Different modes of external finance provide heterogeneous benefits for the borrowing firms. Informal finance offers … informational advantages whereas formal finance is scalable. Using unique survey data from China, we find that informal finance is … between informal and formal finance for the sales growth of small firms, but not for large firms. Co-funding, thereby …

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …