首页|The capital structure determinants in small and medium-sized enterprises in the information technology sector
The capital structure determinants in small and medium-sized enterprises in the information technology sector
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This study aims to analyse the relation between the determinants of capital structure and the level of debt in small and medium-sized enterprises (SMEs) in the information technology (IT) sector. The methodology adopted consists of applying a questionnaire to 100 IT SMEs in Portugal, followed by descriptive statistical analysis. The results obtained will provide managers and investors with valuable insights, highlighting the importance of factors such as firm size, asset tangibility, growth opportunities, business risk, profitability, age and tax benefits. The conclusion underlines that the relation between firm size and level of debt is complex, depending on contextual factors, and that pecking order theory influences financing decisions. The study fills a gap in the literature and contributes to developing the information technology sector in Portugal. The study refers to the main theories related to capital structure, such as the theory of Durand (1952), the approaches of Modigliani and Miller (1958, 1963), agency theory (Jensen and Meckling, 1976), trade-off theory (Myers, 1984) and pecking order theory (Myers and Majluf, 1984).
financial managementcapital structuresmall and medium-sized enterprisesSMEsinformation technologydebt
Antonio Jose Mendes Ferreira、Paulo Jorge de Almeida Pereira、Mario Jose Batista Franco、Dagoberto Ivo Sousa Couto dos Santos
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Institute de Gestao e das Organizacoes da Saude, Universidade Catolica Portuguesa, CEFAGE-UBI, Lisboa, Portugal
Instituto de Gestao e das Organizacoes da Saude, Universidade Catolica Portuguesa, Lisboa, Portugal
Universidade da Beira Interior, CEFAGE-UBI, Covilha, Portugal
2025
International journal of applied decision sciences
NETL
NSTL
