메뉴 건너뛰기




Volumn 8, Issue 4, 2007, Pages 364-379

Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms

Author keywords

Capital structure; Debts; Ghana; Small to medium sized enterprises; South Africa

Indexed keywords


EID: 85015711803     PISSN: 15265943     EISSN: 09657967     Source Type: Journal    
DOI: 10.1108/15265940710777315     Document Type: Article
Times cited : (113)

References (35)
  • 1
    • 85015457608 scopus 로고    scopus 로고
    • The effect of capital structure on profitability: empirical analysis of listed firms in Ghana
    • Abor, J. (2005), “The effect of capital structure on profitability: empirical analysis of listed firms in Ghana”, Journal of Risk Finance, Vol. 6 No. 5, pp. 438-45.
    • (2005) Journal of Risk Finance , vol.6 , Issue.5 , pp. 438-445
    • Abor, J.1
  • 2
    • 20044379061 scopus 로고
    • Risk, leverage and profitability: an industry analysis
    • Baker, S.H. (1973), “Risk, leverage and profitability: an industry analysis”, Review of Economics and Statistics, Vol. 55, pp. 503-7.
    • (1973) Review of Economics and Statistics , vol.55 , pp. 503-507
    • Baker, S.H.1
  • 5
    • 77956835756 scopus 로고    scopus 로고
    • Finance: the joy of leverage
    • Champion, D. (1999), “Finance: the joy of leverage”, Harvard Business Review, Vol. 77 No. 4, pp. 19-22.
    • (1999) Harvard Business Review , vol.77 , Issue.4 , pp. 19-22
    • Champion, D.1
  • 6
    • 0038694468 scopus 로고    scopus 로고
    • Taxes, financing decisions, and firm value
    • Fama, E.F. and French, K.R. (1998), “Taxes, financing decisions, and firm value”, The Journal of Finance, Vol. 53, pp. 819-43.
    • (1998) The Journal of Finance , vol.53 , pp. 819-843
    • Fama, E.F.1    French, K.R.2
  • 7
    • 0034311397 scopus 로고    scopus 로고
    • The interrelationship between culture, capital structure, and performance: evidence from European retailers
    • Gleason, K.C., Mathur, L.K. and Mathur, I. (2000), “The interrelationship between culture, capital structure, and performance: evidence from European retailers”, Journal of Business Research, Vol. 50, pp. 185-91.
    • (2000) Journal of Business Research , vol.50 , pp. 185-191
    • Gleason, K.C.1    Mathur, L.K.2    Mathur, I.3
  • 8
    • 0037680031 scopus 로고
    • Managerial and stockholder welfare models of firm expenditures
    • Grabowski, H.G. and Mueller, R. (1972), “Managerial and stockholder welfare models of firm expenditures”, Review of Economics and Statistics, Vol. 54, pp. 9-24.
    • (1972) Review of Economics and Statistics , vol.54 , pp. 9-24
    • Grabowski, H.G.1    Mueller, R.2
  • 9
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: evidence from the field
    • Graham, J.R. and Harvey, C. (2001), “The theory and practice of corporate finance: evidence from the field”, Journal of Financial Economics, Vol. 60, pp. 187-243.
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-243
    • Graham, J.R.1    Harvey, C.2
  • 10
    • 0042671218 scopus 로고    scopus 로고
    • Do banks provide financial slack?
    • Hadlock, C.J. and James, C.M. (2002), “Do banks provide financial slack?”, The Journal of Finance, Vol. 57, pp. 1383-420.
    • (2002) The Journal of Finance , vol.57 , pp. 1383-1420
    • Hadlock, C.J.1    James, C.M.2
  • 11
    • 85015694055 scopus 로고    scopus 로고
    • “Various aspects of capital structure in Poland”, working paper, Tallin Technical University, Tallin
    • Hammes, K. (1998), “Various aspects of capital structure in Poland”, working paper, Tallin Technical University, Tallin.
    • (1998)
    • Hammes, K.1
  • 12
    • 85015624881 scopus 로고    scopus 로고
    • “Firm performance, debt, bank loans and trade credit. An empirical study”, working paper, Department of Economics, Gothenburg University, Gothenburg
    • Hammes, K. (2003), “Firm performance, debt, bank loans and trade credit. An empirical study”, working paper, Department of Economics, Gothenburg University, Gothenburg.
    • (2003)
    • Hammes, K.1
