Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal

Furthermore, our results suggest that SMEs' capital structure differs across regions and that, concerning the impact of profitability, size, age, asset structure and growth on firm debt, there are some differences across regions, which could be explained by regional heterogeneity. However, we do not find statistically significant differences in the kind (signs) of the relationships between those determinants and debt in Portuguese SMEs across the various regions.