Equity finance Supplier finance Informal finance
(2)Review--Different sources of external financing
Firm-level financing patterns averaged over all firms
The access to external financing is shaped by a country’s legal and financial environment.
(1)Review--Financing patterns
across the world
① Institutional differences & financial environment Fan,Titman, and Twite (2003) study capital structure in 39 countries and confirm earlier findings that institutional differences between countries are much more important in determining capital structure choices of firms compared with other factors.
Table 1
Country External finance Bank Equity Leasing Supplier Developm credit ent bank Informal
US
UK Germany Colombia Malaysia Poland Armenia
47.12