 Sep 2016, 11:26:31 EST Mon, 20 Mar 2017, 14:21:49 EST Fri, 07 Sep 2018, 12:29:56 EST Filtered Full Citation counts:   Cited 1 times in TR Web of Science Cited 3 times in Scopus Search Google Scholar Access Statistics: 197 Abstract Views, 73 File Downloads  -  Detailed Statistics Created: Mon, 23 May 2016, 14:58:31 EST

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