Diese Studie untersucht mögliche Auswirkungen der Corona-Pandemie auf die Finanzierung von kleinen und mittleren Unternehmen (KMU). Zu Beginn der Corona-Pandemie ist die Anzahl der KMU mit Finanzierungsproblemen gestiegen, sowohl in Deutschland als auch in weiteren Ländern des Euroraums. KMU...

Using recently collected data on Finnish small businesses, we provide evidence that the debt capacity of growth options, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the information and communications technology (ICT) sector. We...

This paper provides evidence that capital market imperfections hold back innovation and growth, and that public policy can complement capital markets. We deliver the evidence by studying the effects of government funding on the behavior of SMEs in Finland. By adapting the methodology recently...

Foreign direct investment has been one of the main drivers of economic developments over the past few years in Central and Eastern Europe (CEE). Within the ongoing globalization and international division of labor, a large number of foreign companies have established production units in CEE...

This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital structure. Employing Chi-square Sign Test and Logit...

Modelling the link between the global macro-financial factors and firms’ default probabilities constitutes an elementary part of financial sector stress-testing frameworks. Using the Global Vector Autoregressive(GVAR) model and constructing a linking satellite equation for the firm-level...

Offshore-Windparks sind eine wichtige Säule für die erfolgreiche Umsetzung der Energiewende. Weltweit boomen der Ausbau und die Entwicklung dieser nachhaltigen Technologien mit unterschiedlichen nationalen Herausforderungen. Allen Projekten ist jedoch gemein, dass mit steigender Tendenz viel...

Spendensammelnde Nonprofit-Organisationen (NPOs) verfügen verglichen mit gewinnorientierten Unternehmen ähnlicher Grösse über relativ hohe finanzielle Reserven in Form eines Finanzvermögens. Deren Höhe hängt von verschiedenen Faktoren ab, die im Rahmen der vorliegenden Studie untersucht...

This paper considers the effect of financial liberalisation on access to investment finance using firm level data covering 57 developing and transition countries. An index is presented which measures financial market liberalisation along the following policy dimensions: directed lending, credit...

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...