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dc.contributor.authorSlotty, Constantinen
dc.date.accessioned2009-09-23-
dc.date.accessioned2010-08-19T12:32:28Z-
dc.date.available2010-08-19T12:32:28Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aJohann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften |cFrankfurt a. M.en
dc.relation.ispartofseries|aWorking Paper Series: Finance & Accounting |x205en
dc.subject.jelD23en
dc.subject.jelD92en
dc.subject.jelC23en
dc.subject.ddc330en
dc.subject.keywordLeasingen
dc.subject.keywordfinancial constraintsen
dc.subject.keywordcapital structureen
dc.subject.keywordasymmetric informationen
dc.subject.stwFinanzierungsleasingen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwKapitalstrukturen
dc.subject.stwAsymmetrische Informationen
dc.subject.stwKlein- und Mittelunternehmenen
dc.subject.stwUnternehmenswachstumen
dc.subject.stwDeutschlanden
dc.titleFinancial constraints and the decision to lease: Evidence from German SME-
dc.typeWorking Paperen
dc.identifier.ppn609306316en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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