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structure). We also show that the dynamics of financing matter for the growth path of the firms. …
Persistent link: https://www.econbiz.de/10011564887
This paper aims to analyze the effects of financial constraints and the financial crisis on the financing and investment policies of newly founded firms. Thereby, the analysis adds important new insights on a crucial segment of the economy. We make use of a large and comprehensive data set of...
Persistent link: https://www.econbiz.de/10011772844
growth in SMEs. The authors also analyse firm size and age as explicative variables of small and medium-sized enterprise (SME …) growth. Design/methodology/approach In this paper the data were collected for 3309 SMEs for the period 2010-2019. The authors … certain level of profitability, this determinant positively impacts SME growth. Productivity influences positively the firm …
Persistent link: https://www.econbiz.de/10014506799
This paper analyzes the relationship between capital structure, corporate taxation and firm age. We adapt a standard model of optimal capital structure choice under corporate taxation, focusing on the financing and investment decisions a young firm is typically faced with. Our model allows to...
Persistent link: https://www.econbiz.de/10010293406
Even though it is well documented that privatization leads to an improvement in the performance of state-owned enterprises (SOEs) following divestiture, it is argued that the existing literature suffers from a misspecification measure because it does not consider the performance of control firms...
Persistent link: https://www.econbiz.de/10011335746
Foreign direct investment has been one of the main drivers of economic developments over the past few years in Central and Eastern Europe (CEE). Within the ongoing globalization and international division of labor, a large number of foreign companies have established production units in CEE...
Persistent link: https://www.econbiz.de/10010322262
This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and independent venture capital (IVC) for their portfolio companies, and controls for the selection effect that the different investment profiles of these investors might have on the...
Persistent link: https://www.econbiz.de/10010326858
Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...
Persistent link: https://www.econbiz.de/10011698354
This paper uses a unique micro-level data-set on Chinese firms to test for the existence of a "political-pecking order" in the allocation of credit. Our findings are threefold. Firstly, private Chinese firms are credit constrained while State-owned firms and foreign-owned firms in China are not;...
Persistent link: https://www.econbiz.de/10010313422
evidence of entrenchment at banks with higher levels of managerial ownership, better growth opportunities, poorer financial … performance, and smaller asset size. However, when managers are faced with better growth opportunities, they generally appear to … find that an increase in asset size achieved by internal growth is associated with better performance at most banks, but an …
Persistent link: https://www.econbiz.de/10010318372