Impact of capital structure on micro firm productivity: empirical evidence from Swedish firm-level data
by Darush Yazdanfar
International Journal of Entrepreneurship and Small Business (IJESB), Vol. 17, No. 4, 2012

Abstract: The paper examines the impact of key productivity determinants at the firm level using data on 24,257 Swedish micro firms, including approximately 194,000 observations for the 2007 to 2008 period. The regression model includes a firm-level measure of total factor productivity as the dependent variable and capital structure and other relevant control variables as independent variables. Analysis reveals that firm-level variables, such as lagged productivity, size, age, profitability, short-term debt ratio, and industry affiliation, significantly affect firm productivity. Agency cost theory seems applicable in partly explaining the relationship between capital structure and productivity.

Online publication date: Sat, 16-Aug-2014

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