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 pandemic, profitability, liquidity, and maturity were negatively associated with leverage, whereas size and asset tangibility increased debt financing, broadly supporting Pecking Order Theory. The findings show that the pandemic reshaped the determinantsof SME financing rather than aggregate debt levels, revealing an adaptive response to systemic uncertainty. The study extends capital structure research in bank-based economies and provides implications for financial and regulatory policies supporting SMEs during systemic crises.
This paper examines how firm-level investment responds to corporate indebtedness following financial shocks. We treat the 2008 Global Financial Crisis as an experiment and analyze a panel of listed Turkish non-financial firms over 2004–2021. We find that firms with higher leverage entering the crisis invested significa...
Buket Alkan, Serkan Demirkılıç· Anadolu Üniversitesi İktisad...· 0 citations
This study examines how COVID-19 changed corporate loan portfolio strategies in Korea, focusing on differences between banks and non-bank financial institutions using firm-level micro transaction data. Comparing pre- and post-pandemic periods, we find clear sectoral differences in risk management. After COVID-19, banks...
Dongwoo Kim· Dongguk Business Research In...· 0 citations
We study how banking crises reshape nonbank financial institutions’ (NBFIs) role in corporate debt markets using primary-market syndicated loans and corporate bonds over 1990–2025. We find that NBFI cyclicality is function-specific: NBFIs contract syndicated loans relative to banks but expand corporate bond underwritin...
Bruno Albuquerque, Melih Firat· IMF Working Papers· 0 citations
In the context of Vietnam's banking sector reforms and Basel II/III capital pressures, understanding the factors driving bank performance is crucial for both policymakers and practitioners. Using a balanced panel of 26 commercial banks over 2010-2024, this study employs a two-way fixed effects model with Driscoll-Kraay...
Hằng Thị Thu Võ, H. T. Phan, Khanh G. Huynh· Tạp chí Khoa học Đại học Côn...· 0 citations
This study examines whether the cash conversion cycle (CCC) supports financial flexibility or instead increases firm vulnerability under economic policy uncertainty (EPU), and tests whether the COVID-19 pandemic altered this relationship for firms with different pre-existing working-capital structures. The study uses a...
M. Gnanendra, Guruprasad Desai, M. N. Nikhil et al.· SN Business & Economics· 0 citations
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