haku: @author Beck, T. / yhteensä: 7
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| Tekijä: | Beck, T. Demirgüc-Kunt, A. Maksimovic, V. |
| Otsikko: | Financing patterns around the world: Are small firms different? |
| Lehti: | Journal of Financial Economics
2008 : SEP, VOL. 89:3, p. 467-487 |
| Asiasana: | financing development international small and medium-sized enterprises (SMEs) capital structure of companies |
| Vapaa asiasana: | security issuance |
| Kieli: | eng |
| Tiivistelmä: | Based on a firm-level survey database including information on 48 countries, this study examines how financial and institutional development affects financing of large and small firms. The database provides with data on financing sources, incl. leasing, supplier, development, and informal finance. Small firms and firms in countries with poor institutions use less external finance, particularly bank finance. Property rights' protection increases external financing of small firms significantly more than of large firms, mainly because of its effect on bank finance. Small firms do not use disproportionately more leasing or trade finance compared with larger firms. Thus, these financing sources do not compensate for lower access to bank financing of small firms. In addition, larger firms are found to expand external financing more easily once they are constrained than small firms. Finally, according to the evidence, the pecking order is suggested to hold across countries. |
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