This study examines the determinants of the decision to raise foreign currency denominated debt by taking advantage of a unique and comprehensive sample of private and public debt raised by 44 Finnish corporations. The results suggest that small firms borrow from domestic banks and insurance...

This paper examines the determinants of cash holdings in a sample of Finnish small and micro firms. Our results suggest that lending relationships and the share of managerial ownership both have a significant impact on cash holdings. The results on the relationship lending variables indicate...

This paper examines the impact of firm level variables on the growth of small and micro firms operating in Finland. This study is the first one to investigate the impact that lending relationships have on growth. The results of our primary regressions show that close lending relationships...

This study investigates empirically the effect that bank equity claims in borrowing firms have on the availability of finance to the firm. The results suggest that allowing banks to hold equity claims in borrowing firms enhance debt availability to the firm. The results are consistent with...

This paper investigates the impact that bank switching has on loan availability and credit terms of small and micro firms. We are able to separate between different reasons behind the bank switch. Our data includes firms which have undergone bank change after the failure of their main bank,...

This study investigates the impact that managerial ownership has on loan availability and credit terms. We find that managerial ownership is common in a sample of small and medium sized Finnish firms. Our results suggest that an increase in managerial ownership decreases loan availability. The...

This study examines the use and determinants of covenants in Finnish small firms' loans. The results show that 72 of the 642 loan contracts examined include at least one covenant. Negative covenants are more common than affirmative covenants in our sample. We use loan characteristics, firm...

This paper examines trade credit policies of small firms operating in a bank-dominated environment (Finland). We find that creditworthiness and access to capital markets are important determinants of trade credit extended by sellers. The level of purchases is positively correlated with the level...

This study investigates the impact that family ownership has on loan availability and credit terms. Our study differs from existing literature by investigating the impacts of family ownership on loan availability and credit terms in a sample of small and micro Finnish firms. Our results suggest...