Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/74661
Authors: 
Neuberger, Doris
Räthke-Döppner, Solvig
Year of Publication: 
2012
Series/Report no.: 
Thünen-Series of Applied Economic Theory 122
Abstract: 
Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and firm-specific characteristics, demographic and socio-economic characteristics of the entrepreneur matter. Older and higher qualified entrepreneurs have easier access to leasing than those who are younger or non-educated, but the latter lease more than highly educated entrepreneurs. Female and non-married entrepreneurs of young firms use leasing to increase their debt capacity. These results are important for aging populations where the financing of entrepreneurial activities by highly qualified, older and female persons are important to sustain growth.
Subjects: 
leasing
financial constraints
small firm finance
capital structure
aging population
JEL: 
D23
D92
G21
G31
G32
J14
J16
Document Type: 
Working Paper

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