Journal article
Authors list: Winker, P
Publication year: 1999
Pages: 169-181
Journal: Small Business Economics
Volume number: 12
Issue number: 2
ISSN: 0921-898X
DOI Link: https://doi.org/10.1023/A:1008035826914
Publisher: 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.
Citation Styles
Harvard Citation style: 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 Citation style: 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
