Capital Structure, Working Capital, and Governance Quality Affect the Financial Performance of Small and Medium Enterprises in Taiwan

This study examines the impact of capital structure, working capital, and governance quality on financial performance small- medium-sized enterprises in Taiwan using a sample more than 2000 firms from Economic Journal (TEJ) during 24-year period 1995–2018. Panel data are used to create statistics for regression model. The result shows that firm’s represented by debt ratio, has significantly negative measures (return assets (ROA) return equity (ROE)), where cash conversion cycle (CCC), quality, board size, dividend distribution, percentage directors, different impacts.