الفهرس 
Investigating the impact of firm characteristics on capital structure of quoted and unquoted SMEs
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Abstract
This study aims to enhance the understanding of SMEs{u2019} capital structure in Egypt. According to Myers (2001), most of the capital structure studies have focused on public corporations. Therefore, our understanding of financing choices is limited. The purpose of this research is to explore the determinants of SMEs{u2019} capital structure in Egypt, examining to what extent firm characteristics influence their capital structure. Based on previous literature, the study tested the impact of asset structure (tangibility), size, profitability, liquidity, growth, age, and ownership structure as independent variables on the leverage ratio. Three alternative variables are used as proxy of leverage, namely total leverage, long term leverage and short-term leverage. The study further investigates the significance of the relationship between the sector as a control variable and the three aforementioned leverage ratios. The data was collected from secondary sources, i.e. financial statements and ownership disclosures. Multiple regression analysis is used to develop the explanatory models for two samples of SMEs. The first sample is comprised of 28 listed and traded SMEs, covering the period from 2008 till 2015. The second sample includes panel data of 95 non-quoted SMEs, covering the same comparative period. The ownership structure and age are tested in the first sample only. The overall models recommend that all the independent and control variables significantly explain the capital structure decisions of SMEs in Egypt. The results of both samples proved that the Egyptian SMEs depend heavily on short term leverage, whereas the long term leverage is rarely used