search query: @author Maksimovic, V. / total: 17
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| Author: | Demirgüc-Kunt, A. Maksimovic, V. |
| Title: | Funding growth in bank-based and market-based financial systems: evidence from firm-level data |
| Journal: | Journal of Financial Economics
2002 : SEP, VOL. 65:3, p. 337-363 |
| Index terms: | Financial management Banking Market economy |
| Language: | eng |
| Abstract: | The authors investigate whether firms' access to external financing to fund growth differs in marketbased and bank-based financial systems. Using firm-level data for 40 countries,they compute the proportion of firms in each country relying on external finance and examine how that proportion differs across financial systems. The authors find that the development of a country's legal system predicts access to external finance, the stock markets and the banking system affect access to external finance differently. However, they find no evidence that firms' access to external financing is predicted by several proxies for relative development of stock markets to the development of the banking system. |
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