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SME finance (English)

This paper takes stock of the empirical evidence on the financing challenges faced by small and medium enterprises, especially in developing countries. ... See More +

Policy Research Working Paper WPS8241 NOV 13, 2017

Demirguc-Kunt,Asli; Maksimovic,Vojislav; Ayyagari,Meghana Disclosed

Are large firms born or made ? evidence from developing countries (English)

This paper uses survey data from 120 developing countries to compare the role of institutions with firm characteristics at the time of creation of the firm in explaining the size, growth, and productivity of firms over their lifecycle. ... See More +

Policy Research Working Paper WPS7406 AUG 27, 2015

Ayyagari,Meghana; Demirguc-Kunt,Asli; Maksimovic,Vojislav Disclosed

What determines entrepreneurial outcomes in emerging markets ? the role of initial conditions (English)

Is it the institutions or firm characteristics at birth that shape startups and their early growth in developing countries? Using comprehensive data from the Indian Annual Survey of Industries this paper addresses this question by studying the early lifecycle of firms across diverse institutional environments of regions in India. ... See More +

Policy Research Working Paper WPS7207 MAR 06, 2015

Ayyagari,Meghana; Demirguc-Kunt,Asli; Maksimovic,Vojislav Disclosed

Does local financial development matter for firm lifecycle in India ? (English)

The differences in financial development across Indian states, while seeming substantial, have a minor effect on firm lifecycle and growth. These results hold controlling for differences in labor regulations across states, capital intensity, and for firms born before and after the major reforms. ... See More +

Policy Research Working Paper WPS7008 AUG 01, 2014

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Size and age of establishments: evidence from developing countries (English)

Survey data from 120 developing countries are used to examine the relation between establishment size and age in the formal sector. Existing research suggests that manufacturing establishments in developing countries do not grow over time, most likely because of market imperfections and regulations. ... See More +

Policy Research Working Paper WPS6718 DEC 01, 2013

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Financing of firms in developing countries : lessons from research (English)

This paper reviews and synthesizes theoretical and empirical research on the role of finance in developing countries. First, the paper presents the stylized facts about firms in developing nations as well as the legal, financial and broader institutional framework in which these firms operate. ... See More +

Policy Research Working Paper WPS6036 APR 01, 2012

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Do Phoenix miracles exist ? firm-level evidence from financial crises (English)

This paper provides empirical evidence on firm recoveries from financial system collapses in developing countries (systemic sudden stops episodes), and compares them with the experience in the United States in the 2008 financial crisis. ... See More +

Policy Research Working Paper WPS5799 SEP 01, 2011

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Small vs. young firms across the world : contribution to employment, job creation, and growth (English)

This paper investigates the contribution of small firms to employment, job creation, and growth in developing countries. While small firms (< 20 employees) have the smallest share of aggregate employment, the SME sector's (<100 employees) contribution is comparable to that of large firms. ... See More +

Policy Research Working Paper WPS5631 APR 01, 2011

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Are innovating firms victims or perpetrators ? tax evasion, bribe payments, and the role of external finance in developing countries (English)

This paper investigates corruption and tax evasion and their firm-level determinants across 25,000 firms in 57 countries, a large fraction of which are small and medium enterprises in developing countries. ... See More +

Policy Research Working Paper WPS5389 JUL 01, 2010

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

How important are financing constraints? : the role of finance in the business environment (English)

What role does the business environment play in promoting or restraining firm growth? Recent literature points to a number of factors as obstacles to growth. ... See More +

Journal Article 77579 DEC 01, 2008

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

The World Bank economic review 22 (3) (English)

This issue includes the following: access to finance: an unfinished agenda; by Thorsten Beck, and Asli Demirguc-Kunt. Banking Services for Everyone? ... See More +

Publication 54865 JAN 01, 2008

Beck, Thorsten; Demirguc-Kunt, Asli; Peria, Maria Soledad Martinez; Osili, Una Okonkwo; Paulson, Anna; McKenzie, David; Woodruff, Christopher; Ayyagari, Meghana; Maksimovic, Vojislav; Johnston Jr., Don; Morduch, Jonathan; Cine, Xavier; Townsend, Robert; Vickery, James Disclosed

Formal versus informal finance : evidence from China (English)

China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. ... See More +

Policy Research Working Paper WPS4465 JAN 01, 2008

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Firm innovation in emerging markets : the roles of governance and finance (English)

The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. ... See More +

Policy Research Working Paper WPS4157 MAR 01, 2007

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

What determines protection of property rights ? An analysis of direct and indirect effects (English)

Using cross-country data, the authors evaluate historical determinants of protection of property rights. They examine four historical theories that focus on conceptually distinct causal variables believed to shape institutions: legal origin, endowments, ethnic diversity, and religion. ... See More +

Policy Research Working Paper WPS3940 JUN 01, 2006

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

How important are financing constraints ? The role of finance in the business environment (English)

