Financial development and the allocation of external finance
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F12%3A00389202" target="_blank" >RIV/00216208:11640/12:00389202 - isvavai.cz</a>
Alternative codes found
RIV/67985998:_____/12:00376217
Result on the web
<a href="http://dx.doi.org/10.1016/j.jempfin.2011.11.002" target="_blank" >http://dx.doi.org/10.1016/j.jempfin.2011.11.002</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.jempfin.2011.11.002" target="_blank" >10.1016/j.jempfin.2011.11.002</a>
Alternative languages
Result language
angličtina
Original language name
Financial development and the allocation of external finance
Original language description
We examine whether financial markets development facilitates the efficient allocation of resources. Using European micro-level data for 1996?2005, we show that firms in industries with growth opportunities use more external finance in financially more developed countries. This result is particularly strong for firms that are more likely to be financially constrained and dependent on domestic financial markets, such as small and young firms. Our findings are robust to controlling for technological determinants of external finance needs and to using different proxies for growth opportunities. Interestingly, the explanatory power of the measures of technological determinants identified in prior work decreases significantly once growth opportunities are controlled for.
Czech name
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Czech description
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Classification
Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
<a href="/en/project/LC542" target="_blank" >LC542: Center of Advanced Political Economy Research</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2012
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Journal of Empirical Finance
ISSN
0927-5398
e-ISSN
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Volume of the periodical
19
Issue of the periodical within the volume
1
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
25
Pages from-to
1-25
UT code for WoS article
000300073500001
EID of the result in the Scopus database
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