Applicability of financial theories of capital structure to the Chinese cultural context: a study of privately owned SMEs
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journal contribution
posted on 2024-06-13, 09:35 authored by A Newman, S Gunessee, B HiltonUsing 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. © SAGE Publications 2010.
History
Journal
International small business journalVolume
30Pagination
65-83Location
London, Eng.Publisher DOI
ISSN
1741-2870Language
engPublication classification
C1.1 Refereed article in a scholarly journal, C Journal articleCopyright notice
2010, Sage PublicationsIssue
1Publisher
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