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ARTÍCULO
TITULO

The Effect of Institutions on the External Financing of The Brazilian Firms

Antonio Gledson De Carvalho    

Resumen

Based on an analysis across Brazilian states, this article investigates whether the level of institutional development affects the pattern of external financing of firms. The analysis is based on a unique dataset stratified across firms from 10 to 10,500 employees (of which 71.9 percent are micro and small firms), 13 Brazilian states and 9 industries. Our main results indicate that lack institutional development ? measured through corruption and efficiency of the judicial system and financial development ? makes the use of bank credit and formal sources less frequent. Moreover, this effect seems to be stronger for small firms.

PÁGINAS
pp. 1 - 27
MATERIAS
ECONOMÍA

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