Capital Structure under Systemic Shocks: How COVID-19 Reshaped SME Financing
This study examines how the COVID-19 crisis reshaped the determinants of capital structure among Portuguese industrial small and medium-sized enterprises (SMEs). Using firm-level and macroeconomic data from 7,006 SMEs over 2016–2023, we estimated a fixed-effects panel model with robust standard errors. Before the pande...