The influence of local institutional differences on the capital structure of SMEs: Evidence from Italy
研究了意大利各地区金融发展和执法效率对中小企业资本结构和债务期限选择的影响，发现两者互补且受地方制度环境影响。
This paper explains both capital-structure and debt-maturity choices for SMEs in terms of institutional differences at the local level, making use of regions as the unit of analysis. Specifically, the article considers local financial development and the effectiveness of the local enforcement system, controlling for firm-specific characteristics. The ability of the local financial market to provide funds efficiently is of particular interest to SMEs, due to the fact that large firms can tolerate imperfections in the local financial system by moving to international, more highly integrated financial markets. The main findings of the analysis suggest that capital-structure and debt-maturity choices interact as complementary factors and that corporate financial decisions are not only the result of firm-specific or industry-specific characteristics, but are also based on the institutional climate in which a firm operates. After controlling for heterogeneity in firm characteristics, leverage was found to be positively influenced by local financial development, while the enforcement system was less relevant. Conversely, debt maturity was longer in regions with high levels of law enforcement, whereas local financial development did not play a relevant role.