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Credit Rationing, Signaling by Risk-Bearing, Flexibility Theory and Other Theories of Financing for Entrepreneurial Firms

Miglo, Anton - 2018

Flexibility theory of capital structure, credit rationing, and stage-financing theory are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME). Tax theory of capital structure does not seem to play a significant role for SMEs as opposite to large...

Persistent link: https://www.econbiz.de/10012924040

Financing of Entrepreneurial Firms in Canada : Some Patterns

Miglo, Anton - 2019

This article provides an overview of sources of finance and some patterns of financing for entrepreneurial firms in Canada. Based on Miglo (2018), we compare the predictions of major theories of entrepreneurial finance (flexibility theory of capital structure, asymmetric information, credit...

Persistent link: https://www.econbiz.de/10012897102

Financing of Entrepreneurial Firms in Canada : An Overview

Miglo, Anton - 2016

Flexibility theory of capital structure, asymmetric information, credit rationing, life cycle theory and market timing are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME) in Canada. Tax theory of capital structure does not seem to play a...

Persistent link: https://www.econbiz.de/10012989374

FinTech Development in Greater Manchester : An Overview

Miglo, Anton - 2022

This article analyzes the patterns of Fintech development in Greater Manchester, UK. Manchester is often called a northern capital of Fintech. We analyze different subsectors of FinTech and find that such sectors as payments, fintech loans, debt-based, reward-based and real-estate-based...

Persistent link: https://www.econbiz.de/10013308134

Theories of crowdfunding and token issues : a review

Miglo, Anton - 2022

Entrepreneurial, innovative and small- and medium-sized firms experience difficulties with raising funds using traditional debt and equity. Consequently, they are constantly looking for new strategies of financing. Latest inventions are crowdfunding and token issues. In contrast to traditional...

Persistent link: https://www.econbiz.de/10013290192

Theories of financing for entrepreneurial firms : a review

Miglo, Anton - 2022

This article provides an overview of literature related to capital structure theories for entrepreneurial firms. It identifies gaps and controversial areas in existing literature and also discusses potential directions for future research. Credit rationing, signalling by risk-bearing, the...

Persistent link: https://www.econbiz.de/10014237806

'Empire-Building', Underinvestment and Capital Gain Taxation

Miglo, Anton - 2010

This note provides an explanation for why tax rates on capital gains are usually lower than ordinary income tax rates based on manager's agency problem related to "empire-building" and the underinvestment problem

Persistent link: https://www.econbiz.de/10014199048

'Empire-Building,' Underinvestment and Capital Gain Taxation

Miglo, Anton - 2010

Persistent link: https://www.econbiz.de/10014199050

Dividend Policy, Taxes and Agency Problems

Miglo, Anton - 2023

subsequently offered a model of dividend policy that includes a tax on dividends and agency problems (Chatty and Saez (2007)). In … optimal tax rates for dividends and capital gains. A moral hazard/free cash flow problem exists with regard to the use of … retained earnings. Firms may pay dividends to reduce the extent of agency probems related to investment in inefficient projects …

Persistent link: https://www.econbiz.de/10014352885

Note on Investment Policy and Executive Compensation in Family Firms vs. Non-Family Firms

Miglo, Anton - 2023

This note compares the investment policy and managerial compensation in family and non-family firms. The model is based on one hand a manager/shareholders conflict that should be more pronounced in non-family firms. Secondly large shareholders/small shareholders conflict should play a...

Persistent link: https://www.econbiz.de/10014361967