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| Tekijä: | Colombo, M. G. Grilli, L. |
| Otsikko: | Funding gaps? Access to bank loans by high-tech start-ups |
| Lehti: | Small business economics
2007 : JUN/AUG, VOL. 29:1-2, p. 25-46 |
| Asiasana: | credit rationing financial theory financing loans technology |
| Kieli: | eng |
| Tiivistelmä: | This article analyses start-up financing of new technology-based firms (NTBFs) and examines whether there exist credit constraints that affect negatively to NTBFs' activity. Authors explore the sources of start-up financing used by NTBFs and characteristics that may have an effect to the extent of recourse to bank loans. The empirical part is based on a sample composed of 386 Italian NTBFs. Double-censored tobit and bivariate tobit models are used to define the determinants of the financial leverage and the amounts of personal capital and bank loans of firms at start-up. The results of this study show that loan supply curve is very inelastic, and therefore give support to the view that the credit market is imperfect. In addition, the findings support the existence of a financing hierarchy. |
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