Leasing by small enterprises

Doris Neuberger and Solvig Räthke-Döppner
Authors registered in the RePEc Author Service: Solvig Raethke-Doeppner

Applied Financial Economics, 2013, vol. 23, issue 7, 535-549

Abstract: Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and firm-specific characteristics, demographic and socio-economic characteristics of the entrepreneur matter. Older and higher qualified entrepreneurs have easier access to leasing than those who are younger or noneducated, but the latter lease more than highly educated entrepreneurs. Female and nonmarried entrepreneurs of young firms use leasing to increase their debt capacity. These results are important for aging populations where the financing of entrepreneurial activities by highly qualified, older and female persons are important to sustain growth.

Date: 2013
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Citations: View citations in EconPapers (7)

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DOI: 10.1080/09603107.2012.730132

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