References
- Beck, T., A. Demirguc-Kunt, and M.S. Martinez-Peria. 2008. “Bank Financing for SMEs around the World: Drivers, Obstacles, Business Models, and Lending Practices.” Policy research working papers, World Bank.
- Berger, A.N., and G.F. Udell. 1998. “The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle.” Journal of Banking and Finance 22 (6): 613–673. doi:https://doi.org/10.1016/S0378-4266(98)00038-7.
- Bigelli, M., J.F. Martin-Ugedo, and J. Sanchez-Vidal. 2014. “Financial Conservatism of Private Firms.” Journal of Business Research 67 (11): 2419–2427. doi:https://doi.org/10.1016/j.jbusres.2014.02.009.
- Brav, O. 2009. “Access to Capital, Capital Structure, and the Funding of the Firm.” Journal of Finance 64 (1): 263–308. doi:https://doi.org/10.1111/j.1540-6261.2008.01434.x.
- Byoun, S., and Z. Xu. 2013. “Why Do Some Firms Go Debt Free?” Asia Pacific Journal of Financial Studies 42 (1): 1–38. doi:https://doi.org/10.1111/ajfs.12009.
- Carpenter, R., and B. Petersen. 2002. “Is the Growth of Small Firms Constrained by Internal Finance?” Review of Economics and Statistics 84 (2): 298–309. doi:https://doi.org/10.1162/003465302317411541.
- Cole, R.A., and T. Sokolyk. 2018. “Debt Financing, Survival, and Growth of Start-up Firms.” Journal of Corporate Finance 50: 609–625. doi:https://doi.org/10.1016/j.jcorpfin.2017.10.013.
- Dang, V.A. 2013. “An Empirical Analysis of Zero-leverage Firms: New Evidence from the UK.” International Review of Financial Analysis 30: 189–202. doi:https://doi.org/10.1016/j.irfa.2013.08.007.
- DeAngelo, H., and R. Roll. 2015. “How Stable are Corporate Capital Structures?” Journal of Finance 70 (1): 373–418. doi:https://doi.org/10.1111/jofi.12163.
- Deb, P., and J. Wiklund. 2017. “The Effects of CEO Founder Status and Stock Ownership on Entrepreneurial Orientation in Small Firms.” Journal of Small Business Management 55 (1): 32–55. doi:https://doi.org/10.1111/jsbm.12231.
- Delmar, F., and J. Wiklund. 2008. “The Effect of Small Business Managers’ Growth Motivation on Firm Growth: A Longitudinal Study.” Entrepreneurship Theory and Practice 32 (3): 437–457. doi:https://doi.org/10.1111/j.1540-6520.2008.00235.x.
- Diamond, D. 1989. “Reputation Acquisition in Debt Markets.” Journal of Political Economy 97 (4): 828–862. doi:https://doi.org/10.1086/261630.
- Ebben, J., and A. Johnson. 2006. “Bootstrapping in Small Firms: An Empirical Analysis of Change over Time.” Journal of Business Venturing 21 (6): 851–865. doi:https://doi.org/10.1016/j.jbusvent.2005.06.007.
- European Commission. 2020 “User Guide to the SME Definition Accessed15 July 2021.” https://ec.europa.eu/docsroom/documents/42921
- Fama, E.F., and K.R. French. 2002. “Testing Trade-off and Pecking Order Predictions about Dividends and Debt.” Review of Financial Studies 15 (1): 1–33. doi:https://doi.org/10.1093/rfs/15.1.1.
- Farre-Mensa, J., and A. Ljungqvist. 2016. “Do Measures of Financial Constraints Measure Financial Constraints?” Review of Financial Studies 29 (2): 271–308. doi:https://doi.org/10.1093/rfs/hhv052.
- George, G., J. Wiklund, and S. Zahra. 2005. “Ownership and the Internationalization of SMEs.” Journal of Management 31 (2): 210–233. doi:https://doi.org/10.1177/0149206304271760.
- Gopalan, R., V. Nanda, and A. Seru. 2007. “Affiliated Firms and Financial Support: Evidence from Indian Business Groups.” Journal of Financial Economics 86 (3): 759–795. doi:https://doi.org/10.1016/j.jfineco.2006.09.008.
- Graham, J.R. 2000. “How Big are the Tax Benefits of Debt?” Journal of Finance 55 (5): 1901–1941. doi:https://doi.org/10.1111/0022-1082.00277.
- Haans, R., C. Pieters, and Z.L. He. 2016. “Thinking about U: Theorizing and Testing U- and Inverted U-shaped Relationships in Strategy Research.” Strategic Management Journal 37 (7): 1177–1195. doi:https://doi.org/10.1002/smj.2399.
- Hanssens, J., M. Deloof, and T. Vanacker. 2016. “The Evolution of Debt Policies: New Evidence from Business Startups.” Journal of Banking and Finance 65: 120–133. doi:https://doi.org/10.1016/j.jbankfin.2016.01.008.
- Howorth, C. 2001. “Small Firms’ Demand for Finance: A Research Note.” International Small Business Journal 19 (4): 78–86. doi:https://doi.org/10.1177/0266242601194005.
