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Using fractional regression models, our findings revealed a statistically significant relationship between society satisfaction and SMEs' leverage. Specifically, we showed that higher levels of satisfaction decrease debt levels among SMEs. However, further investigation, employing a two-part fractional regression model, showed that the overall negative effect is, in fact, only explained by the increasing propensity for firms to remain debt-free in the presence of greater levels of society satisfaction. Consequently, while society satisfaction appears to influence the decision to engage in debt financing, this does not significantly impact the amount of debt taken on by SMEs. In summary, this paper highlights the importance of society satisfaction to SME capital structure decision-making and contributes to a deeper understanding of the mechanisms driving SME financing decisions amidst socio-economic dynamics.&lt;\/p&gt;\n\n\t      &lt;\/abstract&gt;<\/jats:p>","DOI":"10.3934\/qfe.2024008","type":"journal-article","created":{"date-parts":[[2024,4,3]],"date-time":"2024-04-03T10:24:01Z","timestamp":1712139841000},"page":"210-234","source":"Crossref","is-referenced-by-count":0,"title":["How does society satisfaction affect the capital structure of firms? 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