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We investigate small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. We find that the capital structure decision of Dutch SMEs is consistent with the pecking order theory: SMEs use...
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The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We...
Persistent link: https://www.econbiz.de/10011084516
to those with information reported only by this bank, borrowers with extra information shared by other banks receive … higher credit card lines. While positive information shared by other banks augments lending of this bank, the effect of … Public Registry has mixed effects on how the bank utilizes internally produced information. Last, information sharing …
Persistent link: https://www.econbiz.de/10011090675
Abstract: The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large...
Persistent link: https://www.econbiz.de/10011091153
The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We...
Persistent link: https://www.econbiz.de/10010674217
This paper studies the impact of bank mergers on firm-bank lending relationships using information from individual loan … contracts in Belgium. We analyse the effects of bank mergers on the probability of borrowers maintaining their lending … relationships and on their ability to continue tapping bank credit. The Belgian financial environment reflects a number of …
Persistent link: https://www.econbiz.de/10005792175
Current empirical methods to identify and assess the impact of bank credit supply shocks rely strictly on multi-bank … firms and ignore firms borrowing from only one bank. Yet, these single-bank firms are often the majority of firms in an …-location-size-time fixed effects) that allows identifying timevarying cross-sectional bank credit supply shocks using both single- and multi-bank …
Persistent link: https://www.econbiz.de/10012141537
The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that in-formal finance is associated with higher sales growth for small firms and lower sales growth for large firms. We...
Persistent link: https://www.econbiz.de/10012148700