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Debt Costs Determinants in Small Enterprise

Grzegorz Michalski
Wroclaw University of Economics



Uwarunkowania rynkowe rozwoju mikro i małych przedsiębiorstw, A. Bielawska, ed., pp. 465-471, 2006

Abstract:     
The cost of debt for small enterprises is higher than for other enterprises. The article explains why the cost of debt for small business is higher than for other firms. It is a result of specific characteristics of small enterprises. First of all, the small enterprises are more risky than other firms. Next, in small enterprises, agency costs and information asymetry are different than in other firms. All of them cause, the growing of the cost of debt for small enterprises.

Note: Downloadable document is in Polish.

Keywords: Value of liquidity, kost of debt, Value based management, Demand for Liquidity, agency costs, Risk, Uncertainty

JEL Classifications: G39, G32, G11, M11, D81, O16, P33, P34

Accepted Paper Series

Date posted: August 16, 2007 ; Last revised: August 16, 2007

Suggested Citation

Michalski, Grzegorz Marek, Debt Costs Determinants in Small Enterprise. Uwarunkowania rynkowe rozwoju mikro i małych przedsiębiorstw, A. Bielawska, ed., pp. 465-471, 2006. Available at SSRN: http://ssrn.com/abstract=1007383


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Contact Information

Grzegorz Marek Michalski (Contact Author)
Wroclaw University of Economics ( email )
Komandorska Street 118/120, p. Z-1, KFPiZW
Department of Corporate Finance & Value Management
Wroclaw , Lower Silesia 53-345
Poland
0048503452860 (Phone)
0048717181717 (Fax)
HOME PAGE: http://michalskig.ae.wroc.pl/
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