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dc.contributor.authorHuang, Weien
dc.contributor.authorBoateng, Agyenimen
dc.contributor.authorNewman, Alexanderen
dc.date.accessioned2018-10-24T13:41:56Z
dc.date.available2018-10-24T13:41:56Z
dc.date.issued2016-05-02
dc.identifier.citationHuang, W., Boateng, A. and Newman, A. (2016) Capital Structure of Chinese Listed SMEs: An Agency Theory Perspective. Small Business Economics, 47 (2), pp. 535-550en
dc.identifier.issn0921-898X
dc.identifier.urihttp://hdl.handle.net/2086/16822
dc.descriptionThe file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.en
dc.description.abstractPrior work examining the antecedents of capital structure for small and-medium sized enterprises (SMEs) in emerging markets is limited. This paper sheds some light on how the corporate governance mechanisms adopted by firms on the newly established Growth Enterprise Market (GEM) in China influence their use of debt. We find that the financial leverage of GEM firms is positively influenced by executives’ shareholding and their excess cash compensation. Ownership concentration appears to reduce leverage whereas the percentage of tradable shares increases leverage. Institutional investors’ shareholding does not influence the level of debt. Traditional factors such as tax and operating cashflow are insignificant in explaining the debt levels among GEM firms.en
dc.publisherSpringeren
dc.subjectCapital Structureen
dc.subjectExecutive Compensationen
dc.subjectOwnership Structureen
dc.subjectSMEsen
dc.titleCapital Structure of Chinese Listed SMEs: An Agency Theory Perspectiveen
dc.typeArticleen
dc.identifier.doihttps://doi.org/10.1007/s11187-016-9729-6
dc.peerreviewedYesen
dc.funderN/Aen
dc.projectidN/Aen
dc.cclicenceCC-BY-NCen
dc.date.acceptance2016-03-23en
dc.researchinstituteFinance and Banking Research Group (FiBRe)en


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