Laeven, LucBeck, ThorstenMaksimovic, VojislavDemirgüç-Kunt, Asli2013-06-132013-06-132004-02https://hdl.handle.net/10986/13940The 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. They find that older, larger, and foreign-owned firms report less financing obstacles. Their findings thus confirm the usefulness of size, age, and ownership as a priori classifications of financing constraints, while they shed doubts on other classifications used in the literature. Their results also suggest that institutional development is the most important country characteristic explaining cross-country variation in firms' financing obstacles.en-USCC BY 3.0 IGOASYMMETRIC INFORMATIONBUDGETARY SUPPORTBUREAUCRACYBUSINESS ENVIRONMENTCAPITAL MARKETSCASH-FLOWCITIZENSCOMPANYCORPORATE STRUCTURECORRUPTIONDEBTDEBT COVENANTSECONOMETRICSECONOMIC GROWTHECONOMICSEMPLOYMENTFINANCIAL CONSTRAINTSFINANCIAL FACTORSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARY DEVELOPMENTFINANCIAL MANAGEMENTFINANCIAL SECTORFINANCING CONSTRAINTSFIRM SIZEFIRMSFOREIGN BANKSFOREIGN INVESTMENTFOREIGN OWNERSHIPGOVERNANCE INDICATORSINFLATIONINSIDER TRADINGINSTITUTIONAL DEVELOPMENTINTEREST RATESINTERNATIONAL ECONOMICSINVESTMENT CLIMATELEASINGLEGAL SYSTEMLEGAL SYSTEMSLIQUIDITYMEDIUM ENTERPRISESMULTINATIONAL COMPANIESMULTINATIONAL ENTERPRISEMULTINATIONAL ENTERPRISESPREFERENTIAL TREATMENTSMALL FIRMSSTOCK EXCHANGESSTOCK MARKETSSUPPLIERSCROSS COUNTRY ANALYSISInvestment modelsThe Determinants of Financing ObstaclesWorld Bank10.1596/1813-9450-3204