A firm-level analysis of small and medium size enterprise financing in Poland:
"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...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
[2006]
|
| Schriftenreihe: | Policy research working paper
3984 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "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 |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 8/21/2006 |
| Beschreibung: | 1 Online-Ressource |
Internformat
MARC
| LEADER | 00000nmm a22000001cb4500 | ||
|---|---|---|---|
| 001 | BV049074640 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 230731s2006 xxu|||| o||u| ||||||eng d | ||
| 035 | |a (ZDB-1-WBA)093225369 | ||
| 035 | |a (OCoLC)1392136250 | ||
| 035 | |a (DE-599)GBVNLM005461510 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 | ||
| 100 | 1 | |a Klapper, Leora |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a A firm-level analysis of small and medium size enterprise financing in Poland |c Leora Klapper, Virginia Sarria-Allende, Rida Zaidi, Research working paper Collection Title:Policy |
| 264 | 1 | |a [Washington, D.C] |b World Bank |c [2006] | |
| 300 | |a 1 Online-Ressource | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a Policy research working paper |v 3984 | |
| 500 | |a Includes bibliographical references | ||
| 500 | |a Title from PDF file as viewed on 8/21/2006 | ||
| 520 | 3 | |a "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 | |
| 533 | |a Online-Ausg |n Also available in print | ||
| 650 | 4 | |a Service industries |z Poland | |
| 650 | 4 | |a Small business |z Poland |x Finance | |
| 700 | 1 | |a Sarria-Allende, Virginia |e Sonstige |4 oth | |
| 710 | 2 | |a World Bank |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Klapper, Leora |a A firm-level analysis of small and medium size enterprise financing in Poland |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-034336531 | ||
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |l BSB01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |l EUV01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |l HTW01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |l FHI01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |l IOS01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1804185392638853120 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Klapper, Leora |
| author_facet | Klapper, Leora |
| author_role | aut |
| author_sort | Klapper, Leora |
| author_variant | l k lk |
| building | Verbundindex |
| bvnumber | BV049074640 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)093225369 (OCoLC)1392136250 (DE-599)GBVNLM005461510 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03987nmm a22004691cb4500</leader><controlfield tag="001">BV049074640</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">230731s2006 xxu|||| o||u| ||||||eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)093225369</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1392136250</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005461510</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Klapper, Leora</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">A firm-level analysis of small and medium size enterprise financing in Poland</subfield><subfield code="c">Leora Klapper, Virginia Sarria-Allende, Rida Zaidi, Research working paper Collection Title:Policy</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">[Washington, D.C]</subfield><subfield code="b">World Bank</subfield><subfield code="c">[2006]</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Policy research working paper</subfield><subfield code="v">3984</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Title from PDF file as viewed on 8/21/2006</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">"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</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield><subfield code="n">Also available in print</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Service industries</subfield><subfield code="z">Poland</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Small business</subfield><subfield code="z">Poland</subfield><subfield code="x">Finance</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Sarria-Allende, Virginia</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">World Bank</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Klapper, Leora</subfield><subfield code="a">A firm-level analysis of small and medium size enterprise financing in Poland</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034336531</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984</subfield><subfield code="l">EUV01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984</subfield><subfield code="l">HTW01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984</subfield><subfield code="l">FHI01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984</subfield><subfield code="l">IOS01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV049074640 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:47Z |
| indexdate | 2024-07-10T09:54:30Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034336531 |
| oclc_num | 1392136250 |
| open_access_boolean | |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| physical | 1 Online-Ressource |
| psigel | ZDB-1-WBA |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | World Bank |
| record_format | marc |
| series2 | Policy research working paper |
| spelling | Klapper, Leora Verfasser aut A firm-level analysis of small and medium size enterprise financing in Poland Leora Klapper, Virginia Sarria-Allende, Rida Zaidi, Research working paper Collection Title:Policy [Washington, D.C] World Bank [2006] 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Policy research working paper 3984 Includes bibliographical references Title from PDF file as viewed on 8/21/2006 "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 Online-Ausg Also available in print Service industries Poland Small business Poland Finance Sarria-Allende, Virginia Sonstige oth World Bank Sonstige oth Klapper, Leora A firm-level analysis of small and medium size enterprise financing in Poland http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Klapper, Leora A firm-level analysis of small and medium size enterprise financing in Poland Service industries Poland Small business Poland Finance |
| title | A firm-level analysis of small and medium size enterprise financing in Poland |
| title_auth | A firm-level analysis of small and medium size enterprise financing in Poland |
| title_exact_search | A firm-level analysis of small and medium size enterprise financing in Poland |
| title_exact_search_txtP | A firm-level analysis of small and medium size enterprise financing in Poland |
| title_full | A firm-level analysis of small and medium size enterprise financing in Poland Leora Klapper, Virginia Sarria-Allende, Rida Zaidi, Research working paper Collection Title:Policy |
| title_fullStr | A firm-level analysis of small and medium size enterprise financing in Poland Leora Klapper, Virginia Sarria-Allende, Rida Zaidi, Research working paper Collection Title:Policy |
| title_full_unstemmed | A firm-level analysis of small and medium size enterprise financing in Poland Leora Klapper, Virginia Sarria-Allende, Rida Zaidi, Research working paper Collection Title:Policy |
| title_short | A firm-level analysis of small and medium size enterprise financing in Poland |
| title_sort | a firm level analysis of small and medium size enterprise financing in poland |
| topic | Service industries Poland Small business Poland Finance |
| topic_facet | Service industries Poland Small business Poland Finance |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3984 |
| work_keys_str_mv | AT klapperleora afirmlevelanalysisofsmallandmediumsizeenterprisefinancinginpoland AT sarriaallendevirginia afirmlevelanalysisofsmallandmediumsizeenterprisefinancinginpoland AT worldbank afirmlevelanalysisofsmallandmediumsizeenterprisefinancinginpoland |