  • 13
    • 0039408241 scopus 로고
    • A theory of capital structure relevance under imperfect information
    • Heinkel, R. (1982), “A theory of capital structure relevance under imperfect information”, Journal of Finance, Vol. 37, pp. 1141-50.
    • (1982) Journal of Finance , vol.37 , pp. 1141-1150
    • Heinkel, R.1
  • 14
    • 21844491416 scopus 로고
    • The capital structure and investment decisions of the small owner-managed firm: some explanatory issues
    • Hutchinson, R.W. (1995), “The capital structure and investment decisions of the small owner-managed firm: some explanatory issues”, Small Business Economics, Vol. 7, p. 231.
    • (1995) Small Business Economics , vol.7 , pp. 231
    • Hutchinson, R.W.1
  • 15
    • 85015663580 scopus 로고
    • Agency cost of free cash-flow, corporate finance and takeovers
    • Jensen, M. (1986), “Agency cost of free cash-flow, corporate finance and takeovers”, American Economic Review, Vol. 76, pp. 323-9.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 16
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behaviour, agency costs and ownership structure
    • Jensen, M. and Meckling, W. (1976), “Theory of the firm: managerial behaviour, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3, pp. 305-60.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 17
    • 58149363437 scopus 로고
    • Firm performance, corporate governance and top executive turnover in Japan
    • Kang, J. and Schivdasani, A. (1995), “Firm performance, corporate governance and top executive turnover in Japan”, Journal of Financial Economics, Vol. 38, pp. 29-58.
    • (1995) Journal of Financial Economics , vol.38 , pp. 29-58
    • Kang, J.1    Schivdasani, A.2
  • 18
    • 43949159746 scopus 로고
    • Appointment of outsiders to japanese boards: determinants and implications for managers
    • Kaplan, S. and Minton, B. (1994), “Appointment of outsiders to japanese boards: determinants and implications for managers”, Journal of Financial Economics, Vol. 36, pp. 225-57.
    • (1994) Journal of Financial Economics , vol.36 , pp. 225-257
    • Kaplan, S.1    Minton, B.2
  • 19
    • 33845953691 scopus 로고    scopus 로고
    • Performance, capital structure and home country: an analysis of Asian corporations
    • Krishman, S.V. and Moyer, C.R. (1997), “Performance, capital structure and home country: an analysis of Asian corporations”, Global Finance Journal, Vol. 8, pp. 129-43.
    • (1997) Global Finance Journal , vol.8 , pp. 129-143
    • Krishman, S.V.1    Moyer, C.R.2
  • 20
    • 0033409799 scopus 로고    scopus 로고
    • Capital structure and performance: evidence from a transition economy on an aspect of corporate governance
    • Majumdar, S.K. and Chhibber, P. (1999), “Capital structure and performance: evidence from a transition economy on an aspect of corporate governance”, Public Choice, Vol. 98, pp. 287-305.
    • (1999) Public Choice , vol.98 , pp. 287-305
    • Majumdar, S.K.1    Chhibber, P.2
  • 21
    • 85015670107 scopus 로고    scopus 로고
    • “Capital structure and profitability: the Brazilian case”, working paper, Academy of Business and Administration Sciences Conference, Vancouver, July 11-13
    • Mesquita, J.M.C. and Lara, J.E. (2003), “Capital structure and profitability: the Brazilian case”, working paper, Academy of Business and Administration Sciences Conference, Vancouver, July 11-13.
    • (2003)
    • Mesquita, J.M.C.1    Lara, J.E.2
  • 22
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, M.H. and Rock, K. (1985), “Dividend policy under asymmetric information”, Journal of Finance, Vol. 40, pp. 1031-51.
    • (1985) Journal of Finance , vol.40 , pp. 1031-1051
    • Miller, M.H.1    Rock, K.2
  • 23
    • 85015710990 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani, F. and Miller, M. (1958), “The cost of capital, corporation finance and the theory of investment”, The American Economic Review, Vol. 48 No. 3, pp. 261-97.
