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News tagged with „Corporate Finance“

  • 2 News

February 2013

07.02.2013 – ZEW (dho/ggr)

Financing Problems for Start-ups - Start-up Financing: How Credit Ratings and Bank Concentration Impact Credit Access

The Basel II Accord implemented a tighter regulation of the banking sector. The importance of external credit scoring conducted by rating agencies has thus grown significantly for banks providing business loans. Especially innovative, not yet established companies without a convincing credit history often face substantial difficulties accessing credit. There is no evidence, however, that this is due to unfavourable or missing ratings. A study conducted by the Centre for European Economic Research (ZEW) shows that negative ratings are barriers to companies’ access to credit. Young innovative firms, however, are significantly less impacted by this effect. read more

March 2011

10.03.2011 – ZEW (pwe/ggr)

Family Businesses are Willing to Pay for Their Independence

Businesses that are at least 50 per cent family-owned rely more heavily than other enterprises on short-term credit in order to finance long-term investment and innovation projects. This gives them more flexibility and helps staying independent from external capital providers. In order to preserve their financial independence, family businesses are prepared to pay higher interest rates of short-term credits. These are the findings of a study conducted by the Centre for European Economic Research (ZEW) in Mannheim, which compared the financing behaviour of 1,417 family businesses and 1,195 non-family businesses in Germany. read more


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