Preprint Article Version 1 This version is not peer-reviewed

Regional Effects on the Capital Structure of the Italian SMEs

Version 1 : Received: 13 September 2018 / Approved: 14 September 2018 / Online: 14 September 2018 (03:30:16 CEST)

How to cite: Sarno, D.; Cinquegrana, G. Regional Effects on the Capital Structure of the Italian SMEs. Preprints 2018, 2018090248 (doi: 10.20944/preprints201809.0248.v1). Sarno, D.; Cinquegrana, G. Regional Effects on the Capital Structure of the Italian SMEs. Preprints 2018, 2018090248 (doi: 10.20944/preprints201809.0248.v1).

Abstract

The paper aims to investigate on the determinants of the capital structure of the Italian SMEs and it is based on a large panel of Italian manufacturing SMEs observed in the years 2001-2013. The analysis achieves a comparative investigation between the capital structure of the firms belonging in the Southern region, the so-called Italian Mezzogiorno that is the slow growing area of the country, and the firms of the Center-northern region of Italy, that is the more developed area of the country. Fixed effect panel techniques applied to the several standard leverage models allows to reaffirm some distinctive features showing differences of the financial behavior of regional firms.

Subject Areas

capital structure; corporate finance; leverage model; fixed effect panel

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