A Firm-level Analysis of Small and Medium Size Enterprise Financing in Poland PDF Download
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Author: Leora Klapper
Publisher:
ISBN:
Category : Service industries
Languages : en
Pages : 48
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Book Description
"The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector. "--World Bank web site.
Author: Leora Klapper
Publisher:
ISBN:
Category : Service industries
Languages : en
Pages : 48
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Book Description
"The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector. "--World Bank web site.
Author: Meghana Ayyagari
Publisher: World Bank Publications
ISBN:
Category : Pequeą y mediana empresa (PYME)
Languages : en
Pages : 40
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Book Description
This paper describes a new cross-country database on the importance of small and medium enterprises (SMEs). This database is unique in that it presents consistent and comparable information on the contribution of the SME sector to total employment and GDP across different countries. The dataset improves on existing publicly available datasets on several grounds. First, it extends coverage to a broader set of developing and industrial economies. Second, it provides information on the contribution of the SME sector using a uniform definition of SMEs across different countries, allowing for consistent cross-country comparisons. Third, while we follow the traditional definition of the SME sector as being part of the formal sector, the new database also includes the size of the SME sector relative to the informal sector. This paper describes the sources and the construction of the different indicators, presents descriptive statistics, and explores correlations with other socioeconomic variables. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to study SME-related issues.
Author: Andrea Ciani
Publisher: World Bank Publications
ISBN: 1464815585
Category : Business & Economics
Languages : en
Pages : 187
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Book Description
Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries.Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top” of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants.This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Author:
Publisher: World Bank Publications
ISBN:
Category : Corporations
Languages : en
Pages : 36
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Book Description
Author: Thorsten Beck
Publisher: World Bank Publications
ISBN:
Category : Business enterprises
Languages : en
Pages : 60
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Book Description
Using a firm-level survey database covering 48 countries, Beck, Demirgüç-Kunt, and Maksimovic investigate whether differences in financial and legal development affect the way firms finance their investments. The results indicate that external financing of investments is not a function of institutions, although the form of external finance is. The authors identify two explanations for this. First, legal and financial institutions affect different types of external finance in offsetting ways. Second, firm size is an important determinant of whether firms can have access to different types of external finance. Larger firms with financing needs are more likely to use external finance compared with small firms. The results also indicate that these firms are more likely to use external finance in more developed financial systems, particularly debt and equity finance. The authors also find evidence consistent with the pecking order theory in financially developed countries, particularly for large firms. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand firms' access to financial services.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264044353
Category :
Languages : en
Pages : 44
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Book Description
Author: Nadeem Akhtar
Publisher: Springer Nature
ISBN: 9464632003
Category : Computers
Languages : en
Pages : 1418
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Book Description
This is an open access book.The 3rd International Conference on Public Management and Intelligent Society(PMIS 2023) will be held on March 10-12, 2023 in Shanghai, China. PMIS 2021 and PMIS 2022 have been successfully held in the last 2 years, providing an academic exchange platform for participants from all over the world. The conference discussed the latest topics in the field of public management and intelligent society, and the wonderful presentations were given by invited distinguished speakers and praised by scholars. Building an intelligent society and studying public management have always been a leading and hot issue. PMIS 2023 will focus on public management in an intelligent society, technological innovation in an intelligent society and advanced intelligent transportation system to discuss further. The aim of PMIS 2023 is to bring together innovative academics and industrial experts in the field of Public Management and Intelligent Society to a common forum. The primary goal to promote research and developmental activities and another goal is to promote scientific information interchange between researchers, developers, students, and practitioners in related fields.
Author: Ganeshan Wignaraja
Publisher: Springer
ISBN: 9784431566595
Category : Business & Economics
Languages : en
Pages : 326
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Book Description
The book provides a comprehensive examination of patterns and determinants of production networks in East Asia, a key driver in the region’s global success. It provides the reader with an accessible understanding of the theoretical literature on production networks and recent developments in empirical analysis at the industry and firm-levels. The topics covered in the book include: gross trade in parts and components and gravity models, trade in value added, industry case studies, and micro data econometric studies of firm heterogeneity in production networks. The micro data econometric studies explore key aspects of the heterogeneity of firms in East Asian production networks such as technological capability, the entry of small and medium enterprises into production networks, business use of free trade agreements, and access to credit. Blending new sources of data, empirical tools and econometric methods this book is highly recommended for readers who seek to understand the workings of the complex web of production networks in East Asia.
Author:
Publisher: World Bank Publications
ISBN: 0821374060
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Author: group of authors
Publisher: Czech Institute of Academic Education z.s.
ISBN: 8090623123
Category : Business & Economics
Languages : en
Pages : 189
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Book Description
International Academic Conference on Management, Economics and Marketing in Budapest, Hungary 2016 (IAC-MEM 2016), Friday - Saturday, July 8 - 9, 2016
