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The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs)

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  • María-José Palacín-Sánchez
  • Filippo di Pietro

Abstract

Palacín-Sánchez M.-J. and Di Pietro P. The role of the regional financial sector in the capital structure of small and medium-sized enterprises (SMEs), Regional Studies. This article examines the role that the financial sector plays in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of banking market concentration on leverage of firms. This research uses a sample of 8142 SMEs representing every Spanish region for the period 1999–2007, and applies the panel data methodology. The results suggest that the capital structure depends on the regional financial sector, in terms of both its level of development and its degree of competition.

Suggested Citation

  • María-José Palacín-Sánchez & Filippo di Pietro, 2016. "The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs)," Regional Studies, Taylor & Francis Journals, vol. 50(7), pages 1232-1247, July.
    • Handle: RePEc:taf:regstd:v:50:y:2016:i:7:p:1232-1247
    DOI: 10.1080/00343404.2014.1000290
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    Cited by:

    1. Andrés Rodríguez‐Pose & Roberto Ganau & Kristina Maslauskaite & Monica Brezzi, 2021. "Credit constraints, labor productivity, and the role of regional institutions: Evidence from manufacturing firms in Europe," Journal of Regional Science, Wiley Blackwell, vol. 61(2), pages 299-328, March.
    2. Huseyin OZTURK & YASUDA Yukihiro, 2021. "We Are Alike: Capital Structure of Japanese SMEs Across Prefectures," Discussion papers 21092, Research Institute of Economy, Trade and Industry (RIETI).
    3. Maté-Sánchez-Val, Mariluz & López-Hernandez, Fernando & Mur-Lacambra, Jesús, 2017. "How do neighboring peer companies influence SMEs’ financial behavior?," Economic Modelling, Elsevier, vol. 63(C), pages 104-114.
    4. Di Pietro, Filippo & Palacín Sánchez, María José & Roldán, José L., 2017. "Regional development and capital structure of SMEs," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    5. Filippo di Pietro & Maria Elena Bontempi & María-José Palacín-Sánchez & Reyes Samaniego-Medina, 2019. "Capital Structure across Italian Regions: The Role of Financial and Economic Differences," Sustainability, MDPI, vol. 11(16), pages 1-14, August.
    6. María-José Palacín-Sánchez & Francisco-Javier Canto-Cuevas & Filippo di-Pietro, 2019. "Trade credit versus bank credit: a simultaneous analysis in European SMEs," Small Business Economics, Springer, vol. 53(4), pages 1079-1096, December.
    7. G. Cinquegrana & D. Sarno, 2018. "Regional Effects on the Capital Structure of the Italian SMEs," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(11), pages 1-1, November.
    8. Francesco Fasano & Tiziana Rocca, 2024. "Does the bank-firm human relationship still matter for SMEs? The game-changing role of digitalization," Small Business Economics, Springer, vol. 62(1), pages 159-178, January.
    9. Olivier Butzbach & Domenico Sarno, 2019. "To What Extent Do Regional Effects Influence Firms’ Capital Structure? The Case of Southern Italian SMEs’," IJFS, MDPI, vol. 7(1), pages 1-20, January.

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