The study looked at what factors affect how Dutch small and medium-sized businesses choose to finance themselves. They analyzed data from over 11,000 firms between 2010 and 2017. The findings show that factors like profitability, growth opportunities, tangibility, and age play a big role in determining how these businesses structure their capital. Past growth and size don't seem to have as much impact. Overall, Dutch SMEs tend to follow the pecking order theory when it comes to financing decisions, with one industry leaning more towards the agency costs theory.