Journalartikel

Jahr der Veröffentlichung: 1999

Seiten: 169-181

Zeitschrift: Small Business Economics

Bandnummer: 12

Heftnummer: 2

ISSN: 0921-898X

DOI Link: https://doi.org/10.1023/A:1008035826914

Verlag: Springer

Abstract: 
This paper focuses on the empirical assessment of determinants and effects of financing constraints at the firm level. Using a standard model of credit rationing based on asymmetric information firm age and size are found to be factors which should influence the probability of financing constraints. Improving business conditions strengthen the degree of informational asymmetry. A unique panel of firm data for Germany, including direct information on financing constraints, is used for the econometric analysis. Firms' size and improving business conditions are found to have a significant effect. Furthermore, a significant impact on investment and R&D expenditures cannot be rejected.

Harvard-Zitierstil: Winker, P. (1999) Causes and Effects of Financing Constraints at the Firm Level, Small Business Economics, 12(2), pp. 169-181. https://doi.org/10.1023/A:1008035826914

APA-Zitierstil: Winker, P. (1999). Causes and Effects of Financing Constraints at the Firm Level. Small Business Economics. 12(2), 169-181. https://doi.org/10.1023/A:1008035826914