bargaining power in default, operating in more competitive product markets, and facing lower credit supply are more likely to …

The vast majority of firms in Europe are micro firms. Still, we know little about their financing patterns. Our paper … financing instruments, whereas they are less likely to use state subsidies, trade credit or asset-based financing instruments …. Furthermore, micro firms differ from medium-sized firms by using more short-term debt (credit card overdrafts, credit lines and …