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The Determinant Of Capital Structure In Smes
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Book Synopsis Trade Credit and Bank Credit by : Inessa Love
Download or read book Trade Credit and Bank Credit written by Inessa Love and published by World Bank Publications. This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors study the effect of financial crises on trade credit in a sample of 890 firms in six emerging economies. They find that although provision of trade credit increases right after the crisis, it consequently collapses in the following months and years. The authors observe that firms with weaker financial position (for example, high pre-crisis level of short-term debt and low cash stocks and cash flows) are more likely to reduce trade credit provided to their customers. This suggests that the decline in aggregate credit provision is driven by the reduction in the supply of trade credit, which follows the bank credit crunch. The results are consistent with the "redistribution view" of trade credit provision, in which bank credit is redistributed by way of trade credit by the firms with stronger financial position to the firms with weaker financial stand "--World Bank web site.
Book Synopsis Capital Structure and Corporate Financing Decisions by : H. Kent Baker
Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Book Synopsis Financing Patterns Around the World by : Thorsten Beck
Download or read book Financing Patterns Around the World written by Thorsten Beck and published by World Bank Publications. This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a firm-level survey database covering 48 countries, Beck, Demirgüç-Kunt, and Maksimovic investigate whether differences in financial and legal development affect the way firms finance their investments. The results indicate that external financing of investments is not a function of institutions, although the form of external finance is. The authors identify two explanations for this. First, legal and financial institutions affect different types of external finance in offsetting ways. Second, firm size is an important determinant of whether firms can have access to different types of external finance. Larger firms with financing needs are more likely to use external finance compared with small firms. The results also indicate that these firms are more likely to use external finance in more developed financial systems, particularly debt and equity finance. The authors also find evidence consistent with the pecking order theory in financially developed countries, particularly for large firms. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand firms' access to financial services.
Book Synopsis Business Environment and Firm Entry by : Leora Klapper
Download or read book Business Environment and Firm Entry written by Leora Klapper and published by World Bank Publications. This book was released on 2004 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.
Book Synopsis Finance and the Small Firm by : A. Hughes
Download or read book Finance and the Small Firm written by A. Hughes and published by . This book was released on 1994 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This edited collection is based upon work carried out under the ESRC's Small Business Programme. It examines key issues in the financing of small businesses. The starting premise is that there are imperfections in the market for the provision of finance for small firms. Excessive dependence upon short-term facilities such as loans and overdrafts has inhibited more long-standing relationships between small firms and providers of finance which would be more mutually beneficial." "The contributors call for changes which would solve this current imbalance. They suggest that small firms need to become more 'professional' in their financial management, with owners more prepared to 'share' equity. Financial institutions need to rely less on collateral and concentrate more on making informed judgements about the qualities of each business." "In this volume small firms are not treated as one indistinguishable mass but are broken down into specific types: the micro firm; the 'high-tech' small firm and the small firm owned by an individual from an ethnic minority. This treatment is unique." "Written by experts in small business, this volume will be of great interest to researchers in small business, students of industrial economics, business finance and management studies and by government policy advisers and financial advisers."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Book Synopsis The Economic Nature of the Firm by : Randall S. Kroszner
Download or read book The Economic Nature of the Firm written by Randall S. Kroszner and published by Cambridge University Press. This book was released on 2009-09-21 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together classic writings on the economic nature and organization of firms, including works by Ronald Coase, Oliver Williamson, and Michael Jensen and William Meckling, as well as more recent contributions by Paul Milgrom, Bengt Holmstrom, John Roberts, Oliver Hart, Luigi Zingales, and others. Part I explores the general theme of the firm's nature and place in the market economy; Part II addresses the question of which transactions are integrated under a firm's roof and what limits the growth of firms; Part III examines employer-employee relations and the motivation of labor; and Part IV studies the firm's organization from the standpoint of financing and the relationship between owners and managers. The volume also includes a consolidated bibliography of sources cited by these authors and an introductory essay by the editors that surveys the new institutional economics of the firm and issues raised in the anthology.
Book Synopsis How important are financing constraints? : the role of finance in the business environment by : Meghana Ayyagari
Download or read book How important are financing constraints? : the role of finance in the business environment written by Meghana Ayyagari and published by World Bank Publications. This book was released on 2006 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Corporate Capital Structures in the United States by : Benjamin M. Friedman
Download or read book Corporate Capital Structures in the United States written by Benjamin M. Friedman and published by University of Chicago Press. This book was released on 2009-05-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Author :Centre d'études prospectives et d'informations internationales (France) Publisher :Development Centre of the Organisation for Economic Co-operation and Development ISBN 13 : Total Pages :208 pages Book Rating :4.:/5 (321 download)
Book Synopsis Different Paths to a Market Economy by : Centre d'études prospectives et d'informations internationales (France)
Download or read book Different Paths to a Market Economy written by Centre d'études prospectives et d'informations internationales (France) and published by Development Centre of the Organisation for Economic Co-operation and Development. This book was released on 1998 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: The similarities and differences between the transition experiences of the Central European countries and the People's Republic of China are often, wrongly, taken as alternative approaches to the same problem. In reality, there is great complexity ...
