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Determinants of Financial Capital Use: Review of theories and implications for rural businesses

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  • Curtiss, Jarmila

Abstract

This paper presents a review of financial economics literature and offers a comprehensive discussion and systematisation of determinants of financial capital use. In congruence with modern financial literature, it is acknowledged here that real and financial capital decisions are interdependent. While the fundamental role of the (unconstrained) demand for real capital in the demand for finance is acknowledged, the deliverable focuses on three complementary categories of the determinants of financial capital use: i) capital market imperfections; ii) factors mitigating these imperfections or their impacts; and iii) firm- and sector-related factors, which alter the severity of financial constraints and their effects. To address the question of the optimal choice of financial instruments, theories of firm capital structure are reviewed. The deliverable concludes with theory-derived implications for agricultural and non-agricultural rural business’ finance.

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Paper provided by Centre for European Policy Studies in its series Factor Markets Working Papers with number 123.

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Length: 54 pages
Date of creation: Feb 2012
Date of revision:
Handle: RePEc:eps:fmwppr:123

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Cited by:
  1. Jansson, Kristina Hedman & Lagerqvist, Carl Johan, 2013. "Performance Indicators in Agricultural Financial Markets," Working Papers 155701, Factor Markets, Centre for European Policy Studies.
  2. Petrick, Martin & Kloss, Mathias, 2012. "Drivers of agricultural capital productivity in selected EU member states," Factor Markets Working Papers 137, Centre for European Policy Studies.
  3. Hedman Jansson, Kristina & Lagerqvist, Carl Johan, 2013. "Performance Indicators in Agricultural Financial Markets," Factor Markets Working Papers 155, Centre for European Policy Studies.
  4. Petrick, Martin & Kloss, Mathias, 2012. "Drivers of agricultural capital productivity in selected EU member states," Working Papers 132838, Factor Markets, Centre for European Policy Studies.

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