The Determinants Of Financing Obstacles
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The Determinants Of Financing Obstacles
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Author :
language : en
Publisher: World Bank Publications
Release Date : 2004
The Determinants Of Financing Obstacles written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporations categories.
The Determinants Of Financing Obstacles
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Author : Thorsten Beck
language : en
Publisher:
Release Date : 2013
The Determinants Of Financing Obstacles written by Thorsten Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The authors use survey data on a sample of over 10,000 firms from 80 countries to assess (1) how successful a priori classifications are in distinguishing between financially constrained and unconstrained firms, and (2) more generally, the determinants of financing obstacles of firms. They find that older, larger, and foreign-owned firms report less financing obstacles. Their findings thus confirm the usefulness of size, age, and ownership as a priori classifications of financing constraints, while they shed doubts on other classifications used in the literature. Their results also suggest that institutional development is the most important country characteristic explaining cross-country variation in firms' financing obstacles.
How Important Are Financing Constraints The Role Of Finance In The Business Environment
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Author : Meghana Ayyagari
language : en
Publisher:
Release Date : 2016
How Important Are Financing Constraints The Role Of Finance In The Business Environment written by Meghana Ayyagari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
What role does the business environment play in promoting and restraining firm growth? Recent literature points to a number of factors as obstacles to growth. Inefficient functioning of financial markets, inadequate security and enforcement of property rights, poor provision of infrastructure, inefficient regulation and taxation, and broader governance features such as corruption and macroeconomic stability are all discussed without any comparative evidence on their ordering. In this paper, we use firm level survey data to present evidence on the relative importance of different features of the business environment. We find that although firms report many obstacles to growth, not all the obstacles are equally constraining. Some affect firm growth only indirectly through their influence on other obstacles, or not at all. Using Directed Acyclic Graph (DAG) methodology as well as regressions, we find that only obstacles related to Finance, Crime and Policy Instability directly affect the growth rate of firms. Robustness tests further show that the Finance result is the most robust of the three. These results have important policy implications for the priority of reform efforts. Our results show that maintaining policy stability, keeping crime under control, and undertaking financial sector reforms to relax financing constraints are likely to be the most effective routes to promote firm growth.
How Important Are Financing Constraints The Role Of Finance In The Business Environment
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Author : Meghana Ayyagari
language : en
Publisher: World Bank Publications
Release Date : 2006
How Important Are Financing Constraints The Role Of Finance In The Business Environment written by Meghana Ayyagari and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business enterprises categories.
What role does the business environment play in promoting and restraining firm growth? Recent literature points to a number of factors as obstacles to growth. Inefficient functioning of financial markets, inadequate security and enforcement of property rights, poor provision of infrastructure, inefficient regulation and taxation, and broader governance features such as corruption and macroeconomic stability are discussed without any comparative evidence on their ordering. In this paper, the authors use firm level survey data to present evidence on the relative importance of different features of the business environment. They find that although firms report many obstacles to growth, not all the obstacles are equally constraining. Some affect firm growth only indirectly through their influence on other obstacles, or not at all. Using Directed Acyclic Graph methodology as well as regressions, the authors find that only obstacles related to finance, crime, and political instability directly affect the growth rate of firms. Robustness tests further show that the finance result is the most robust of the three. These results have important policy implications for the priority of reform efforts. They show that maintaining political stability, keeping crime under control, and undertaking financial sector reforms to relax financing constraints are likely to be the most effective routes to promote firm growth.
Small Businesses In The Aftermath Of The Crisis
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Author : Giorgio Calcagnini
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-07-10
Small Businesses In The Aftermath Of The Crisis written by Giorgio Calcagnini and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-10 with Business & Economics categories.
This book seeks to analyze how small and medium businesses react to the economic and financial crisis. Its focus is on the activities and strategies of SMEs in the areas of innovation, R&D investment, labor markets and finance. The book takes an international perspective and includes both comparative and national analyses and policies, with authors representing acdemia and international institutions such as the ECB, OECD, Kauffman Foundation, Federal Reserve, and US Small Business Administration.
Institutional Obstacles To Doing Business
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Author : Aymo Brunetti
language : en
Publisher: World Bank Publications
Release Date : 1997
Institutional Obstacles To Doing Business written by Aymo Brunetti and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business and politics categories.
Money Banking And Financial Markets In Central And Eastern Europe
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Author : R. Matousek
language : en
Publisher: Springer
Release Date : 2010-11-03
Money Banking And Financial Markets In Central And Eastern Europe written by R. Matousek and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-03 with Business & Economics categories.
This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.
Matarenda Talents In Zimbabwean Pentecostalism
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Author :
language : en
Publisher: BRILL
Release Date : 2021-03-15
Matarenda Talents In Zimbabwean Pentecostalism written by and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-15 with Religion categories.
In Matarenda/Talents in Zimbabwean Pentecostalism, the contributors reflect on how Pentecostalism contributes to the empowerment of marginalised societies, empowers women through the matarenda practices, and contributes to the development of wider society.
Identifying Binding Constraints To Growth
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Author : Mr.Mauricio Vargas
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-14
Identifying Binding Constraints To Growth written by Mr.Mauricio Vargas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-14 with Business & Economics categories.
As emphasized by Hausmann, Rodrik and Velasco, the policy challenge of boosting growth requires prioritization and identifying what are the most binding constraints. This paper draws on firm-level data from the World Bank Enterprise Survey, which suggests that the obstacles for the functioning of firms is related to firm size. Recognizing the potential endogeneity and simultaneity between firms' constraints and firm size, we implement an Ordered-Probit model with a potential categorical endogenous regressor to estimate, for the case of Bolivia, the conditional probability of facing obstacles given the firm size category, while controlling for other factors. The results confirm the importance of allowing for the roles of firm size in identifying constraints and suggest priorities for policies to remove constraints to economic performance.
Can Foreign Portfolio Investment Bridge The Small Firm Financing Gap Around The World
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Author : April M. Knill
language : en
Publisher: World Bank Publications
Release Date : 2005
Can Foreign Portfolio Investment Bridge The Small Firm Financing Gap Around The World written by April M. Knill and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Inversiones extranjeras categories.
The author examines the impact of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, she examines the impact of foreign portfolio investment on capital issuance and firm growth across countries and firm characteristics, in particular size. After controlling for firm-, industry-, and country-level characteristics such as change in foreign exchange rate, share of market capitalization, relative interest rates, and investment climate, she finds that foreign portfolio investment helps to bridge the gap between the amounts of financing small firms require and that which they can access through the capital markets. Specifically, the author finds that foreign portfolio investment is associated with an increased ability to issue publicly traded securities for small firms in all nations, regardless of property rights development. Since small firms often rely heavily on bank lending, she also tests for potential increases in credit for small firms using the bank lending theory of monetary transmission. Results show significantly decreased short-term debt and increased long-term debt, supporting the contention that bank debt maturity to these firms has increased. This transition to longer-term debt could also be a result of the increased public debt securities these firms are more able to access. The overall increased access to capital only leads to value-enhancing growth at the firm level in nations with more developed property rights, underscoring the significance of a good financial system that minimizes information asymmetry as well as corruption, and enhances liquidity as well as property rights.