This work analyses the explanatory factors of the cash holdings of a sample of 860 small and medium-sized firms from Spain during the period 1997-2001. We find that the firms pursue a target cash level to which they attempt to converge, and that this level is higher for firms with larger cash...

This paper analyses the debt maturity structure of the small and middle sized firms using the trade-off reward risk associated to the use of short-term loans. Therefore, a sample of 11.533 small and middle Spanish manufacturing firms from year 1997 through 2001 was used. The results of our study...

This paper examines the relationship between supplier financing and small and medium-sized firms' value as well as the variation in the marginal value of supplier financing that arises from differences in access to financial markets and internal financing. We employ a sample of Spanish SMEs from...

The objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we have collected a panel of 8,872 small to medium-sized enterprises (SMEs)...

The objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 1996-2002. The...