Definition and comparison of the current business environment of the Czech and Slovakian SMEs in the selected regions are the main objectives of the article. In accordance with this objective motivational factors, status in the society, relationship to the state, level of the corruption,...

This paper studies how access to bank lending differed between family and non-family firms in the 2007-2009 financial crisis. The theoretical prediction is that family block-holders’ incentive structure results in lower agency conflict in the borrower-lender relationship. Using highly detailed...

L’importance des «petites et moyennes valeurs» s’est renforcée de manière significative au cours du dernier cycle boursier. Des initiatives se poursuivent pour renforcer l’adaptation du cadre réglementaire à cette population très spécifique.

This paper unearths a systematic problem in financing the small business firms in Bangladesh with the country's present financial structure, and reviews crowdfunding — a recently developed market-based phenomenon — as an alternative. The paper argues that crowdfunding approach can...

We review the literature that examines how product markets and competition interact with corporate finance, and provide some ideas for future research. The main takeaway from more than forty years of research is that product market considerations have first-order effects on our understanding of...

We review the literature on the sources of financing and associated financing frictions facing small firms. Using data from the Survey of Business Owners, we first show that about half of small firms do not report using any external finance either for startup or for expansion. Among those that...

The JOBS Act amended Regulation A to increase the maximum offering size of exempt securities from $5 to $50 million per year, eventually rising to $75 million. This study analyzes SEC Regulation A filings from July 2015 to December 2022 and finds a significant increase in qualified filings from...

Crowdfunding has become important in recent years. However, a comprehensive overview of the economic literature on this topic does not exist. This paper provides an overview of the crowdfunding literature, classified by the main actors (capital seekers, capital providers, and intermediaries),...

The capital-structure decision is one of the most fundamental issues in corporate finance. Numerous studies have been conducted to test the two major competing theories of capital structure (Trade-Off Theory and Pecking-Order Theory), yet none of these studies has analyzed the capital-structure...

Entrepreneurs must experiment to learn how good they are at a new activity. What happens when the experimentation is financed by a lender? Under common scenarios, i.e., when there is the opportunity to learn by "starting small" or when "noncompete" clauses cannot be enforced ex post, we show...