Table 1 Empirical studies on SME's... | Emerald Publishing

Table 1

Empirical studies on SME's capital structure

Author	Country	Research sample and period	Positive determinants of debt	Negative determinants of debt
Cassar and Holmes (2003)	Australia	13,000 SMEs 1994–1995	Size, growth	Profitability, share of fixed assets
Nguyen and Ramachandran (2006)	Vietnam	558 SMEs 1998–2001	Size, growth, business risk	Tangibility
López-Gracia and Sogorb-Mira (2008)	Spain	3,569 SMEs 1995–2004	Size	Non-debt tax shield, profitability, age
Degryse et al. (2012)	Holland	99,031 SMEs observation in 2002–2005	Size, tangibility, growth, industry	Profitability, tax rate
Forte et al. (2013)	Brazil	19,272 SMEs 1994–2006	Size, growth	Profitability, risk, age
Prędkiewicz and Prędkiewicz (2015)	Poland	12,241 SMEs 2004	Legal form	–
Harc (2015)	Croatia	500 SMEs 2005–2011	Size, growth tangibility	Profitability
Matias and Serrasqueiro (2017)	Portugal	11,016 SMEs 2007–2011	Size	Profitability, age
Belas et al. (2018)	Czechia	352 SMEs 2017	Age, size	–

Author	Country	Research sample and period	Positive determinants of debt	Negative determinants of debt
Cassar and Holmes (2003)	Australia	13,000 SMEs1994–1995	Size, growth	Profitability, share of fixed assets
Nguyen and Ramachandran (2006)	Vietnam	558 SMEs1998–2001	Size, growth, business risk	Tangibility
López-Gracia and Sogorb-Mira (2008)	Spain	3,569 SMEs1995–2004	Size	Non-debt tax shield, profitability, age
Degryse et al. (2012)	Holland	99,031 SMEs observation in 2002–2005	Size, tangibility, growth, industry	Profitability, tax rate
Forte et al. (2013)	Brazil	19,272 SMEs1994–2006	Size, growth	Profitability, risk, age
Prędkiewicz and Prędkiewicz (2015)	Poland	12,241 SMEs2004	Legal form	–
Harc (2015)	Croatia	500 SMEs2005–2011	Size, growthtangibility	Profitability
Matias and Serrasqueiro (2017)	Portugal	11,016 SMEs2007–2011	Size	Profitability,age
Belas et al. (2018)	Czechia	352 SMEs2017	Age,size	–

Source(s): Own elaboration