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dc.contributor.authorMahagaonkar, Prashanthen_US
dc.contributor.authorChaudhuri, Swayanen_US
dc.date.accessioned2009-03-06en_US
dc.date.accessioned2010-05-14T11:13:15Z-
dc.date.available2010-05-14T11:13:15Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/31722-
dc.description.abstractThe capital structure of firms is known to be different not only due to firm characteristics but also to the sources of capital. Therefore, there is a need to understand the supply side effects on a firm´s capital structure. A small firm´s choice of financing sources may be limited by the supply-side financial endowment of the region. Small firms are known to be heavily reliant on internal finance and the quantity and price channels are expected to drive usage of debt. Our findings on 2000 small firms in Eng land show that the quantity and price channels might work only for supply of very local capitals. Firms tend to prefer internal finance when semi-local or national institutions show higher commercial operational distance in their region. These results point out that semi-local and national institutions tend to drive away usage of debt due to monitoring costs or credit rationing, while very local institutions increase the usage of debt through quantity or price channels.en_US
dc.language.isoengen_US
dc.publisherUniversität Jena und Max-Planck-Institut für Ökonomik Jenaen_US
dc.relation.ispartofseriesJena economic research papers 2009,011en_US
dc.subject.jelG24en_US
dc.subject.jelG32en_US
dc.subject.jelE5en_US
dc.subject.jelN2en_US
dc.subject.jelO18en_US
dc.subject.ddc330en_US
dc.subject.keywordCapital structureen_US
dc.subject.keywordregional financial systemen_US
dc.subject.keywordinformation asymmetriesen_US
dc.subject.keywordgeographyen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwKlein- und Mittelunternehmenen_US
dc.subject.stwFinanzierungen_US
dc.subject.stwRegionaler Finanzmarkten_US
dc.subject.stwAsymmetrische Informationen_US
dc.subject.stwEnglanden_US
dc.titleRegional financial system and the financial structure of small firmsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn593186184en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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