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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.

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Title Capital structure of Chinese listed SMEs: an agency theory perspective
Author(s) Huang, Wei
Boateng, Agyenim
Newman, Alexander
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 Creative Commons Attribution licence
Persistent URL http://hdl.handle.net/10536/DRO/DU:30083626

Document type: Journal Article
Collections: Deakin Graduate School of Business
Open Access Collection
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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.