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Got Rejected? Real Effects of Not Getting a Loan

Berg, Tobias - 2018

Using a lender cutoff rule that generates plausibly exogenous variation in credit supply, I investigate a new channel through which funding shocks are transmitted to the real economy. Based on a sample of more than 15,000 loan applications from small- and medium-sized enterprises, I find that...

Persistent link: https://www.econbiz.de/10012922731

Small Firm Capital Structure and the Syndicated Loan Market

Maskara, Pankaj K. - 2019

We show that small firms using syndicated loans for their mid- and long-term financial needs have significantly higher leverage than firms that do not borrow in this market. This difference cannot be attributed to firm characteristics like the availability of growth opportunities, asset...

Persistent link: https://www.econbiz.de/10012890569

The Dynamics of SMEs' Capital Structure and Performance : Evidence From a Panel VAR

Bannier, Christina E. - 2019

-sized enterprises (SMEs) in Germany. A panel vector autoregressive model allows us to account for potential endogeneity and individual …-sized firms. However, we find no relation for micro-sized firms. While the smallest SMEs hence seem unable to seize the … performance-enhancing effects of higher leverage, it appears important to keep credit restrictions at bay for larger SMEs …

Persistent link: https://www.econbiz.de/10012897992

Capital Structure Determinants of Small and Medium Capitalised Firms

Reddy, Krishna - 2017

This study investigates first, the determinants of the capital structure and second, the speed of adjustment of capital structure of small and medium capitalised firms in Europe before and during the sovereign debt crisis period. The sample includes 306 firms from 10 European countries...

Persistent link: https://www.econbiz.de/10012957769

Importance of Judicial Efficiency in Capital Structure Decisions of Small Firms : Evidence from Pakistan

Shah, Attaullah - 2017

Empirical evidence to identify factors that are responsible for the sluggish development of bond and capital markets in Pakistan remains scanty. This paper is a step forward in this direction. Specifically, this paper draws on the recent developments in the area of law and finance to formulate...

Persistent link: https://www.econbiz.de/10012962629

Capital Structure and Irish Tech SMEs

Neville, Conor - 2017

finance used by tech SMES The importance of internal sources, particularly retained earnings is found amongst older firms. A … change from equity finance to debt occurs within tech SMEs over time. The relationship between the banking sector and tech … with equity finance. The generation of revenue for tech SMEs is positively influenced by internal finance, while the use of …

Persistent link: https://www.econbiz.de/10012963928

Examining the Mystery of Zero Leverage Firms with a Sample of Smaller Firms

Guo, Rong - 2015

In this paper, we re-examine the findings of Strebulaev and Yang (2014) related to zero leverage firms when applied to bottom quintile of small firms. For this paper, we eliminate the 10 million in Total Assets minimum to be included in the Strebulaev and Yang (2014) sample. This change would...

Persistent link: https://www.econbiz.de/10013029175

The Influence of National Culture on the Capital Structure of SMEs

Fairbairn, Gillian - 2015

Variations in entrepreneurial attitudes towards risk and control imply a link between the capital structure of SMEs and … structure of SMEs through the manager's behaviour towards risk and control …

Persistent link: https://www.econbiz.de/10013019276

Got Rejected? Real Effects of Not Getting a Loan

Berg, Tobias - 2016

Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and employment, and these effects are concentrated...

Persistent link: https://www.econbiz.de/10012983084

Does Export Intensity Affect Corporate Leverage? Evidence from Portuguese SMEs

Silva, Cátia - 2020

SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export …

Persistent link: https://www.econbiz.de/10012849809