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Financing patterns around the world: Are small firms different?

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Author Info
Beck, Thorsten
Demirgüç-Kunt, Asli
Maksimovic, Vojislav

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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-size 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 finance. Small firms do not use disproportionately more leasing or trade finance compared with larger firms, so these financing sources do not compensate for lower access to bank financing of small firms. We also find that larger firms more easily expand external financing when they are constrained than small firms. Finally, we find suggestive evidence that the pecking order holds across countries.

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File URL: http://www.sciencedirect.com/science/article/B6VBX-4T0MMNK-1/2/11fa22389ca7265215d66d4ded85ba9d
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Publisher Info
Article provided by Elsevier in its journal Journal of Financial Economics.

Volume (Year): 89 (2008)
Issue (Month): 3 (September)
Pages: 467-487
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Handle: RePEc:eee:jfinec:v:89:y:2008:i:3:p:467-487

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Web page: http://www.elsevier.com/locate/inca/505576

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Keywords: Financial development Financing patterns Capital structure Security issuance Small and medium-size enterprises;

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  1. Michael Pfaffermayr & Matthias Stöckl & Hannes Winner, 2008. "Capital Structure, Corporate Taxation and Firm Age," Working Papers 0829, Oxford University Centre for Business Taxation. [Downloadable!]
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  2. Berger, Allen N. & Udell, Gregory F., 2005. "A more complete conceptual framework for financing of small and medium enterprises," Policy Research Working Paper Series 3795, The World Bank. [Downloadable!]
  3. Pietrovito, Filomena, 2009. "Investment decisions, price-earnings ratios and finance. Evidence from firm-level data," Economics & Statistics Discussion Papers esdp09054, University of Molise, Dept. SEGeS. [Downloadable!]
  4. Augusto de la Torre & María Soledad Martínez Pería & Sergio L. Schmukler, 2009. "Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  5. Michael Peneder, 2009. "The Meaning of Entrepreneurship: A Modular Concept," Journal of Industry, Competition and Trade, Springer, vol. 9(2), pages 77-99, June. [Downloadable!] (restricted)
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  6. Demirguc-Kunt, Asli, 2006. "Finance and economic development : policy choices for developing countries," Policy Research Working Paper Series 3955, The World Bank. [Downloadable!]
  7. de la Torre, Augusto & Soledad Martinez Peria, Maria & Schmukler , Sergio L., 2008. "Bank involvement with SMEs : beyond relationship lending," Policy Research Working Paper Series 4649, The World Bank. [Downloadable!]
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