This paper uses a large panel of survey data on German firms in the manufacturing sector to analyse the effects of financing constraints for investors in general and for innovative firms in particular. Survey data with information on financing conditions are potentially a valuable tool that...

Since the early 1990s an unprecedented process of consolidation has taken place in the banking sector in most industrialised countries raising concern of policymakers that it may reduce access to credit for the small business sector. While most of the existing empirical studies have focused on...

Den kleinen und mittelständischen Unternehmen kommt in der deutschen Wirtschaft eine herausragende Bedeutung zu. Sie machen 99,7 % aller deutschen Unternehmen aus und beschäftigen über 70 % aller Arbeitnehmer, tragen mit 46,7 % zur Bruttowertschöpfung aller Unternehmen bei, erwirtschaften...

While in less developed and in transition economies microlending has become an efficient instrument for providing small and micro businesses with the necessary financial means, in industrialized countries, with highly developed banking systems, the existence and size of an uncovered demand for...

Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However,...

Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However,...

This paper investigates how patent applications and grants held by new ventures improve their ability to attract venture capital (VC) financing. We argue that investors are faced with considerable uncertainty and therefore rely on patents as signals when trying to assess the prospects of...

Previous literature provided evidence on financing constraints for investment in R&D activities due to capital market imperfections and special features of R&D investments. Moreover, it has been shown that a shift in capital structure towards more debt, results in a reduction of R&D investments....