{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,7]],"date-time":"2026-04-07T00:31:47Z","timestamp":1775521907861,"version":"3.50.1"},"reference-count":92,"publisher":"Emerald","issue":"1","license":[{"start":{"date-parts":[[2024,12,2]],"date-time":"2024-12-02T00:00:00Z","timestamp":1733097600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["IJAIM"],"published-print":{"date-parts":[[2025,1,21]]},"abstract":"<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title>\n<jats:p>This study seeks to analyze the effect of the financial distress costs on small and medium-sized enterprises (SME) rebalancing of short-term and long-term debt ratios.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title>\n<jats:p>The authors use the system-generalized method of moments (GMM-sys) to treat data collected for a sample of Portuguese manufacturing SMEs for the period 2011\u20132017.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Findings<\/jats:title>\n<jats:p>Financial distress costs positively impact the speed with which SMEs rebalance their short-term and long-term debt ratios The positive effect of financial distress costs on the speed of adjustment (SOA) is higher for the short-term than for the long-term debt ratio. This result suggests that SMEs seek to overcome quicker the financing imbalance in the short run, probably, due to their dependence on short-term debt.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title>\n<jats:p>SME owners-managers should seek to rely less on short-term debt to reduce the firm default risk, the financing imbalance and the financial distress costs. Banks should lend long-term loans to SMEs, given that the high financial distress risk of these firms results from their dependence on short-term debt financing. Policymakers should promote SME access to external finance sources with lower transaction costs, to SME rebalance their capital structures.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title>\n<jats:p>This study analyzes the effect of financial distress costs on the SOA with which SMEs rebalance their capital structure. We estimate the financial distress costs based on a hazard model, to analyze their effect on the SOA toward the target debt ratios.<\/jats:p>\n<\/jats:sec>","DOI":"10.1108\/ijaim-02-2023-0034","type":"journal-article","created":{"date-parts":[[2024,11,28]],"date-time":"2024-11-28T23:46:51Z","timestamp":1732837611000},"page":"169-186","source":"Crossref","is-referenced-by-count":3,"title":["SME rebalancing short-term and long-term debt ratios: the role of financial distress costs"],"prefix":"10.1108","volume":"33","author":[{"given":"Z\u00e9lia","family":"Serrasqueiro","sequence":"first","affiliation":[]},{"given":"Filipe","family":"Sardo","sequence":"additional","affiliation":[]},{"given":"Elisabete","family":"Neves","sequence":"additional","affiliation":[]},{"given":"Fl\u00e1vio","family":"Morais","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2024,12,2]]},"reference":[{"issue":"5","key":"key2025012005550125200_ref001","doi-asserted-by":"crossref","first-page":"1443","DOI":"10.1111\/0022-1082.00062","article-title":"How costly is financial (not economic) financial distress. 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