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Capital market financing, firm growth, and firm size distribution. No 4 / March 2016
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Capital market financing, firm growth, and firm size distribution. No 4 / March 2016

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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 (FSD)? To evaluate these questions, we construct a new dataset 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. - 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. - Issuers grow faster than non-issuers in terms of assets, sales, and employment, i.e., firms do not simply use securities markets to adjust their financial accounts. - The FSD of issuers evolves differently from that of non-issuers, tightening among issuers and widening among non-issuers.
Ara aktar
Ara anqas
ISSN 2467-0677
ISBN 978-92-95081-31-4
DOI 10.2849/742612
Numru tal-Katalogu DT-AD-16-004-EN-N
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ISSN 2467-0677 ISBN 978-92-95081-31-4 DOI 10.2849/742612 Numru tal-Katalogu DT-AD-16-004-EN-N
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