Using recently collected data on Finnish small businesses, we provide evidence that the debt capacity of growth options, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the information and communications technology (ICT) sector. We...

Using new data originating from a recently conducted survey, this paper examines the financing of small and medium-sized enterprises (SMEs) in private equity and debt markets in Finland. We find that the three most important sources of funds are the principal owner’s equity, trade credit...

This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital structure. Employing Chi-square Sign Test and Logit...

Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms, using a comprehensive sample of 777 large...

This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have...

This paper investigates the link between exporting and importing activities and firm performance using a rich dataset on Egyptian and Moroccan firms. We test the export premium, self-selection and learning-by-exporting hypotheses using a number of firm characteristics. Our analysis also includes...