The firms’ debt reversibility trend: An application to a large sample of industrial SMEs

dc.contributor.authorCarvalho, António
dc.contributor.authorSardo, Filipe
dc.contributor.authorPacheco, Luís Miguel
dc.date.accessioned2023-02-02T09:48:15Z
dc.date.available2023-02-02T09:48:15Z
dc.date.issued2023-02-01
dc.description.abstractThe corporate debt reversibility analysis can be carried out not only from the owner/manager’s active intervention perspective but also from the perspective of a mechanical reversion, independent of owner/managers’ deliberations. Our study aims to discover how and which theoretical perspective underlying reversi-bility has the most significant impact on the capital structure of Portuguese indus-trial small and medium-sized enterprises (SMEs). The present paper proposes a new approach linking the measures commonly used to determine the target leverage level to the specific assumptions of theories addressing debt dynamics. Our results show that the perspective with the stronger impact on capital structure materialises in the dynamic trade-off theory assumptions. However, owners/managers also strongly consider the industry references to which firms belong. The perspective of mechanical debt reversion also contributes, at its level, to the firms’ debt perma-nent reversibility in the sense of possible long-term stationarity.pt_PT
dc.identifier.citationCarvalho, A., Sardo, F., & Pacheco, L. M. (2023). The firms’ debt reversibility trend: An application to a large sample of industrial SMEs, Cogent Economics & Finance, 11(1), 2172802, 1-24. 10.1080/23322039.2023.2172802. Repositório Institucional UPT. http://hdl.handle.net/11328/4675pt_PT
dc.identifier.doi10.1080/23322039.2023.2172802pt_PT
dc.identifier.issn2332-2039 (Electronic)
dc.identifier.urihttp://hdl.handle.net/11328/4675
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherTaylor & Francis Grouppt_PT
dc.relationThis work was supported by the UIDB/05105/2020 Program Contract, funded by national funds through the FCT I.P.pt_PT
dc.relation.publisherversionhttps://www.tandfonline.com/doi/epdf/10.1080/23322039.2023.2172802pt_PT
dc.rightsopen accesspt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectDebt reversibilitypt_PT
dc.subjectTarget debt measures (proxies)pt_PT
dc.subjectTrade-off theorypt_PT
dc.subjectCorporate herd behaviour theorypt_PT
dc.subjectMechanical mean reversionpt_PT
dc.subjectStationaritypt_PT
dc.titleThe firms’ debt reversibility trend: An application to a large sample of industrial SMEspt_PT
dc.typejournal articlept_PT
degois.publication.firstPage1pt_PT
degois.publication.issue1pt_PT
degois.publication.lastPage24pt_PT
degois.publication.titleCogent Economics & Financept_PT
degois.publication.volume11pt_PT
dspace.entity.typePublicationen
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