The present study investigates the role of institutional differences at the local level as determinants of firms' capital structure. Specifically, the aim is to empirically assess whether and to what extent SMEs' financial decisions are affected by local financial development - evaluating this...

This paper investigates the bank financing policy of new small and medium-sized enterprises (SMEs), its evolution and its relevance during early growth stages over their first 10 years. We use a large European panel dataset on early-stage SMEs founded in 2007–2015. The study provides useful...