- Jensen, M.C. 1986. “Agency Cost of Free Cash Flow.” American Economic Review 76 (2): 323–329.
- Kraus, A., and R.H. Litzenberger. 1973. “A State-preference Model of Optimal Financial Leverage.” Journal of Finance 28 (4): 911–922. doi:https://doi.org/10.1111/j.1540-6261.1973.tb01415.x.
- LaRocca, M., T. LaRocca, and A. Cariola. 2011. “Capital Structure Decisions during a Firm’s Life Cycle.” Small Business Economics 37 (1): 107–130. doi:https://doi.org/10.1007/s11187-009-9229-z.
- Lind, J.T., and H. Mehlum. 2010. “With or without U? The Appropriate Test for U-shaped Relationship.” Oxford Bulletin of Economics and Statistics 72 (1): 109–118. doi:https://doi.org/10.1111/j.1468-0084.2009.00569.x.
- Lotfaliei, B. 2018. “Zero Leverage and the Value in Waiting for Have Debt.” Journal of Banking and Finance 97: 335–349. doi:https://doi.org/10.1016/j.jbankfin.2018.09.010.
- Masiak, C., J.H. Block, A. Moritz, F. Lang, and H. Kraemer-Eis. 2019. “How Do Micro Firms Differ in Their Financing Patterns from Larger SMEs?” Venture Capital 21 (4): 301–325. doi:https://doi.org/10.1080/13691066.2019.1569333.
- Miglo, A. 2019. “Zero-debt Policy under Asymetric Information, Flexibility and Free Cash Flow Considerations.” Unpublished working paper. https://ssrn.com/abstract=3357814
- Modigliani, F., and M.H. Miller. 1963. “Corporate Income Tax and the Cost of Capital: A Correction.” American Economic Review 53 (3): 433–443.
- Moritz, A., J.H. Block, and A. Heinz. 2016. “Financing Patterns of European SMEs – An Empirical Taxonomy.” Venture Capital 18 (2): 115–148. doi:https://doi.org/10.1080/13691066.2016.1145900.
- Moscalu, M., C. Girardone, and R. Calabrese. 2020. “SMEs Growth under Financing Constraints and Banking Market Integration in the Euro Area.” Journal of Small Business Management 58 (4): 707–746. doi:https://doi.org/10.1080/00472778.2019.1668722.
- Myers, S.C., and N.S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:https://doi.org/10.1016/0304-405X(84)90023-0.
- Myers, S.C. 1977. “Determinants of Corporate Borrowings.” Journal of Financial Economics 5 (2): 147–175. doi:https://doi.org/10.1016/0304-405X(77)90015-0.
- OECD. 2020. “Tax Database, Key Tax Rate Indicators Accessed15 July 2021.” https://www.oecd.org/tax/tax-policy/tax-database/#C-CorporateCapital
- Petersen, M.A., and R.G. Rajan. 1994. “The Benefits of Lending Relationships: Evidence from Small Business Data.” Journal of Finance 49 (1): 3–37. doi:https://doi.org/10.1111/j.1540-6261.1994.tb04418.x.
- Pfeffer, J., and G.R. Salancik. 1978. The External Control of Organizations: A Resource-dependence Perspective. New-York: Harper and Row.
- Robb, A.M., and D.T. Robinson. 2014. “The Capital Structure Decisions of New Firms.” Review of Financial Studies 27 (1): 153–179. doi:https://doi.org/10.1093/rfs/hhs072.
- Saona, P., E. Vallelado, and P. San Martin. 2020. “Debt, or Not Debt, that Is the Question: A Shakespearean Question to A Corporate Decision.” Journal of Business Research 115: 378–392. doi:https://doi.org/10.1016/j.jbusres.2019.09.061.
- Schulze, W.S., M.H. Lubatkin, and R.N. Dino. 2003. “Exploring the Agency Consequences of Ownership Dispersion among the Directors of Private Family Firms.” Academy of Management Journal 46 (2): 179–194.
- Serrasqueiro, Z., and P. Maças Nunes. 2012. “Is Age a Determinant of SMEs’ Financing Decisions? Empirical Evidence Using Panel Data Models.” Entrepreneurship Theory and Practice 36 (4): 627–654. doi:https://doi.org/10.1111/j.1540-6520.2010.00433.x.
- Simonsohn, U. 2018. “Two Lines: A Valid Alternative to the Invalid Testing of U-shaped Relationships with Quadratic Regressions.” Advances in Methods and Practices in Psychological Research 1 (4): 538–555. doi:https://doi.org/10.1177/2515245918805755.
- Stiglitz, J.E., and A. Weiss. 1981. “Credit Rationing in Markets with Imperfect Information.” American Economic Review 71 (3): 393–410.
- Strebulaev, I.A., and B. Yang. 2013. “The Mystery of Zero-leverage Firms.” Journal of Financial Economics 109 (1): 1–23. doi:https://doi.org/10.1016/j.jfineco.2013.02.001.
- Winborg, J., and H. Landström. 2001. “Financial Boostrapping in Small Businesses: Examining Small Business Managers’ Resource Acquisition Behaviors.” Journal of Business Venturing 16 (3): 235–254. doi:https://doi.org/10.1016/S0883-9026(99)00055-5.