What role does the business environment play in promoting and restraining firm growth? Recent literature points to a number of factors as obstacles to growth. ... See More +

Policy Research Working Paper WPS3820 JAN 01, 2006

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

How well do institutional theories explain firms' perceptions of property rights? (English)

The authors examine how well several institutional and firm-level factors and their interactions explain firms' perceptions of property rights protection. ... See More +

Policy Research Working Paper WPS3709 SEP 01, 2005

Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav Disclosed

Business Environment and the Incorporation Decision (English)

Using firm-level data from 52 countries, the authors investigate how a country's institutions and business environment affect firms' organizational choices and the effects of organizational form on access to finance and growth. ... See More +

Policy Research Working Paper WPS3317 MAY 01, 2004

Demirguc-Kunt, Asli; Love, Inessa; Maksimovic, Vojislav

The determinants of financing obstacles (English)

The authors use survey data on a sample of over 10,000 firms from 80 countries to assess (1) how successful a priori classifications are in distinguishing between financially constrained and unconstrained firms, and (2) more generally, the determinants of financing obstacles of firms. ... See More +

Policy Research Working Paper WPS3204 FEB 01, 2004

Thorsten Beck;Demirguc-Kunt,Asli; Luc Laeven; Vojislav Maksimovic

Bank competition, financing obstacles, and access to credit (English)

Theory makes ambiguous predictions about the effects of bank concentration on access to external finance. Using a unique data base for 74 countries of financing obstacles and financing patterns for firms of small, medium, and large size, the authors assess the effects of banking market structure on financing obstacles and the access of firms to bank finance. ... See More +

Policy Research Working Paper WPS2996 MAR 31, 2003

Beck, Thorsten; Demirguc-Kunt,Asli; Maksimovic, Vojislav

Financial and legal institutions and firm size (English)

The authors investigate how a country's financial institutions and the quality of its legal system explain the size attained by its largest industrial firms in a sample of 44 countries. ... See More +

Policy Research Working Paper WPS2997 MAR 31, 2003

Beck, Thorsten; Demirguc-Kunt, Asli; Maksimovic, Vojislav

Title Document Date Report No. Document Type Also available in
SME finance (English)
See More +
NOV 13, 2017 WPS8241 Policy Research Working Paper
Are large firms born or made ? evidence from developing countries (English)
See More +
AUG 27, 2015 WPS7406 Policy Research Working Paper
What determines entrepreneurial outcomes in emerging markets ? the role of initial conditions (English)
See More +
MAR 06, 2015 WPS7207 Policy Research Working Paper
Does local financial development matter for firm lifecycle in India ? (English)
See More +
AUG 01, 2014 WPS7008 Policy Research Working Paper
Size and age of establishments: evidence from developing countries (English)
See More +
DEC 01, 2013 WPS6718 Policy Research Working Paper
Financing of firms in developing countries : lessons from research (English)
See More +
APR 01, 2012 WPS6036 Policy Research Working Paper
Do Phoenix miracles exist ? firm-level evidence from financial crises (English)
See More +
SEP 01, 2011 WPS5799 Policy Research Working Paper
Small vs. young firms across the world : contribution to employment, job creation, and growth (English)
See More +
APR 01, 2011 WPS5631 Policy Research Working Paper
Are innovating firms victims or perpetrators ? tax evasion, bribe payments, and the role of external finance in developing countries (English)
See More +
JUL 01, 2010 WPS5389 Policy Research Working Paper
How important are financing constraints? : the role of finance in the business environment (English)
See More +
DEC 01, 2008 77579 Journal Article
The World Bank economic review 22 (3) (English)
See More +
JAN 01, 2008 54865 Publication
Formal versus informal finance : evidence from China (English)
See More +
JAN 01, 2008 WPS4465 Policy Research Working Paper
Firm innovation in emerging markets : the roles of governance and finance (English)
See More +
MAR 01, 2007 WPS4157 Policy Research Working Paper
What determines protection of property rights ? An analysis of direct and indirect effects (English)
See More +
JUN 01, 2006 WPS3940 Policy Research Working Paper
How important are financing constraints ? The role of finance in the business environment (English)
See More +
JAN 01, 2006 WPS3820 Policy Research Working Paper
How well do institutional theories explain firms' perceptions of property rights? (English)
See More +
SEP 01, 2005 WPS3709 Policy Research Working Paper
Business Environment and the Incorporation Decision (English)
See More +
MAY 01, 2004 WPS3317 Policy Research Working Paper
The determinants of financing obstacles (English)
See More +
FEB 01, 2004 WPS3204 Policy Research Working Paper
Bank competition, financing obstacles, and access to credit (English)
See More +
MAR 31, 2003 WPS2996 Policy Research Working Paper
Financial and legal institutions and firm size (English)
See More +
MAR 31, 2003 WPS2997 Policy Research Working Paper