Determinants of Capital Structure Under Financial Constraints: Debt Composition in Moroccan Agricultural SMEs

This study investigates the determinants of capital structure in Moroccan agricultural SMEs, with particular emphasis on the distinction between interest-bearing debt and non-interest-bearing liabilities in a context characterized by persistent credit constraints. While traditional capital structure theories typically treat debt as a homogeneous aggregate, such an approach may obscure important financing dynamics in financially constrained environments. Using a panel dataset of 52 agricultural S