The impact of owner-manager characteristics on the financing choices of Moroccan SMEs

Abstract In recent years, a great deal of research and several studies have been devoted to corporate finance, a fast-growing and ever-expanding field, but one that is much more interested in the study of large companies than SMEs. Certainly, few studies have specifically examined SME financing and how the characteristics of managers influence the financial choices of Moroccan SMEs. While SMEs play an essential role in economic and social growth, this article first reviews theories concerning the financial structure of SMEs, and then summarizes initial research on the impact of owner-manager characteristics on the financial choices and decisions of SMEs worldwide. Finally, it presents the methodological framework of the study and proposes a conceptual model of the research. Keywords : corporate finance, SMEs, financing options, financial structure, owner-manager