Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing … by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to …-economic characteristics of the entrepreneur matter. Older and higher qualified entrepreneurs have easier access to leasing than those who are …

between borrowing and leasing – and that financial policy involves choices not only among different underlying policies but …

substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument …