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Are capital structure decisions of service SMEs different?Empirical evidence from Portugal

机译：服务性中小企业的资本结构决策是否不同？葡萄牙的经验证据

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Purpose - The purpose of this paper is to analyze the importance of information asymmetry in the relationships between Portuguese SME's capital structure decisions and creditors, comparing the results of service SME with those found in manufacturing SMEs. Design/methodology/approach - Two samples of Portuguese SMEs are considered: one sample is composed by 610 unlisted service SMEs; and, the other sample is made up by 381 unlisted SMEs in manufacturing industry, for the period 1999-2006. To estimate the results, the two-step estimation method is used, to control possible bias arising from data selection. In the first step, probit regression is used. In the second step, after the control for possible data bias, dynamic panel estimators are used. Findings - The results obtained suggest that information asymmetry in the relationships between SMEs and creditors has a greater relative influence on capital structure decisions of service SMEs than on those of manufacturing SMEs. Practical implications - Given the increasing importance of service SMEs in the Portuguese economy for stimulating employment, business volume, and consequently economic growth, it would be advisable for policy makers to create special long-term lines of credit, with advantageous terms, so that Portuguese service SMEs, when internal finance is insufficient, can finance more efficiently the growth opportunities and the strategies for diversification. In addition, since SMEs' capital structure decisions present differences, both concerning the sector of industry and over time, the measures adopted by policy makers should differentiate their measures between industry sectors and over time. Originality/value - First, this paper is pioneering in comparing the adjustment of actual short- and long-term debts, in service and manufacturing SMEs, towards the respective target ratios. Second, it is pioneering in using dynamic estimators and in using the two-step estimation method, in studies of determinants of capital structure decisions of service and manufacturing SMEs.
机译：目的-本文的目的是分析信息不对称在葡萄牙中小型企业的资本结构决策与债权人之间的关系中的重要性，将服务中小型企业的结果与制造业中小型企业的结果进行比较。设计/方法/方法-考虑了两个葡萄牙中小型企业样本：一个样本由610家非上市服务中小型企业组成；另外一个样本由1999年至2006年期间的381家制造业非上市中小型企业组成。为了估算结果，使用了两步估算方法来控制数据选择可能引起的偏差。第一步，使用概率回归。第二步，控制可能的数据偏差后，使用动态面板估计器。研究结果-所得结果表明，中小企业与债权人之间关系中的信息不对称对服务中小企业的资本结构决策的影响大于对制造业中小企业的相对影响。实际意义-鉴于服务业中小型企业在葡萄牙经济中对于刺激就业，业务量以及随之而来的经济增长的重要性日益提高，建议政策制定者以有利的条件建立特殊的长期信贷额度，以便葡萄牙当内部资金不足时，服务型中小企业可以更有效地为增长机会和多元化战略融资。此外，由于中小型企业的资本结构决定存在差异，无论是在工业领域还是随着时间的流逝，决策者所采取的措施都应在行业领域和时间上区别对待。创意/价值-首先，本文率先比较了服务业和制造业中小企业的实际短期和长期债务对各自目标比率的调整。其次，它在使用动态估计器和使用两步估计法进行服务和制造业中小企业资本结构决定因素研究方面处于先驱地位。

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