Original Research

The financing and capital structure of small and medium-scale enterprises: The importance of enterprise characteristics and gender financing constraints

SO Migiro
South African Journal of Economic and Management Sciences | Vol 8, No 4 | a1172 | DOI: https://doi.org/10.4102/sajems.v8i4.1172 | © 2014 SO Migiro | This work is licensed under CC Attribution 4.0
Submitted: 24 July 2014 | Published: 25 July 2014

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SO Migiro, Graduate School of Business Leadership, UKZN

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Abstract

This paper investigates the determinants of the financing structure of SMEs. The evidence on SMEs’ financing structure is based on existing empirical surveys and literature review. The paper provides testable implications developed from economic finance theory. The presentations in the paper utilise data from a previously unexamined source, complementing existing evidence that has been dominated by studies from more developed countries.  The results from the empirical survey reveal that there are strong relationships between enterprise size and age, and SME financing structure. 

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