[雙語(yǔ)翻譯]債務(wù)融資外文翻譯--債務(wù)融資與企業(yè)績(jī)效基于瑞典數(shù)據(jù)的實(shí)證研究（英文）

1、The Journal of Risk FinanceDebt financing and firm performance: an empirical study based on Swedish data Darush Yazdanfar, Peter Öhman,Article information:To cite this document: Darush Yazdanfar, Peter Öhman, (

2、2015) “Debt financing and firm performance: an empirical study based on Swedish data“, The Journal of Risk Finance, Vol. 16 Issue: 1, pp.102-118, https:// doi.org/10.1108/JRF-06-2014-0085 Permanent link to this document:

3、 https://doi.org/10.1108/JRF-06-2014-0085Downloaded on: 21 November 2018, At: 12:58 (PT) References: this document contains references to 50 other documents. To copy this document: permissions@emeraldinsight.com The full

4、text of this document has been downloaded 5568 times since 2015*Users who downloaded this article also downloaded:(2007),“Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms“, The Journal

5、of Risk Finance, Vol. 8 Iss 4 pp. 364-379 https://doi.org/10.1108/15265940710777315(2013),“The impact of capital structure on performance: An empirical study of non-financial listed firms in Pakistan“, International Jour

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11、rrect at time of download.Downloaded by UNIVERSITY OF NEW ENGLAND (AUS) At 12:58 21 November 2018 (PT)the amount of debt in their capital structure, this view has been questioned due to its assumption of market perfectio

12、n and its limited applicability to small firms (Grabowski and Mueller, 1972; Chaganti et al., 1995). Circumstances in the real capital markets are more complex than those taken into account in the above assumptions. In r

13、eality, financial markets are imperfect and associated with agency conflict costs, moral hazards and information asymmetry (Jensen and Meckling, 1976; Greenwald et al., 1984; Myers and Majluf, 1984; Stiglitz, 1988; Green

14、wald and Stiglitz, 1993). The association between firm debt policy and firm performance has been the subject of several studies. While most of these studies ignore small and medium-sized enterprises (SMEs) in favour of l

15、isted companies (Krishnan and Moyer, 1997; Majumdar and Chhibber, 1999; Abor, 2005; Singh and Faircloth, 2005; Asimakopoulos et al., 2009; Ebid, 2009; Sheikh and Wang, 2011; Salim and Yadav, 2012), the current study high

16、lights the issue from an agency cost perspective among SMEs, which play an important role, not least in the European economy. For example, almost 99 per cent of all Swedish firms are SMEs, and they employ approximately 7

17、0 per cent of the Swedish labour force (Statistics Sweden, 2011). Moreover, the current study uses a three-stage least squares (3SLS) model and a fixed-effects model to analyse a large cross-sectoral sample consisting of

18、 15,897 Swedish SMEs. The main findings regarding the relationship between financial leverage and the performance of SMEs operating in Sweden indicate a significant relationship between trade credit, short-term debt and

19、long-term debt, respectively, and firm performance in terms of profitability. This study highlights an issue relevant to various stakeholders, including owners, managers and debt holders. Firm managers who are able to im

20、plement a premeditated debt policy are more likely than other managers to reduce the firm’ s cost of capital and thereby improve its performance. Consequently, if a firm’ s debt level affects its performance, it is reaso

21、nable to expect that contemplated financing policies will decrease the risk of firm defaults. The remainder of the paper is structured as follows. Section 2 presents the theoretical framework and surveys previous empiric

22、al studies. Section 3 presents the variable selection, hypotheses, sample and method. Section 4 presents the empirical analyses and discusses the results. Section 5 summarizes and concludes the paper.2. The theoretical f

23、ramework and previous empirical studies 2.1 Theoretical framework Since the late 1950s, theoretical and empirical studies have addressed the relationship between capital structure and firm performance. Agency theory is a

24、ssumed to be applicable to both large and small businesses (Chittenden et al., 1996; Myers, 2001). This theory assumes that conflicts of interest and of control rights arise between various financial stakeholders of a fi

25、rm because the attitudes of financial stakeholders towards risk are typically different. The main conflicts of interest are between shareholders and managers or between shareholders and creditors. As management and owner

26、ship are not separated in the vast majority of small firms, these firms are more likely to suffer from the second type of conflict of interest. Small firm owners and managers tend to expropriate wealth from creditors by

27、investing in risky projects. The incentive for owners and managers is that they expect to receive most of the gains despite the fact that their creditors are exposed to most of the risk (Fama and Miller, 1972; Jensen and