In this paper we study the relation between firm-level disclosure quality and the availability of external finance to firms. Using data on Finnish firms that are mostly private and small, we first estimate ‘excess growth’ made possible by external finance. We then show that the excess growth...

This report studies start-ups and entrepreneurship particularly in services. The report is largely based on a survey targeted to Finnish businesses established in October 2003. The Finnish total entrepreneurial activity is relatively low in international comparison. Furthermore, established...