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The debt structure of SMEs : an optimization model

Moro, Andrea; Lucas, Mike R.; Grimm, Uwe G. - In: Journal of entrepreneurial finance : JEF ; official … 16 (2012) 1, pp. 87-108

-um sized enterprises (SMEs). In addition, the role of trust in accessing finance for such enterprises is under …-investigated. This paper presents a mathematical model for optimizing the debt structure of SMEs that, since SMEs are often equity … trust that suppliers and bank managers have in the enterprise. The extended model, suggests that the higher the level of …

Persistent link: https://www.econbiz.de/10010345097

The Debt Structure of SMEs: An Optimization Model

Moro, Andrea; Lucas, Mike R.; Grimm, Uwe G. - In: Journal of Entrepreneurial Finance 16 (2012) 1, pp. 87-108

Persistent link: https://www.econbiz.de/10010762505

Bank credit, trade credit or no credit: Evidence from the Surveys of Small Business Finances

Cole, Rebel - Volkswirtschaftliche Fakultät, … - 2010

In this study, we use data from the SSBFs to provide new information about the use of credit by small businesses in the U.S. More specifically, we first analyze firms that do and do not use credit; and then analyze why some firms use trade credit while others use bank credit. We find that one in...

Persistent link: https://www.econbiz.de/10008615030

Beg, Borrow, and Deal? Entrepreneurs' Choice of Financing and New Firm Innovation

Winston Smith, Sheryl - 2014

Entrepreneurs rely on a spectrum of financing options for new companies. I analyze two key aspects: the role of debt and bank loans in the early financing of new firms and the relationship between financing choice and subsequent innovation trajectory. I use microdata in the confidential Kauffman...

Persistent link: https://www.econbiz.de/10013070165

The short-term debt choice under asymmetric information

Abad Díaz, David; Sánchez-Ballesta, Juan P.; Yagüe … - In: SERIEs : Journal of the Spanish Economic Association 8 (2017) 3, pp. 261-285

This paper investigates whether the market level of information asymmetry affects firms’ debt financing decisions. Using a sample of non-financial listed firms and a composite index based on microstructure measures of information asymmetry, we find that firms with more information asymmetry...

Persistent link: https://www.econbiz.de/10011751429

Industry Effects and Banking Relationship as Determinants of Small Firm Capital Structure Decisions

Korkeamaki, Timo P.; Rutherford, Matthew W. - In: Journal of Entrepreneurial Finance 11 (2006) 1, pp. 23-38

This work examines the leverage ratios of firms covered by the 1998 SSBF Survey. We find that small firms in general are significantly more levered than their larger counterparts in an industry-matched Compustat sample, but the difference is at least partially explained by differences in...

Persistent link: https://www.econbiz.de/10010790617

Who needs credit and who gets credit? Evidence from the Surveys of Small Business Finances

Cole, Rebel A. - Volkswirtschaftliche Fakultät, … - 2008

In this study, we use data from the Federal Reserve’s 1993, 1998 and 2003 Surveys of Small Business Finances to classify small businesses into four groups based upon their credit needs and to model the credit allocation process into a sequence of three steps. First, do firms need credit? We...

Persistent link: https://www.econbiz.de/10008615019

Financing Patterns and Performance Outcomes of Women- versus Men-Owned Young Entrepreneurial Firms

Cole, Rebel A. - 2019

This study examines and compares characteristics, financing patterns, and performance outcomes of women-owned and men-owned young entrepreneurial firms. Using fully imputed data from the Kauffman Firm Surveys of U.S. start-up firms, we first examine the differences in firm and owner...

Persistent link: https://www.econbiz.de/10012900969

Debt Financing, Survival, and Growth of Start-Up Firms

Cole, Rebel A. - 2017

We analyze the relation between different forms of debt financing at the firm's start-up and subsequent firm outcomes. We distinguish between business debt, obtained in the name of the firm, and personal debt, obtained in the name of the firm's owner and used to finance the start-up firm....

Persistent link: https://www.econbiz.de/10012972659

Effects of microfinance bank credit on small and medium scale businesses: Evidence from Alimosho LGA, Lagos State

Onyeiwu, Charles; Muoneke, Obumneke Bob; Abayomi, … - In: The Journal of Entrepreneurial Finance (JEF) 22 (2020) 2, pp. 49-65

profitability of SMEs in Alimosho Local Government Area, Lagos State, Nigeria. A survey was carried out involving 387 SMEs in … service deteriorates significantly the profitability of selected SMEs in the Alimosho local government area of Lagos state … Banks (MFBs) should lighten the terms of lending including increasing the duration of the loans to ease repayment by SMEs …

Persistent link: https://www.econbiz.de/10013366713