Resumen
The purpose of this article is to identify the determining factors of the capital structure of MSMEs that competed for the Colombian Innova Prize for innovation in the 2007-2011 period. To do this, we used panel data analysis with dependent long- or short-term debt variables, and six independent variables taken from previous studies. In ddition, we applied a survey to compare the results of the econometric model. The results of the study tentatively suggest that the pecking order theory explains how MSMEs nominated for the Innova Prize for innovation are financed.