A Firm-level Analysis of Small and Medium Size Enterprise Financing in Poland - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Firm-level Analysis of Small and Medium Size Enterprise Financing in Poland write by Leora Klapper. This book was released on 2006. A Firm-level Analysis of Small and Medium Size Enterprise Financing in Poland available in PDF, EPUB and Kindle. "The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector. "--World Bank web site.
A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland
A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland write by Leora Klapper. This book was released on 2012. A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland available in PDF, EPUB and Kindle. The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector.
A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland
A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland write by Leora F. Klapper. This book was released on 2016. A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland available in PDF, EPUB and Kindle. The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the pecking order theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector.
Productivity Drag from Small and Medium-Sized Enterprises in Japan
Productivity Drag from Small and Medium-Sized Enterprises in Japan - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Productivity Drag from Small and Medium-Sized Enterprises in Japan write by Mariana Colacelli. This book was released on 2019-07-01. Productivity Drag from Small and Medium-Sized Enterprises in Japan available in PDF, EPUB and Kindle. Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan’s modest productivity growth. Results show a substantial dispersion in firm-level productivity growth across sectors and even across firms within the same sector. SMEs, on average, exhibit lower productivity growth than non-SMEs in Japan, with smaller and older SMEs showing particularly low productivity growth. Estimates suggest that boosting productivity growth in all of the worst-performing SMEs could improve overall productivity growth by up to 1.8 percentage points. The SME credit guarantee system, SME financing constraints, demographic factors, and lack of intangible capital investment are discussed as contributors to the slow productivity growth of Japan’s small and old SMEs.
The Foundations of Small Business Enterprise
The Foundations of Small Business Enterprise - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Foundations of Small Business Enterprise write by Gavin Reid. This book was released on 2007-01-24. The Foundations of Small Business Enterprise available in PDF, EPUB and Kindle. In this extended and novel entrepreneurial analysis of small firm inception and growth, a leading authority in the field develops a new kind of ‘micro-micro’ analysis, applying rigorous methods from economics, accounting and finance to gain a deeper understanding of micro-firms, examining performance, hierarchy, capital structure, monitoring and control, flexibility, innovation, and information systems.
