The purpose of this study is to shed light on the dependency of firm specific factors and credit rating on capital structure of small-to-medium enterprises (SMEs) in Balkans' listed companies, during the period 2006-2011. Panel data analysis is employed and the results indicate that size, asset tangibility, profitability, liquidity, age and growth opportunities are dominant determinants of capital structure of Balkan listed SMEs. A noteworthy point is the importance of firm specific parameters in the post-crisis period. Furthermore the results indicate that the capital structure of firms in the Balkan area is related to credit rating strength. Finally, we notice that separate country models provided different results from the generic approach. This is attributed to country idiosyncratic effects.
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