EconPapers    
Economics at your fingertips  
 

Financing patterns around the world: Are small firms different?

Thorsten Beck (), Asli Demirguc-Kunt and Vojislav Maksimovic

Other publications TiSEM from Tilburg University, School of Economics and Management

Abstract: Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms, but includes small and medium firms and data on a broad spectrum of financing sources, including leasing, supplier, development and informal finance. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of property rights increases external financing of small firms significantly more than of large firms, mainly due to its effect on bank and equity finance. Small firms do not use disproportionately more leasing or trade finance compared to larger firms. Financing from these sources is positively associated with the financial development and does not compensate for lower access to bank financing of small firms in countries with underdeveloped institutions.

Date: 2008
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (237) Track citations by RSS feed

Published in Journal of Financial Economics (2008), v.89, nr.3, p.467-487

Downloads: (external link)
https://pure.uvt.nl/ws/portalfiles/portal/1037901/ ... ug2004-revisions.pdf (application/pdf)

Related works:
Journal Article: Financing patterns around the world: Are small firms different? (2008) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:tiu:tiutis:7078f1cc-51a6-4556-b193-df23609ebe10

Access Statistics for this paper

More papers in Other publications TiSEM from Tilburg University, School of Economics and Management
Bibliographic data for series maintained by Richard Broekman ().

 
Page updated 2019-08-20
Handle: RePEc:tiu:tiutis:7078f1cc-51a6-4556-b193-df23609ebe10