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
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Objekttyp
- Arbeitspapier
Beteiligte
- Masiak, Christian
- Block, Joern H.
- Moritz, Alexandra
- Lang, Frank
- Kraemer-Eis, Helmut
- European Investment Fund (EIF)
Entstanden
- 2017