We empirically examine the American and British survey datasets for about 16,000 privately held small businesses. The financial behavior of private firms demonstrates substantial financial contentment. We find fewer than 10% of the British firms seek rapid firm expansion while only 1.32% of...

The past assumption of profit maximization as the typical firm objective, coupled with empirical consistency with the pecking order theory, has led researchers to conclude that SMEs conform to the pecking order theory of capital structure (Myers and Majluf, 1984). Relaxing this assumption and...

This paper considers the asymmetric effect of Trade Facilitation Agreement (TFA) policies on heterogeneous exporters, based on matching a detailed panel of French firm exports to a new database of Trade Facilitation Indicators (TFIs) released recently by the Organisation for Economic Cooperation...