Résumé:
In our study we investigate the determinants of capital structure of the Algerian SMEs using a sample of 50 SME, observed during the period between 2016 and 2019. In order to explain the total-debt ratio (TD) and the short-term debt ratio (STD), we used the Tobit model under panel data as an estimation method for the two models, the results show a significant relationship between profitability, liquidity ,tangibility of assets, size, non-debt tax shield ,age and the SMEs level of leverage ( TD and STD). These results confirm the predictions of the pecking-order theory.
