1 resultado para Asset sales
em Greenwich Academic Literature Archive - UK
Filtro por publicador
- JISC Information Environment Repository (1)
- Repository Napier (5)
- Aberystwyth University Repository - Reino Unido (1)
- Academic Research Repository at Institute of Developing Economies (2)
- Acceda, el repositorio institucional de la Universidad de Las Palmas de Gran Canaria. España (1)
- AMS Tesi di Dottorato - Alm@DL - Università di Bologna (6)
- AMS Tesi di Laurea - Alm@DL - Università di Bologna (4)
- Andina Digital - Repositorio UASB-Digital - Universidade Andina Simón Bolívar (1)
- Aquatic Commons (3)
- Archive of European Integration (32)
- Archivo Digital para la Docencia y la Investigación - Repositorio Institucional de la Universidad del País Vasco (2)
- Aston University Research Archive (63)
- Biblioteca Digital da Produção Intelectual da Universidade de São Paulo (1)
- Biblioteca Digital da Produção Intelectual da Universidade de São Paulo (BDPI/USP) (1)
- Biblioteca Digital de Teses e Dissertações Eletrônicas da UERJ (1)
- Biblioteca Valenciana Digital - Ministerio de Educación, Cultura y Deporte - Valencia - Espanha (9)
- Bibloteca do Senado Federal do Brasil (5)
- BORIS: Bern Open Repository and Information System - Berna - Suiça (23)
- Boston University Digital Common (1)
- Brock University, Canada (5)
- Cambridge University Engineering Department Publications Database (27)
- CamPuce - an association for the promotion of science and humanities in African Countries (1)
- CentAUR: Central Archive University of Reading - UK (66)
- Cochin University of Science & Technology (CUSAT), India (4)
- Comissão Econômica para a América Latina e o Caribe (CEPAL) (5)
- CORA - Cork Open Research Archive - University College Cork - Ireland (2)
- Corvinus Research Archive - The institutional repository for the Corvinus University of Budapest (8)
- Dalarna University College Electronic Archive (2)
- Digital Commons @ DU | University of Denver Research (1)
- Digital Commons at Florida International University (17)
- Digital Peer Publishing (1)
- Digital Repository at Iowa State University (1)
- Digitale Sammlungen - Goethe-Universität Frankfurt am Main (1)
- Doria (National Library of Finland DSpace Services) - National Library of Finland, Finland (6)
- DRUM (Digital Repository at the University of Maryland) (1)
- Duke University (7)
- Gallica, Bibliotheque Numerique - Bibliothèque nationale de France (French National Library) (BnF), France (16)
- Glasgow Theses Service (1)
- Greenwich Academic Literature Archive - UK (1)
- Harvard University (14)
- Helda - Digital Repository of University of Helsinki (13)
- Illinois Digital Environment for Access to Learning and Scholarship Repository (1)
- Instituto Politécnico de Leiria (1)
- Instituto Politécnico do Porto, Portugal (3)
- Lume - Repositório Digital da Universidade Federal do Rio Grande do Sul (4)
- Martin Luther Universitat Halle Wittenberg, Germany (1)
- Massachusetts Institute of Technology (1)
- Memorial University Research Repository (1)
- Ministerio de Cultura, Spain (1)
- Nottingham eTheses (1)
- Open University Netherlands (2)
- Portal de Revistas Científicas Complutenses - Espanha (1)
- QUB Research Portal - Research Directory and Institutional Repository for Queen's University Belfast (22)
- Queensland University of Technology - ePrints Archive (143)
- RCAAP - Repositório Científico de Acesso Aberto de Portugal (1)
- RDBU - Repositório Digital da Biblioteca da Unisinos (1)
- Repositório Científico da Universidade de Évora - Portugal (2)
- Repositório digital da Fundação Getúlio Vargas - FGV (29)
- Repositório Institucional da Universidade de Brasília (1)
- Repositorio Institucional de la Universidad de El Salvador (1)
- Repositorio Institucional de la Universidad de La Laguna (1)
- Repositorio Institucional de la Universidad Nacional Agraria (3)
- Repositório Institucional UNESP - Universidade Estadual Paulista "Julio de Mesquita Filho" (2)
- Repositorio Institucional Universidad Católica de Colombia (1)
- RUN (Repositório da Universidade Nova de Lisboa) - FCT (Faculdade de Cienecias e Technologia), Universidade Nova de Lisboa (UNL), Portugal (9)
- Savoirs UdeS : plateforme de diffusion de la production intellectuelle de l’Université de Sherbrooke - Canada (1)
- South Carolina State Documents Depository (6)
- The Scholarly Commons | School of Hotel Administration; Cornell University Research (4)
- Universidad Autónoma de Nuevo León, Mexico (11)
- Universidad de Alicante (1)
- Universidad del Rosario, Colombia (4)
- Universidad Politécnica de Madrid (12)
- Universidade Complutense de Madrid (2)
- Universidade Federal do Pará (1)
- Universidade Federal do Rio Grande do Norte (UFRN) (1)
- Universitat de Girona, Spain (3)
- Université de Montréal, Canada (18)
- University of Canberra Research Repository - Australia (1)
- University of Connecticut - USA (4)
- University of Michigan (156)
- University of Queensland eSpace - Australia (11)
- University of Southampton, United Kingdom (1)
- University of Washington (3)
- USA Library of Congress (1)
- WestminsterResearch - UK (7)
- Worcester Research and Publications - Worcester Research and Publications - UK (2)
Resumo:
The main sources of financing for small and medium sized enterprises (SMEs) are equity (internally generated cash), trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information (cost of gathering and analysing information) and transactions costs associated with non-payment (costs of collecting and selling collateral). According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME's confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.