03078nam a2200349 a 4500 20181210070802.0 cr ||||||||||| 060821s2006 dcu sb i000 0 eng 2006618448 DLC DLC BD-DhBPA HG3881.5.W57 338.64209438 KLF 2006 Klapper, Leora. 10385 A firm-level analysis of small and medium size enterprise financing in Poland Leora Klapper, Virginia Sarria-Allende and Rida Zaidi, Research working paper Collection Title:Policy. Washington, D.C. : World Bank, 2006. 42 p. ; 23 cm. Policy research working paper ; 3984 Title from PDF file as viewed on 8/21/2006. Includes bibliographical references. "The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector. "--World Bank web site. Also available in print. System requirements: Adobe Acrobat Reader. Mode of access: World Wide Web. Zahid Small business Poland Finance. 108187 Service industries Poland. 108188 Sarria-Allende, Virginia. 108189 Zaidi, Rida 1867 World Bank. 108190 Policy research working papers (Online) ; 3984. 108191 ddc BK 37624 37624 0 ddc 0 0 BPATC BPATC GRR 2018-05-13 0 338.64209438 KLF 2006 WB5447 2018-05-13 00:00:00 2018-05-13 BK Zahid