Maria Psillaki

Do Country or Firm Factors Explain Capital Structure? Evidence from SMEs in France and Greece

We investigate the capital structure determinants of small and medium sized enterprises (SMEs) using a sample of Greek and French firms. We address the following questions: Are the capital structure determinants of SMEs in the two countries driven by similar factors? Are potential differences driven by country-specific or firm-specific factors? Are the size and structure of their financial markets important factors to explain any cross-country differences on SME capital structure? To answer these questions we apply panel data methods to the sample of firms for the period 1998 to 2002. We assess the extent to which the debt to assets ratio of firms depends upon their asset structure, size, profitability and growth rate. The results show that the SMEs in both countries exhibit similarities in their capital structure choices. Asset structure and profitability have a negative relationship with leverage, whereas firm size is positively related to their debt to assets ratio. Growth is statistically significant only for France and is positively related to debt. We attribute these similarities to their institutional characteristics and in particular the commonality of their civil law systems. We find differences in the intensity of the capital structure relationship between the two countries. We provide evidence that these differences are due to firm-specific rather than country factors.

Trade Credit, Bank Credit, and Flight to Quality: Evidence from French SMEs

This paper investigates the impact of the global financial crisis on the allocation of credit to small and medium‐sized enterprises (s). Using samples of rench s from four industries, we found support for the prediction of the flight‐to‐quality hypothesis that in bad times, credit flows away from smaller constrained firms to larger, higher grade firms. We also examined the relation between bank credit and trade credit in terms of two hypotheses: the substitution hypothesis and the complementary hypothesis. The results of fixed effects panel regressions showed that trade credit for small firms during periods of tight money acts generally as complement rather than substitute to bank credit, thus providing empirical support for the redistribution view of trade credit.

How Can Innovative Practices in HEIs Facilitate Social Sustainable and Economic Development

The paper is focused on analyzing net-based practices in Higher Education Institutions (HEIs) as a policy tool for instituting a sustainable social and economic development. The purpose of the study is to identify relationships between net-based HEIs and welfare perspective; to investigate the extent to which the use of innovative education can affect societies. The paper challenging the argument HEIs that perform badly have a significant negative impact on economic and social growth. The main challenge is to identify the technical, economical and social aspects of HEIs as indicators of this impact, to consider outcomes for stakeholders of society. The research draws upon E-learning as mostly effective means of reducing cost of educational services of HEIs, aims to summarize the main findings of the scientific findings. The case studies show how the effectiveness of using net learning in HEIs can lead to social and economic growth in the countries concerned. Of particular importance are the differences between developed and developing countries. Upon the examination it becomes clear that E-skills have become the effective way to overcome differences among human, social capitals of countries by significant positive effect on wage levels. Trough showing the productivity paradox in innovative HEIs the paper tries to explain divides between counties, the importance of new policies in HEIs for governments. This research will provide valuable information regarding public regional decision-making in establishing organizational structures for efficiency (social benefits) of lifelong learning, provides novel insight into the understanding of E-education becoming the benchmark for HEIs and global economies.