financing yields higher financial constraints on average. …

level influence their financial constraints. For this purpose we merge Almeida, Campello and Weisbach (2004), a pathbreaking … new design for evaluating a firm's financial constraints, with Levine (2002), who paved the way for comparative analysis …

-level financial constraints as well as about the location the foreign affiliates. We find that financial factors constrain firms …' foreign investment decisions, an effect felt in particular by large firms. Financial constraints at the parent level matter … for the extensive, but less so for the intensive margin. For the intensive margin, financial constraints at the affiliate …

productivity, financial constraints and labor market constraints might constitute barriers to entry into foreign markets. We … constraints constitute a more severe barrier to foreign activities than financial constraints. Being covered by collective … size and productivity on firms' international activities. Second, small firms suffer more frequently from financial …

-level financial constraints as well as about the location the foreign affiliates. We find that financial factors constrain firms …’ foreign investment decisions, an effect felt in particular by large firms. Financial constraints at the parent level matter … for the extensive, but less so for the intensive margin. For the intensive margin, financial constraints at the affiliate …

-level financial constraints as well as on the location the foreign affiliates. We find that financial factors constrain firms' foreign … investment decisions, an effect felt in particular by large firms. Financial constraints at the parent level matter for the … extensive, but less so for the intensive margin. For the intensive margin, financial constraints at the affiliate level are …

-level financial constraints as well as on the location the foreign affiliates. We find that financial factors constrain firms’ foreign … investment decisions, an effect felt in particular by large firms. Financial constraints at the parent level matter for the … extensive, but less so for the intensive margin. For the intensive margin, financial constraints at the affiliate level are …

arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial … constraints. It shows that vertical integration trades off the benefits of joint liability against the costs of rendering the …