Mercado-Beauchamp, Ingrid Y.

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Diferencias en el acceso al financiamiento en las pequeñas empresas
(2009) Mercado-Beauchamp, Ingrid Y.; Ruiz-Vargas, Yolanda; College of Business Administration; Cruz Cruz, José A.; Ortiz Rodríguez, Rosario de los A.; Department of Business Administration; Vega Torres, José I.
This research analyzes which factors determined the use of debt or equity by small firms to finance their operations. These factors include, both, characteristics of the firms and their owners, particularly, gender, race and ethnicity. To empirically analyze the financing decision of small firms in the United States, a model of propensity to use equity and debt was estimated using the 2003 Survey of Small Business Finances. The characteristics of the owner which were determinant in the propensity to use debt were gender, race, and age of the owner. For the propensity to use equity, it appears that only race and owner’s age were determinants. The characteristics of the company, in general, seem to determine the propensity to use both equity and debt.