Capital Market Financing, Firm Growth, and Firm Size Distribution

Didier, Tatiana; Levine, Ross; Schmukler, Sergio L.

doi:10.1596/1813-9450-7353

Working Paper

Capital Market Financing, Firm Growth, and Firm Size Distribution

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collection.link.5	https://openknowledge.worldbank.org/handle/10986/9
collection.name.5	Policy Research Working Papers
dc.contributor.author	Didier, Tatiana
dc.contributor.author	Levine, Ross
dc.contributor.author	Schmukler, Sergio L.
dc.date.accessioned	2015-07-20T15:13:08Z
dc.date.available	2015-07-20T15:13:08Z
dc.date.issued	2015-07
dc.date.lastModified	2021-04-23T14:04:07Z
dc.description.abstract	How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. Three main patterns emerge from the analysis. (1) Only a few large firms issue equity or bonds, and among them a small subset has raised a large proportion of the funds raised during the 1990s and 2000s. (2) Issuers grow faster than non-issuers in assets, sales, and employment, that is, firms do not simply use securities markets to adjust their financial accounts. (3) The firm size distribution of issuers evolves differently from that of non-issuers, tightening among issuers and widening among non-issuers.	en
dc.identifier	http://documents.worldbank.org/curated/en/2015/07/24744318/capital-market-financing-firm-growth-firm-size-distribution
dc.identifier.uri	http://hdl.handle.net/10986/22234
dc.language	English
dc.language.iso	en_US
dc.publisher	World Bank, Washington, DC
dc.relation.ispartofseries	Policy Research Working Paper;No. 7353
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo/
dc.subject	DOMESTIC BOND
dc.subject	DEPOSIT
dc.subject	CAPITAL MARKETS
dc.subject	INTERNATIONAL FINANCIAL INTEGRATION
dc.subject	EQUITY ISSUANCE
dc.subject	LIABILITY
dc.subject	FOREIGN CAPITAL
dc.subject	ACCOUNTING
dc.subject	INFORMATIONAL ASYMMETRIES
dc.subject	INTERNATIONAL CAPITAL
dc.subject	STOCK
dc.subject	VALUATION
dc.subject	INTEREST
dc.subject	DUMMY VARIABLES
dc.subject	EMERGING ECONOMIES
dc.subject	PRIVATE CREDIT
dc.subject	EXCHANGE
dc.subject	STOCK MARKET
dc.subject	ISSUANCES
dc.subject	LIQUIDITY
dc.subject	EQUITY MARKET
dc.subject	POLITICAL ECONOMY
dc.subject	MATURITY STRUCTURE
dc.subject	DEBT ISSUANCES
dc.subject	MARKET SIZE
dc.subject	CAPITAL STRUCTURE
dc.subject	EQUITY FINANCING
dc.subject	DEPOSIT MONEY BANKS
dc.subject	BONDS
dc.subject	DISCOUNT
dc.subject	ASYMMETRIC INFORMATION
dc.subject	HOME MARKET
dc.subject	BOND FINANCING
dc.subject	DUMMY VARIABLE
dc.subject	INTERNATIONAL BANK
dc.subject	CASH FLOWS
dc.subject	BOND ISSUERS
dc.subject	MATURITY
dc.subject	PRIVATE BOND
dc.subject	FOREIGN MARKETS
dc.subject	LONG-TERM DEBT
dc.subject	LIQUID MARKETS
dc.subject	DEBT CAPACITY
dc.subject	BOND ISSUANCES
dc.subject	AMOUNT OF CAPITAL
dc.subject	MARKET LIQUIDITY
dc.subject	CAPITAL ALLOCATION
dc.subject	BOND ISSUER
dc.subject	INITIAL PUBLIC OFFERINGS
dc.subject	PUBLIC DEBT MARKET
dc.subject	MARKET DEVELOPMENT
dc.subject	FINANCIAL STUDIES
dc.subject	DOMESTIC CAPITAL
dc.subject	CONTRACTS
dc.subject	BOND MARKET CAPITALIZATION
dc.subject	BOND ISSUANCE
dc.subject	CORPORATE BOND MARKET
dc.subject	EMERGING MARKET
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	MARKETS
dc.subject	DEBT
dc.subject	CAPITAL MARKET
dc.subject	RETURN
dc.subject	PRIMARY MARKETS
dc.subject	PUBLIC FINANCE
dc.subject	INTERNATIONAL ECONOMICS
dc.subject	BOND ISSUING
dc.subject	BANK CREDIT
dc.subject	EQUITY MARKET CAPITALIZATION
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	EQUITIES
dc.subject	FINANCIAL SYSTEM
dc.subject	RETURN ON ASSETS
