Analiza determinantów struktury kapitału małych i średnich przedsiębiorstw należących do sektora handlowego
Analysis of the Determinants of the Capital Structure of SMEs in the Trade Sector

Summary/Abstract: Objective: To verify the capital structure and the factors shaping it for commercial enterprises in the SME sector.Research Design & Methods: A critical analysis of the literature and an analysis of statistical data using a mixed linear model.Findings: The analysis shows the influence of factors including the structure of assets, age and size of the enterprise.Implications/Recommendations: In the period analysed (2018–2020), long-term debt was charac- terised by volatility, while in the pandemic years it increased slightly in most activities in the trade sector. In turn, short-term debt increased in 2018–2019, while in 2020 it decreased. The structure of assets, age and enterprise size should be considered the most important factors influencing both short- and long-term debt. SMEs create a capital structure based on pecking order theory. Contribution: The study of the capital structure of SMEs in the commercial sector is one of the first studies of its kind in the Polish literature. It empirically verifies the most important theories on capital structure in the context of commercial companies. A similar verification of capital structure factors in the sector was also done.

• Details
• Contents