The determinants of financing obstacles

Thorsten Beck, Luc Laeven and Vojislav Maksimovic
Authors registered in the RePEc Author Service: Asli Demirguc-Kunt

No 3204, Policy Research Working Paper Series from The World Bank

Abstract: The authors use survey data on a sample of over 10,000 firms from 80 countries to assess (1) how successful a priori classifications are in distinguishing between financially constrained and unconstrained firms, and (2) more generally, the determinants of financing obstacles of firms. They find that older, larger, and foreign-owned firms report less financing obstacles. Their findings thus confirm the usefulness of size, age, and ownership as a priori classifications of financing constraints, while they shed doubts on other classifications used in the literature. Their results also suggest that institutional development is the most important country characteristic explaining cross-country variation in firms'financing obstacles.

Keywords: Microfinance; Financial Intermediation; Small and Medium Size Enterprises; Small Scale Enterprise; Payment Systems&Infrastructure; Financial Intermediation; National Governance; Microfinance; Private Participation in Infrastructure; Small Scale Enterprise (search for similar items in EconPapers)
Date: 2004-02-01
New Economics Papers: this item is included in nep-acc, nep-fin and nep-mfd
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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Related works:
Journal Article: The determinants of financing obstacles (2006)
Working Paper: The determinants of financing obstacles (2006)
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