Resumen de On capital structure in the small and medium enterprises: the spanish case
The principal aim of this paper is to test the relevance of the different financing theories for explaining capital structure choice in the Small and Medium Enterprises (SMEs) sector. We carry out an empirical analysis over a panel data of 3962 non – financial Spanish SMEs. Our results show that the financing decision in these companies could be explained by the main capital structure theories: Fiscal Theory, Trade – Off Theory and Pecking Order Theory. Among all these theories, some caveats are worth to be stressed and the hierarchically theory seems to fit completely in the explanation of SMEs debt policy.
