haku: @author Neus, W. / yhteensä: 6
viite: 6 / 6
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| Tekijä: | Neus, W. |
| Otsikko: | Unternehmensgrösse und Kreditversorgung. |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1991 : FEB, VOL. 43:2, p. 130-156 |
| Asiasana: | SMALL BUSINESS FINANCIAL ANALYSIS |
| Kieli: | ger |
| Tiivistelmä: | A general analysis of a creditor-debtor relationship leads to the conclusion, that inefficiencies do not stem from bankruptcy risk directly but from misincentives which arise when there is a positive probability of insolvency. Things can be improved by reducing bankruptcy risk or by monitoring debtor's decisions. Compared to large firms small ones cannot reduce bankruptcy risk efficiently because of disadvantages in equity financing and risk-decreasing diversification. Furthermore, small firms have less bargaining power. Thus, small firms are faced with higher costs of debt financing than large ones. |
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