Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
present microeconometric evidence on the determinants of debt and equity financing in young and innovative SMEs. We pay … special attention to the role of risk for the choice of the financing method. Since risk is not directly observable we use … probability that a young high-tech firm receives equity financing is an increasing function of the financial risk. With regard to …