Title
Quantity and quality of information and SME financial structure Quantity and quality of information and SME financial structure
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Dordrecht ,
Subject
Economics
Source (journal)
Small business economics: an international journal. - Dordrecht
Volume/pages
39(2012) :2 , p. 341-358
ISSN
0921-898X
ISI
000305806900005
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
We test whether the amount and/or quality of financial statement information affects the financial structure of small and medium-sized enterprises (SMEs). Belgian SMEs are used, because there are important differences in disclosure and audit requirements among them. Consistent with the traditional view that asymmetric or incomplete information restricts access to external funds, our results indicate that both the amount and quality of financial statement information are positively related to SME leverage. In addition, we find that leverage is positively related to asset structure, growth (prospects) and median industry leverage, and negatively related to firm age and profitability.
E-info
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