Financial development and allocation of external finance

0340741 - NHÚ 2010 RIV CZ eng C - Conference Paper (international conference)
Bena, Jan - Ondko, P.
Financial development and allocation of external finance.
Proceedings of 27th International Conference Mathematical Methods in Economics 2009. Prague: Czech University of Life Sciences Prague, 2009 - (Brožová, H.), s. 19-23. ISBN 978-80-213-1963-9.
[27th International Conference Mathematical Methods in Economics 2009. Kostelec nad Černými lesy (CZ), 09.09.2009-11.09.2009]
Institutional research plan: CEZ:AV0Z70850503
Keywords : financial system * allocation of resources * external finance
Subject RIV: AH - Economics

We investigate the role of financial system to facilitate efficient allocation of resources into perspective projects. Employing micro-level data on European firms in 1996-2005 period, we provide evidence that firms in industries with the best growth opportunities use more external finance in financially more developed countries.
Permanent Link: http://hdl.handle.net/11104/0183923