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Financing patterns of European SMEs revisited : an updated empirical taxonomy and determinants of SME financing clusters

Masiak, Christian; Moritz, Alexandra; Lang, Frank - 2017

empirical taxonomy of SME financing patterns in Europe, applying cluster analyses. In order to investigate the cluster stability … of SMEs. Our results confirm the results of Moritz et al. (2016) and show that European SME financing is not homogenous …, but that different financing patterns exist. Our cluster analysis identifies seven distinct SME financing types based on …

Persistent link: https://www.econbiz.de/10011861055

Personal Taxes, Leverage, and Real Investment

Morellec, Erwan; Schürhoff, Norman - Institut für Schweizerisches Bankwesen <Zürich> - 2007

This paper examines the impact of capital gains taxation on ﬁrms investment and ﬁnancing decisions. We develop a real options model in which the timing of investment, the decision to default, and the ﬁrms capital structure are endogenouslyand jointly determined. Our analysis shows that...

Persistent link: https://www.econbiz.de/10005858029

Capital structure and financial flexibility : expectations of future shocks

Lambrinoudakis, Costas; Neumann, Michael; Skiadopoulos, … - 2014 - This draft: 3 October 2014

We test one of the main predictions of the financial flexibility paradigm that expectations about future firm-specific shocks affect the firm's leverage. We extract the expectations of small and large future shocks from the market prices of equity options. We find that expectations for future...

Persistent link: https://www.econbiz.de/10010472840

Corporate debt and investment in the post-Covid world

Heresi, Rodrigo; Powell, Andrew - 2022

We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies with risk, as measured by firm time-varying...

Persistent link: https://www.econbiz.de/10014495148

How voluntary information sharing systems form : evidence from a U.S. commercial credit bureau

Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2021

We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for...

Persistent link: https://www.econbiz.de/10012608664

The balance of power in closely held corporations

Bennedsen, Morten; Wolfenzon, Daniel - 1999

We analyze a closely held corporation characterized by the absence of a resale market for shares and by potentially having several significant shareholders. The founder of the firm may optimally choose to distribute voting power to several large shareholders since this forces them to form...

Persistent link: https://www.econbiz.de/10012142222

Control Dilution and Distribution of Ownership

Bennedsen, Morten; Fosgerau, Mogens; Wolfenzon, Daniel - 2000

We investigate the patterns of ultimate distribution of ownership in a sample of small closely held corporations. Motivated by recent corporate governance theories we define control dilution as the absenc of a single dominating shareholder. Most firms have one or two ultimate owners implying...

Persistent link: https://www.econbiz.de/10012142239

The Impact of a Break-Through Rule on European Firms

Bennedsen, Morten; Nielsen, Kasper - 2002

We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class shares. In 3-5 pct. of the firms the controlling owners incur a direct loss of control, whereas in additional 11-17 pct. of the firms the controlling owners are likely to incur a control loss. Firms in...

Persistent link: https://www.econbiz.de/10012142260

Inside the Family Firm

Bennedsen, Morten; Nielsen, Kasper; Pérez-González, … - 2005

This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in corporate decision making, and (2) the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or an external chief executive officer (CEO). We...

Persistent link: https://www.econbiz.de/10012142315

The Principle of Proportionality: Separating the Impact of Dual Class Shares, Pyramids and Cross-ownership on Firm Value Across Legal Regimes in Western Europe

Bennedsen, Morten; Meisner, Kasper, Nielsen - 2006

Recent policy initiatives within the harmonization of European company laws have promoted a so-called "principle of proportionality" through proposals that regulate mechanisms opposing a proportional distribution of ownership and control. We scrutinize the foundation for these initiatives by...

Persistent link: https://www.econbiz.de/10012142316

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