The Determinants of Financing Obstacles

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 determin...

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Main Authors:	Beck, Thorsten, Demirgüç-Kunt, Asli, Laeven, Luc, Maksimovic, Vojislav
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ASYMMETRIC INFORMATION BUDGETARY SUPPORT BUREAUCRACY BUSINESS ENVIRONMENT CAPITAL MARKETS CASH-FLOW CITIZENS COMPANY CORPORATE STRUCTURE CORRUPTION DEBT DEBT COVENANTS ECONOMETRICS ECONOMIC GROWTH ECONOMICS EMPLOYMENT FINANCIAL CONSTRAINTS FINANCIAL FACTORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCING CONSTRAINTS FIRM SIZE FIRMS FOREIGN BANKS FOREIGN INVESTMENT FOREIGN OWNERSHIP GOVERNANCE INDICATORS INFLATION INSIDER TRADING INSTITUTIONAL DEVELOPMENT INTEREST RATES INTERNATIONAL ECONOMICS INVESTMENT CLIMATE LEASING LEGAL SYSTEM LEGAL SYSTEMS LIQUIDITY MEDIUM ENTERPRISES MULTINATIONAL COMPANIES MULTINATIONAL ENTERPRISE MULTINATIONAL ENTERPRISES PREFERENTIAL TREATMENT SMALL FIRMS STOCK EXCHANGES STOCK MARKETS SUPPLIERS CROSS COUNTRY ANALYSIS Investment models
Online Access:	http://documents.worldbank.org/curated/en/2004/02/2953712/determinants-financing-obstacles http://hdl.handle.net/10986/13940

id	okr-10986-13940
recordtype	oai_dc
spelling	okr-10986-139402021-04-23T14:03:20Z The Determinants of Financing Obstacles Beck, Thorsten Demirgüç-Kunt, Asli Laeven, Luc Maksimovic, Vojislav ASYMMETRIC INFORMATION BUDGETARY SUPPORT BUREAUCRACY BUSINESS ENVIRONMENT CAPITAL MARKETS CASH-FLOW CITIZENS COMPANY CORPORATE STRUCTURE CORRUPTION DEBT DEBT COVENANTS ECONOMETRICS ECONOMIC GROWTH ECONOMICS EMPLOYMENT FINANCIAL CONSTRAINTS FINANCIAL FACTORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCING CONSTRAINTS FIRM SIZE FIRMS FOREIGN BANKS FOREIGN INVESTMENT FOREIGN OWNERSHIP GOVERNANCE INDICATORS INFLATION INSIDER TRADING INSTITUTIONAL DEVELOPMENT INTEREST RATES INTERNATIONAL ECONOMICS INVESTMENT CLIMATE LEASING LEGAL SYSTEM LEGAL SYSTEMS LIQUIDITY MEDIUM ENTERPRISES MULTINATIONAL COMPANIES MULTINATIONAL ENTERPRISE MULTINATIONAL ENTERPRISES PREFERENTIAL TREATMENT SMALL FIRMS STOCK EXCHANGES STOCK MARKETS SUPPLIERS CROSS COUNTRY ANALYSIS Investment models 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. 2013-06-13T21:54:12Z 2013-06-13T21:54:12Z 2004-02 http://documents.worldbank.org/curated/en/2004/02/2953712/determinants-financing-obstacles http://hdl.handle.net/10986/13940 English en_US Policy Research Working Paper;No. 3204 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ASYMMETRIC INFORMATION BUDGETARY SUPPORT BUREAUCRACY BUSINESS ENVIRONMENT CAPITAL MARKETS CASH-FLOW CITIZENS COMPANY CORPORATE STRUCTURE CORRUPTION DEBT DEBT COVENANTS ECONOMETRICS ECONOMIC GROWTH ECONOMICS EMPLOYMENT FINANCIAL CONSTRAINTS FINANCIAL FACTORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCING CONSTRAINTS FIRM SIZE FIRMS FOREIGN BANKS FOREIGN INVESTMENT FOREIGN OWNERSHIP GOVERNANCE INDICATORS INFLATION INSIDER TRADING INSTITUTIONAL DEVELOPMENT INTEREST RATES INTERNATIONAL ECONOMICS INVESTMENT CLIMATE LEASING LEGAL SYSTEM LEGAL SYSTEMS LIQUIDITY MEDIUM ENTERPRISES MULTINATIONAL COMPANIES MULTINATIONAL ENTERPRISE MULTINATIONAL ENTERPRISES PREFERENTIAL TREATMENT SMALL FIRMS STOCK EXCHANGES STOCK MARKETS SUPPLIERS CROSS COUNTRY ANALYSIS Investment models
spellingShingle	ASYMMETRIC INFORMATION BUDGETARY SUPPORT BUREAUCRACY BUSINESS ENVIRONMENT CAPITAL MARKETS CASH-FLOW CITIZENS COMPANY CORPORATE STRUCTURE CORRUPTION DEBT DEBT COVENANTS ECONOMETRICS ECONOMIC GROWTH ECONOMICS EMPLOYMENT FINANCIAL CONSTRAINTS FINANCIAL FACTORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARY DEVELOPMENT FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCING CONSTRAINTS FIRM SIZE FIRMS FOREIGN BANKS FOREIGN INVESTMENT FOREIGN OWNERSHIP GOVERNANCE INDICATORS INFLATION INSIDER TRADING INSTITUTIONAL DEVELOPMENT INTEREST RATES INTERNATIONAL ECONOMICS INVESTMENT CLIMATE LEASING LEGAL SYSTEM LEGAL SYSTEMS LIQUIDITY MEDIUM ENTERPRISES MULTINATIONAL COMPANIES MULTINATIONAL ENTERPRISE MULTINATIONAL ENTERPRISES PREFERENTIAL TREATMENT SMALL FIRMS STOCK EXCHANGES STOCK MARKETS SUPPLIERS CROSS COUNTRY ANALYSIS Investment models Beck, Thorsten Demirgüç-Kunt, Asli Laeven, Luc Maksimovic, Vojislav The Determinants of Financing Obstacles
relation	Policy Research Working Paper;No. 3204
description	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.
format	Publications & Research :: Policy Research Working Paper
author	Beck, Thorsten Demirgüç-Kunt, Asli Laeven, Luc Maksimovic, Vojislav
author_facet	Beck, Thorsten Demirgüç-Kunt, Asli Laeven, Luc Maksimovic, Vojislav
author_sort	Beck, Thorsten
title	The Determinants of Financing Obstacles
title_short	The Determinants of Financing Obstacles
title_full	The Determinants of Financing Obstacles
title_fullStr	The Determinants of Financing Obstacles
title_full_unstemmed	The Determinants of Financing Obstacles
title_sort	determinants of financing obstacles
publisher	World Bank, Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/02/2953712/determinants-financing-obstacles http://hdl.handle.net/10986/13940
_version_	1764429866617274368

The Determinants of Financing Obstacles

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