A unique dataset of over 70,000 firms, most of which are small, in over 100 countries, is utilized to systematically study the use of different financing sources for new and young firms. Consistent age-related patterns emerge. Across all countries younger firms rely less on bank financing and more on informal financing. There is a clear substitution effect: as firms mature, more firms switch out of informal finance toward bank finance, while the total...
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INFORMATION
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2011/10/01
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Article de revue
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81279
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1
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1
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2013/12/16
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Disclosed
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The impact of the business environment on young firm financing
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trade credit
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