Year: 2014
Type: report
Abstract: Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees?To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527 listed firms from 51 economies during 2003-2011.We find that only a few of the largest firms issue securities in the median country.Firms issuing bonds are even larger than those issuing equity.Moreover, issuers grow much faster than non-issuers, particularly (a) during the year of issuance, (b) among smaller and younger firms, and (c) in countries with market-based financial systems.Furthermore, the firm size distribution (FSD) of issuers behaves differently from that of non-issuers.Among issuers, smaller firms grow faster than larger ones, tightening their FSD; but among non-issuers, larger firms grow faster than smaller ones, widening their FSD.
DOI: 10.3386/w20336
Authors: Tatiana Didier, Ross Levine, Sergio Schmukler
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3142844948