Book Synopsis The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Industry Firms by : Dereje Yohannis
Download or read book The Determinants of Capital Structure in Ethiopian Small Scale Manufacturing Industry Firms written by Dereje Yohannis and published by GRIN Verlag. This book was released on 2019-12-18 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2019 in the subject Business economics - Investment and Finance, grade: 3.28, , language: English, abstract: The purpose of the study is investigating the determinants of capital structure for Small Scale Manufacturing Firms (SSMFs) in Ethiopia. Hypotheses utilizing trade-off, pecking order and agency theories are empirically examined using a series of firm characteristics: size, tangibility, profitability, earning volatility, age and macroeconomic variable (GDP growth rate, inflation rate and interest rate). A structured record review was made to collect a panel data, which include 20 SSMFs year observations of 11 years over the period 1998 – 2008 E.C. The findings suggest that profitability, earning volatility, age, growth, GDP, inflation rate and interest rate variables are the most important determinants of capital structure of SSMFs in Ethiopia. The findings also reveal that the dominant capital structure theories (trade-off, pecking order, and agency theories) appear indeed to be valid for Ethiopian SSMFs’ capital structure; in fact, trade-off theory best explains Ethiopian SSMFs’ capital structure. All firm specific variables except Size, tangibility and growth variables seem to have an effect on the level of leverage in Ethiopian SSMFs.
Book Synopsis Contemporary Trends and Challenges in Finance by : Krzysztof Jajuga
Download or read book Contemporary Trends and Challenges in Finance written by Krzysztof Jajuga and published by Springer. This book was released on 2018-04-27 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume includes a selection of the contributions presented at the Wroclaw conference in Finance, covering a wide range of topics in the area of finance. The articles reflect the extent, diversity and richness of research areas in the field. Discussing both fundamental and applied finance, it offers a detailed analysis of current financial-market problems including specifics of Polish and Central European markets. It also examines the results of advanced financial modeling. These proceedings are a valuable resource for researchers in universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in both private and government institutions.
Book Synopsis Surviving and Prospering in the Small Firm Sector by : Graham Hall
Download or read book Surviving and Prospering in the Small Firm Sector written by Graham Hall and published by Burns & Oates. This book was released on 1995 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for all those with an interest in the factors associated with the performance of small firms.It represents a mixture of the results of new empirical studies and a comprehensive review of the state of the art on various key issues. The book looks at new empirical research covering topics including: * the relationship of corporate size and age to incidence of failure * the value of prediction models of failure * lessons from official receiver reports * factors associated with failure in the construction sector * owner personality and performance * organisation life cycles * market structure, especially franchising and buyer-seller relationships * an international study of influences on the performance of small and medium enterprises * the instrumentation sector - factors determining success * the adequacy of the banking sector at meeting firms' needs
Book Synopsis Company Financing, Capital Structure, and Ownership by : Sanjiva Prasad
Download or read book Company Financing, Capital Structure, and Ownership written by Sanjiva Prasad and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Emergence of Entrepreneurial Economics by : G.T. Vinig
Download or read book The Emergence of Entrepreneurial Economics written by G.T. Vinig and published by JAI Press Incorporated. This book was released on 2005-08-01 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributes to the emergence of the entrepreneurial economics field, or school of thought, in which the study of patterns in the complex, seemingly chaotic and unpredictable process of entrepreneurship and its role in the economy stands central. This title also includes articles that provide the research done on entrepreneurship.
Download or read book Corporate Finance written by Stephen Ross and published by McGraw-Hill/Irwin. This book was released on 2009-10-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Finance, by Ross, Westerfield, and Jaffe emphasizes the modern fundamentals of the theory of finance, while providing contemporary examples to make the theory come to life. The authors aim to present corporate finance as the working of a small number of integrated and powerful intuitions, rather than a collection of unrelated topics. They develop the central concepts of modern finance: arbitrage, net present value, efficient markets, agency theory, options, and the trade-off between risk and return, and use them to explain corporate finance with a balance of theory and application. The well-respected author team is known for their clear, accessible presentation of material that makes this text an excellent teaching tool. The ninth edition has been fully updated to reflect the recent financial crisis and is now accompanied by Connect, an exciting new homework management system.
Book Synopsis The Financing of Small Business by : James A. Bates
Download or read book The Financing of Small Business written by James A. Bates and published by . This book was released on 1982 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Small Enterprises and Changing Policies by : A. H. J. Helmsing
Download or read book Small Enterprises and Changing Policies written by A. H. J. Helmsing and published by Intermediate Technology. This book was released on 1993 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the idea and practice of small enterprise development in Africa in a changing policy environment. Covers topics such as the impact of adjustment on small enterprise; financial policy reforms and assistance and how to sustain government and NGO assistance.
