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http://hdl.handle.net/10419/39049
  

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dc.contributor.authorSlotty, Constantinen_US
dc.date.accessioned2009-09-23en_US
dc.date.accessioned2010-08-19T12:32:28Z-
dc.date.available2010-08-19T12:32:28Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/39049-
dc.description.abstractThe objective of this paper is to test the hypothesis that in particular financially constrained firms lease a higher share of their assets to mitigate problems of asymmetric information. The assumptions are tested under a GMM framework which simultaneously controls for endogeneity problems and firms' fixed effects. We find that the share of total annual lease expenses attributable to either finance or operating leases is considerably higher for financially strained as well as for small and fast-growing firms those likely to face higher agency-cost premiums on marginal financing. Furthermore, our results confirm the substitution of leasing and debt financing for lessee firms. However, we find no evidence that firms use leasing as an instrument to reduce their tax burdens.en_US
dc.language.isoengen_US
dc.publisherUniv., Fachbereich Wirtschaftswiss. Frankfurt am Mainen_US
dc.relation.ispartofseriesWorking paper series // Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften Finance & accounting 205en_US
dc.subject.jelD23en_US
dc.subject.jelD92en_US
dc.subject.jelC23en_US
dc.subject.ddc330en_US
dc.subject.keywordLeasingen_US
dc.subject.keywordfinancial constraintsen_US
dc.subject.keywordcapital structureen_US
dc.subject.keywordasymmetric informationen_US
dc.subject.stwFinanzierungsleasingen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwAsymmetrische Informationen_US
dc.subject.stwKlein- und Mittelunternehmenen_US
dc.subject.stwUnternehmenswachstumen_US
dc.subject.stwDeutschlanden_US
dc.titleFinancial constraints and the decision to lease: Evidence from German SMEen_US
dc.typeWorking Paperen_US
dc.identifier.ppn609306316en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Working Paper Series: Finance and Accounting, Universität Frankfurt a. M.

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