Capital structure of small and medium enterprises: the Italian case

How do firms finance themselves? How do they finance their investment? What are the factors that influence the firm’s financing decisions? The aim of this paper is to test the application of the different financing theories for explaining the capital structure choice of small and medium enterprises (SMEs). The paper presents an empirical analysis on 764 non-financial Italian SMEs. This sample presents high heterogeneity, but it represents an...