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relative cost of internal and external financing on investment decisions in response to tax changes. China’s 2004 VAT reform … of financing and the value of the tax shield and increased the cost of debt financing. This study shows that in the case …
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Financial constraints are considered an important impediment to growth for small businesses. We study theoretically and empirically the relationship between the financial constraints of agents and the organizational decisions and growth of principals, in the context of franchising. We find that...
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