dc.subject	FINANCE
dc.subject	BANK POLICY
dc.subject	TAXES
dc.subject	BROKERS
dc.subject	INVESTMENT DECISIONS
dc.subject	INFORMATION ASYMMETRY
dc.subject	EQUITY ISSUES
dc.subject	IPO
dc.subject	INVESTMENT BANKS
dc.subject	EQUITY
dc.subject	TRANSACTION
dc.subject	SECURITIES MARKETS
dc.subject	INVESTORS
dc.subject	ISSUERS OF SECURITIES
dc.subject	VALUATIONS
dc.subject	BOND MARKETS
dc.subject	OWNERSHIP STRUCTURE
dc.subject	INTERNATIONAL TRADE
dc.subject	DOMESTIC MARKETS
dc.subject	PUBLIC OFFERINGS
dc.subject	FINANCIAL STRUCTURES
dc.subject	MARKET CAPITALIZATION
dc.subject	FUTURE
dc.subject	COMMERCIAL PAPER
dc.subject	RETURNS
dc.subject	CAPITAL RAISING
dc.subject	EXCHANGES
dc.subject	CAPITAL MARKET ACTIVITY
dc.subject	BOND MARKET
dc.subject	CAPITALIZATION
dc.subject	RISK EXPOSURE
dc.subject	DEBT SECURITIES
dc.subject	ISSUANCE
dc.subject	FIRM PERFORMANCE
dc.subject	OFFSHORE FINANCIAL CENTERS
dc.subject	CORPORATE INVESTMENT
dc.subject	BALANCE SHEET
dc.subject	MARKET
dc.subject	STOCK MARKET DEVELOPMENT
dc.subject	SECURITIES
dc.subject	PUBLIC DEBT
dc.subject	INSURANCE
dc.subject	DEBT-EQUITY
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	DEBT MARKET
dc.subject	FINANCIAL LIBERALIZATION
dc.subject	CAPITAL MARKET DEVELOPMENT
dc.subject	CORPORATE BONDS
dc.subject	EMERGING MARKET EQUITY
dc.subject	SECURITY
dc.subject	FINANCIAL DEVELOPMENT
dc.subject	ACCOUNTING STANDARDS
dc.subject	EQUITY MARKETS
dc.subject	FINANCIAL MARKET
dc.subject	INVESTMENT
dc.subject	BOND
dc.subject	DOMESTIC EQUITY
dc.subject	CORPORATE BOND
dc.subject	MARKET EQUITY
dc.subject	BALANCE SHEETS
dc.subject	FINANCIAL MARKETS
dc.subject	CORPORATE BOND MARKETS
dc.subject	EQUITY ISSUANCES
dc.subject	FINANCIAL STRUCTURE
dc.subject	INVESTMENTS
dc.subject	LENDING
dc.subject	CONSUMER PRICE INDEX
dc.subject	STOCK RETURNS
dc.subject	MATURITIES
dc.subject	DOMESTIC CAPITAL MARKET
dc.subject	PROFITS
dc.subject	CAPITAL MARKET FINANCING
dc.subject	LABOR MARKETS
dc.subject	FINANCIAL SYSTEMS
dc.subject	LIABILITIES
dc.subject	FOREIGN EQUITY
dc.subject	STOCK EXCHANGES
dc.subject	INTERNATIONAL MARKETS
dc.subject	CASH FLOW
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	STOCK MARKETS
dc.subject	CORPORATE GOVERNANCE
dc.subject	DOMESTIC BOND MARKETS
dc.title	Capital Market Financing, Firm Growth, and Firm Size Distribution	en
dc.type	Working Paper	en
okr.date.disclosure	2015-07-02
okr.doctype	Publications & Research
okr.doctype	Publications & Research :: Policy Research Working Paper
okr.docurl	http://documents.worldbank.org/curated/en/2015/07/24744318/capital-market-financing-firm-growth-firm-size-distribution
okr.globalpractice	Finance and Markets
okr.googlescholar.linkpresent	yes
okr.identifier.doi	10.1596/1813-9450-7353
okr.identifier.externaldocumentum	090224b082fcc095_2_0
okr.identifier.internaldocumentum	24744318
okr.identifier.report	WPS7353
okr.language.supported	en
okr.pdfurl	http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/07/02/090224b082fcc095/2_0/Rendered/PDF/Capital0market0rm0size0distribution.pdf	en
okr.topic	Finance and Financial Sector Development :: Microfinance
okr.topic	Finance and Financial Sector Development :: Debt Markets
okr.topic	Finance and Financial Sector Development :: Access to Finance
okr.topic	Private Sector Development :: Emerging Markets
okr.topic	Macroeconomics and Economic Growth
okr.topic	Macroeconomics and Economic Growth :: Economic Theory & Research
okr.unit	Macroeconomics and Growth Team, Development Research Group; and the Operations and Strategy Unit, Development Economics Vice Presidency

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