Capital structure in Colombian SMEs: a semi-systematic literature review from trade-off, pecking order, agency, and psychological empowerment perspectives

Melgarejo Molina, Zuray Andrea Y Calderon-Diaz, Mayda Alejandra Y Torres-Castro, Felipe Alejandro (2026) Capital structure in Colombian SMEs: a semi-systematic literature review from trade-off, pecking order, agency, and psychological empowerment perspectives. Revista Tendencias, 27 (02). pp. 292-315. ISSN 0124-8693

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Resumen

Introduction: Capital structure remains a central topic in corporate finance, particularly in emerging economies where institutional constraints, governance mechanisms, and managerial behavior influence financing decisions. Understanding capital structure in Colombian SMEs requires integrating multiple theoretical perspectives. Objective: To analyze the theoretical and empirical evidence on capital structure decisions in Colombian SMEs from the perspectives of Trade-Off Theory, Pecking Order Theory, Agency Theory, and Psychological Empowerment. Methodology: A semi-systematic literature review was conducted following the PRISMA 2020 guidelines. Searches were performed in Scopus and Web of Science between March and May 2025. The selection process included identification, screening, eligibility assessment, and inclusion, resulting in 27 studies for analysis. Results: No single theory fully explains financing decisions in Colombian SMEs. Trade-Off and Pecking Order theories explain leverage and financing preferences, Agency Theory highlights ownership structures and information asymmetries, and Psychological Empowerment emphasizes managerial autonomy and behavioral influences. Discussion: Capital structure decisions arise from the interaction of financial, governance, and behavioral factors shaped by firm characteristics and institutional conditions. Conclusions: A multidimensional perspective provides a more comprehensive understanding of capital structure decisions in Colombian SMEs. The study contributes by integrating financial, organizational, and behavioral explanations and identifying avenues for future research.

Tipo de Elemento:	Artículo
Palabras Clave:	behavioral finance; corporate governance; financing decisions; information asymmetry; managerial behavior.
Asunto:	Ciencias Sociales > HC Economic History and Conditions
Division:	Revistas > Tendencias
Depósito de Usuario:	FACEA Fac. de Ciencias Econ. y Aministrativas
Fecha Deposito:	15 Sep 2026 16:22
Ultima Modificación:	15 Sep 2026 16:22
URI:	http://sired.udenar.edu.co/id/eprint/19189

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