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| Author: | Cosh, A. Cumming, D. Hughes, A. |
| Title: | Outside enterpreneurial capital |
| Journal: | Economic Journal
2009 : OCT, VOL. 119:540 p. 1494-1533 |
| Index terms: | finance investors companies capital banks |
| Language: | eng |
| Abstract: | This paper examines factors which affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms etc), taking into account the non-randomness in a firm's decision to seek outside finance. The data support the traditional pecking order theory. Furthermore, the data suggest that firms seeking capital are typically able to secure their requisite financing from at least one of the different available sources. However, external finance is often not available in the form that a firm would like. |
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