Financial literacy, financial development, and leverage of small firms
المؤلف | Shabeen Afsar, Basha |
المؤلف | Bennasr, Hamdi |
المؤلف | Goaied, Mohamed |
تاريخ الإتاحة | 2023-07-26T10:54:12Z |
تاريخ النشر | 2023-01-16 |
اسم المنشور | International Review of Financial Analysis |
المعرّف | http://dx.doi.org/10.1016/j.irfa.2023.102510 |
الاقتباس | Basha, S. A., Bennasr, H., & Goaied, M. (2023). Financial literacy, financial development, and leverage of small firms. International Review of Financial Analysis, 86, 102510. |
الرقم المعياري الدولي للكتاب | 1057-5219 |
الملخص | This study examines the relationship between financial literacy and the leverage of small firms, specifically of the legal forms, sole proprietorships, and partnerships. Using a cross-section of 73,302 firms in 22 countries, we find that the leverage of small firms is negatively associated with financial literacy. Further, we explore the role of financial development, bankruptcy and transaction costs, and information asymmetry, in moderating the relationship. We find that the negative relationship is less pronounced in countries with lower financial development, high bankruptcy and transaction costs, and high information asymmetry environments, respectively. We contribute to the understanding of small firms' leverage and the literature on financial literacy, SMEs, finance, and entrepreneurship. This study offers policy implications for economies that promote SMEs for entrepreneurship training and development. |
اللغة | en |
الناشر | Elsevier |
الموضوع | Capital structure Leverage Financial literacy Small firms |
النوع | Article |
رقم المجلد | 86 |
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