Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other investments, yet existing evidence on whether financing constraints limit R&D is decidedly mixed, particularly in studies of non-U.S. firms. We study a large sample of European firms and show that prior studies likely understate the impact of financing constraints on R&D because ...

We use the staggered introduction of a major financial reporting regulation worldwide as an exogenous shock to the information environment of individual companies and study whether treated firms change financing decisions consistent with the pecking-order theory. Exploiting within country-year variation in firms’ financing frictions, we document that financially constrained firms increase the i...

Socio-economic development and adaptation to climate change are closely intertwined. Adaptation is increasingly described as climate resilient development or development under a hostile climate. In support of this view, this paper calculates the combined cost of meeting and at the same time “climate-proofing” the Millennium Development Goals (MDGs) for Africa. Treating adaptation and developmen...

Social impact investing and social entrepreneurship have great potential for solving global problems. However, practitioners researchers know little about the entrepreneurial process investors’ criteria. Therefore, we identify determinants of access to external finance enterprises in an emerging economy using a quantitative approach large sample (N = 601). We found that sector, business model, ...

We explore the connection between the country-level financial disclosure environment and innovative investment. There is strong evidence a more transparent disclosure environment lowers the cost and increases the availability of external equity finance, which should, in turn, impact the real activities most dependent on such financing. Using a variety of proxies for disclosure and transparency ...

This study investigates sharia compliance external sources of financing for SME’s business expansion. The object this is PT. XYZ that operates in the security service entity outsourcing industry. In last five years until 2022 has declined number clients growth. Fortunately, 2023 received an offer to supply 500 personnel will increase its sales growth 134%. a lot higher than internal and sustain...