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| Tekijä: | Ou, C. Haynes, G.W. |
| Otsikko: | Acquisition of additional equity capital by small firms - Findings from the national survey of small business finances |
| Lehti: | Small business economics
2006 : SEP/OCT, VOL. 27, 2-3, p. 157-168 |
| Asiasana: | finance equity capital small business USA |
| Kieli: | eng |
| Tiivistelmä: | This paper utilizes the information collected in the U.S. Federal Reserve Board's Small Business Finance Surveys of 1993 and 1998 to explore the acquisition of additional equity capital (here as: e-cap.) by small firms. While the importance of public issue markets and venture capital investment in promoting the growth of dynamic small firms can not be denied, the importance of external (as: ext.) e-cap. seems to be overstated. Only a very small number of small firms acquired additional ext. e-cap. It is found that younger, lower quality firms were more likely to acquire additional internal e-cap. than others. There seemed to be a "pecking order" of borrowing from internal sources to traditional (as: trad.) lenders (as: ldrs.) to non-traditional (n-trad.) ldrs. Furthermore, internal e-cap. and debt acquired from trad. and n-trad. ldrs. appeared to be complementary financial resources. |
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