Finanzierungsentscheidungen mittelständischer Unternehmer — Einflussfaktoren der Fremdfinanzierung deutscher KMU

Börner, Christoph J.; Grichnik, Dietmar; Reize, Frank

doi:10.1007/bf03377359

Cited by 11 publications

(5 citation statements)

References 21 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…As a focus, the effect of the size of the company is highlighted. According to Rajan and Zingales (1995), this has a negative effect on the leverage ratio, according to Börner et al (2010), it has a positive effect, and according to Hall et al (2004), it has no significant effect at all. Therefore, the current relationship of size and le-…”

Section: Empirical Findings In Literaturementioning

confidence: 94%

“…When considering equity, Rajan and Zingales (1995) distinguish between book and market values. Although most empirical studies of this kind (especially on SME data) only consider book values for simplicity reasons (Hall et al, 2004;Börner et al, 2010), it is quite possible that managers base their capital structure decisions on market leverage. The market capitalization describes the actual value of a company as better than the book value of the equity due to the valuation of the future potential.…”

Section: Operationalization Of Variablesmentioning

confidence: 99%

See 1 more Smart Citation

Capital Structures in German Small and Mid Caps: Does Trade-Off or Pecking Order Theory Explain Current Reality Better?

Dommes¹,

Schmitt²,

Steurer³

2019

JFRM

View full text Add to dashboard Cite

This paper analyzes the determinants of the capital structure of German companies. The data are based on the year-end values of 44 companies included in the SDAX for the 2017 financial year. The data are examined in a multiple regression analysis according to the ordinary least squares (OLS) method. The result basically shows a strong correlation for the market leverage ratio with the factors of company size and growth opportunities. Profitability plays only a subordinate role. No significant correlation with the capital structure of German companies in the SDAX has been found for the tangibility factor of the assets. Basically, the results of this work support trade-off theory more than pecking order theory and thus point to the existence of an optimal debt ratio.

show abstract

Section: Empirical Findings In Literaturementioning

confidence: 94%

Section: Operationalization Of Variablesmentioning

confidence: 99%

Capital Structures in German Small and Mid Caps: Does Trade-Off or Pecking Order Theory Explain Current Reality Better?

Dommes¹,

Schmitt²,

Steurer³

2019

JFRM

View full text Add to dashboard Cite

show abstract

“…Even though over 50% of the company's shares are usually sold within the first couple of years following the IPO, they are rationed into small external block sizes in most cases, ensuring that no external party has individual control (Brennan & Franks, 1997). Finally, another disadvantage of public equity is that it is usually reserved for larger enterprises as smaller enterprises are lacking direct access to capital markets due to missing specialised platforms (Börner, Grichnik & Reize, 2010).…”

Section: Börner Et Al 2010mentioning

confidence: 99%

“…However, as identified in section 2.1.3, one of the main burdens for mediumsized enterprises to get listed is the lack of specialised platforms for SMEs (Börner et al, 2010). "For decades, private market participants and officials have been seeking to encourage the development of specialised exchanges or similar trading platforms to satisfy the demand of SMEs for equity finance" (OECD, 2015, p. 94).…”

Section: Specifics For Medium-sized Enterprisesmentioning

confidence: 99%

Mind the gap: public equity as a financing solution for medium-sized enterprises and the influence of national culture

Koch

Crossan²,

Jaworski³

2022

IJEBR

View full text Add to dashboard Cite

PurposeThis research focuses on the demand from medium-sized firms to access public equity as a source of finance. The acceptance of public equity differs strongly between countries, particularly between the United Kingdom and Germany. Therefore, this research aims to identify the impact of national culture on the decision to go public in these two countries.Design/methodology/approachThe theoretical framework builds on the satisficing theory of rationality, the pecking-order theory as well as Hofstede's cultural dimension theory. Using a questionnaire, over 1,000 medium-sized businesses in the United Kingdom and Germany were surveyed.FindingsThe findings demonstrate that British medium-sized firms are more open to using public equity as a source of finance than their German counterparts. The results indicate that national culture not only affects the decision to go public but also has a negative impact on uncertainty avoidance and long-term orientation.Originality/valueThe originality of the research lies in the focus on medium-sized firms and the effects of cultural differences between the United Kingdom and Germany. No previous research has explored how culture influences the decision to go public using a dataset generated from medium-sized firms in the United Kingdom and Germany.

show abstract

“…The literature constantly highlights firm's size to be an important determinant of both the range and types of funding available to it (Cressy and Olafsson, 1997;Berger and Udell, 1998;Börner et al, 2010). For the analysis, it is therefore interesting to learn about the diversification and availability of financing sources in the sample.…”

Section: Financing Of European Firmsmentioning

confidence: 99%

What finance for what investment? Survey-based evidence for European companies

Ferrando

Preuss

2018

Econ Polit

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Acknowledgments:We would like to thank Debora Revoltella, Maarten Buis, and Rozalia Pal as well as participants at the ECB workshop "Euro area business investment in a global context -the role of cyclical and structural factors and frictions" and at the International Conference on Small Businesses, Banks, Finance, Innovation and Growth 2017 for highly valuable suggestions and comments. This research was conducted while the authors were visiting the EIB, whose hospitality and support are gratefully acknowledged. All errors and omissions remain our own. The views expressed do not necessarily reflect those of the European Investment Bank and of the European Central Bank. 3 AbstractWe examine the link between corporate financing and investment decisions of European firms by using a novel firm-level survey of the European Investment Bank (EIBIS). The survey provides rich quantitative information of a wide range of financing sources and tangible and intangible investment types for a representative sample of EU28 firms in 2016. We provide new evidence and contribute to previous research in the following ways: first we consider the heterogeneous effect of internal and external finance on different tangible and intangible investment types. Second, our analysis focuses on a broad spectrum of nonfinancial corporations across size classes from different countries. By using a multinomial fractional response model to estimate the finance-investment link, we find that SMEs and large enterprises show a different financing behaviour for their investment activity. The results suggest that SMEs' tangible asset investment is positively related to the use of bank finance, whereas internal finance is preferred for intangible asset investments. JEL Classification: D22, E22, G32, L25Keywords: tangible and intangible investment, internal and external finance, R&D investment, SME finance, multivariate fractional response model 4

show abstract

Finanzierungsentscheidungen mittelständischer Unternehmer — Einflussfaktoren der Fremdfinanzierung deutscher KMU

Cited by 11 publications

References 21 publications

Capital Structures in German Small and Mid Caps: Does Trade-Off or Pecking Order Theory Explain Current Reality Better?

Capital Structures in German Small and Mid Caps: Does Trade-Off or Pecking Order Theory Explain Current Reality Better?

Mind the gap: public equity as a financing solution for medium-sized enterprises and the influence of national culture

What finance for what investment? Survey-based evidence for European companies

Contact Info

Product

Resources

About