    • (1958) The American Economic Review , vol.48 , Issue.3 , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 24
    • 0000687546 scopus 로고
    • Corporate income taxes and the cost of capital: a correction
    • Modigliani, F. and Miller, M. (1963), “Corporate income taxes and the cost of capital: a correction”, American Economic Review, Vol. 53, pp. 443-53.
    • (1963) American Economic Review , vol.53 , pp. 443-453
    • Modigliani, F.1    Miller, M.2
  • 25
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, S.C. (1984), “The capital structure puzzle”, Journal of Finance, Vol. 39, pp. 575-92.
    • (1984) Journal of Finance , vol.39 , pp. 575-592
    • Myers, S.C.1
  • 26
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S.C. and Majluf, N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13, pp. 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 27
    • 0039412275 scopus 로고
    • Factors affecting differences among rates of return on investments in individual common stocks
    • Nerlove, M. (1968), “Factors affecting differences among rates of return on investments in individual common stocks”, Review of Economics and Statistics, Vol. 50, pp. 312-31.
    • (1968) Review of Economics and Statistics , vol.50 , pp. 312-331
    • Nerlove, M.1
  • 28
    • 0001856304 scopus 로고
    • Capital structure and signaling game equilibria
    • Noe, T. (1988), “Capital structure and signaling game equilibria”, Review of Financial Studies, Vol. 1, pp. 331-55.
    • (1988) Review of Financial Studies , vol.1 , pp. 331-355
    • Noe, T.1
  • 29
    • 84993914974 scopus 로고
    • The benefits of lending relationships: evidence from small business data
    • Petersen, M.A. and Rajan, R.G. (1994), “The benefits of lending relationships: evidence from small business data”, The Journal of Finance, Vol. 49, pp. 3-37.
    • (1994) The Journal of Finance , vol.49 , pp. 3-37
    • Petersen, M.A.1    Rajan, R.G.2
  • 30
    • 21844513619 scopus 로고
    • Corporate capital structure decisions: evidence from leveraged buyouts
    • Roden, D.M. and Lewellen, W.G. (1995), “Corporate capital structure decisions: evidence from leveraged buyouts”, Financial Management, Vol. 24, pp. 76-87.
    • (1995) Financial Management , vol.24 , pp. 76-87
    • Roden, D.M.1    Lewellen, W.G.2
  • 31
    • 0017470663 scopus 로고
    • The determination of financial structure: the incentive signalling approach
    • Ross, S. (1977), “The determination of financial structure: the incentive signalling approach”, Bell Journal of Economics, Vol. 8, pp. 23-40.
    • (1977) Bell Journal of Economics , vol.8 , pp. 23-40
    • Ross, S.1
  • 32
    • 38249043340 scopus 로고
    • Investment banking and the capital acquisition process
    • Smith, C. (1986), “Investment banking and the capital acquisition process”, Journal of Financial Economics, Vol. 15, pp. 3-29.
    • (1986) Journal of Financial Economics , vol.15 , pp. 3-29
    • Smith, C.1
  • 33
    • 1542569926 scopus 로고
    • Determinants of the firm's capital structure
    • Taub, A.J. (1975), “Determinants of the firm's capital structure”, The Review of Economics and Statistics, Vol. 57, pp. 410-6.
    • (1975) The Review of Economics and Statistics , vol.57 , pp. 410-416
    • Taub, A.J.1
  • 34
    • 0001524993 scopus 로고
    • The effect of capital structure on a firm's liquidation decisions
    • Titman, S. (1984), “The effect of capital structure on a firm's liquidation decisions”, Journal of Financial Economics, Vol. 13, pp. 137-51.
    • (1984) Journal of Financial Economics , vol.13 , pp. 137-151
    • Titman, S.1
  • 35
    • 33847172229 scopus 로고    scopus 로고
    • What determines the capital structure of listed firms in Ghana?
    • Abor, J. and Biekpe, N. (2005), “What determines the capital structure of listed firms in Ghana?”, African Finance Journal, Vol. 7 No. 1, pp. 37-48.
    • (2005) African Finance Journal , vol.7 , Issue.1 , pp. 37-48
    • Abor, J.1    Biekpe, N.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.