Is Age a Determinant of SMEs’ Financing Decisions? Empirical Evidence Using Panel Data Models
利用面板数据模型，研究了企业年龄是否影响葡萄牙中小企业的融资决策，发现年龄对短期和长期债务的调整及理论适用性有显著作用。
Using panel data models, this study investigates whether firm's age is a determinant of Portuguese SMEs’ financing decisions. The results suggest that age is relevant for: the impact of financial deficit on variations of short– and long–term debt; the level of adjustment of short– and long–term debt toward the respective optimal levels; and the relationships between usual determinants and short– and long–term debt. The results for young and old SMEs suggest that Trade–Off Theory and Pecking Order Theory should not be considered to be mutually exclusive, since both theories are necessary to understand the SMEs’ capital structure decisions throughout their life–cycle.