Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing … by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to …-economic characteristics of the entrepreneur matter. Older and higher qualified entrepreneurs have easier access to leasing than those who are …

activists is associated with large increases in leasing. This association is stronger in periods of high real estate prices and … for firms with larger amounts of real estate assets. We also find that higher leasing in the presence of activist … investing is accompanied by higher dividend payments and lower investment. The leasing activity associated with shareholder …