Arbeitspapier

Financing Micro Firms in Europe: An Empirical Analysis

The vast majority of firms in Europe are micro firms. Still, we know little about their financing patterns. Our paper aims to close this gap. Based on a large European firm-level data set, we find that micro firms differ in their financing patterns from small and medium-sized companies. Our empirical results show that micro firms are more likely to use internal financing instruments, whereas they are less likely to use state subsidies, trade credit or asset-based financing instruments. Furthermore, micro firms differ from medium-sized firms by using more short-term debt (credit card overdrafts, credit lines and bank overdrafts). The implications of these findings for micro firms and policy makers are discussed.

Sprache
Englisch

Erschienen in
Series: EIF Working Paper ; No. 2017/44

Klassifikation
Wirtschaft
Multiple or Simultaneous Equation Models; Multiple Variables: General
Financial Institutions and Services: General
Corporate Finance and Governance: General
Thema
Micro firms
SMEs
enterprise financing in Europe
financing patterns

Ereignis
Geistige Schöpfung
(wer)
Masiak, Christian
Block, Joern H.
Moritz, Alexandra
Lang, Frank
Kraemer-Eis, Helmut
Ereignis
Veröffentlichung
(wer)
European Investment Fund (EIF)
(wo)
Luxembourg
(wann)
2017

Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Masiak, Christian
  • Block, Joern H.
  • Moritz, Alexandra
  • Lang, Frank
  • Kraemer-Eis, Helmut
  • European Investment Fund (EIF)

Entstanden

  • 2017

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