العوامل المحددة لهياكل تمويل المؤسسات الصغيرة والمتوسطة الجزائرية

The study aims at identifying the factors which influence the choice of the financial structure of Algerian small and medium enterprises, using a database for 82 Algerian Firms during the period 2012-2014. Multiple regressions were used to examine the relationship between independent variables (size- profitability- guaranties - growth- legal form) and total debt as the dependent variable. The results showed a negative significant relationship between profitability and leverage, and this consistent with pecking order theory. Firms that are characterized by high profitability rate and have the potential to detain profits rely on self-financing, which leads to a decline in the rate leverage. The rest of the variables have no effect on leverage.