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The determinants of financing obstacles
 
Author:Thorsten Beck; ; Luc Laeven; Vojislav Maksimovic; Collection Title:Policy, Research working paper series ; no. WPS 3204
Country:World; Date Stored:2004/02/18
Document Date:2004/02/01Document Type:Policy Research Working Paper
Language:EnglishRegion:The World Region
Report Number:WPS3204SubTopics:Small Scale Enterprise; Payment Systems & Infrastructure; National Governance; Microfinance; Small and Medium Size Enterprises; Financial Intermediation; Private Participation in Infrastructure
Volume No:1 of 1  

Summary: The authors use survey data on a sample of over 10,000 firms from 80 countries to assess (1) how successful a priori classifications are in distinguishing between financially constrained and unconstrained firms, and (2) more generally, the determinants of financing obstacles of firms. They find that older, larger, and foreign-owned firms report less financing obstacles. Their findings thus confirm the usefulness of size, age, and ownership as a priori classifications of financing constraints, while they shed doubts on other classifications used in the literature. Their results also suggest that institutional development is the most important country characteristic explaining cross-country variation in firms' financing obstacles.

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