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How Theory Meets Practice: An Analysis of the Capital Structure of Spanish SMEs

How Theory Meets Practice: An Analysis of the Capital Structure of Spanish SMEs

The article analyzes the factors determining the capital structure of the Spanish small and medium enterprises [SMEs]. The analysis is grounded on the agency theory, the signalling approach and the pecking order theory. In particular, the article provides a qualitative and quantitative analysis about the impact of company brand, the ownership and control structure, and the relationship between the SMEs and their own financial policy. This...

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