This paper focuses on the determinants of the capital structure of SMEs in the Brazilian context. The observed firms were selected with a stratified sampling method, which allowed to improve the quality of the estimates. The financial statements data were collected through a questionnaire and the observation time horizon was three years. To achieve the research objectives, we followed a panel data methodology, using the ordinary least squares regression (POLS) model. This setting has the advantage of detecting the best effects and reducing bias. Our data showed no collinearity problems. To analyze the capital structure, we referred to trade-off theory and pecking order theory. The results are mostly following the latter theory. In particular, empirical findings show that the age and profitability of the company are negatively correlated with debt. Assets tangibility, growth and size have a positive relationship with debt, following both theories analyzed.

This research investigates the impact of quality management systems on working capital management of Brazilian manufacturing SMEs. The companies analyzed were selected with a stratified sampling technique based on economic criteria. The data was collected through a questionnaire that was administered through a face-to-face interview. The time horizon subject to observation was three years and concerned the period 2016-2018. Overall, 122 companies participated in the research. The analysis was developed using statistical matrix tools. The results are statistically significant and suggest that companies using quality management systems have more efficient working capital management, collect receivables faster and pay off debts faster.