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Entrepreneurship and Debt: Growth Aversion, Debt Aversion, Overconfidence, and the Effects on Small Business Credit Decisions

机译:企业家精神和债务:厌恶增长,厌恶债务,过度自信以及对小企业信贷决策的影响

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摘要

Widespread empirical consistency with the pecking order theory of capital structure (Myers & Majluf, 1984) has led researchers to conclude that small and medium sized enterprises conform to this theory’s predictions. In chapter 2, a formal model is presented that allows for plausible and empirically supported psychological owner/manager objectives in addition to the profit motive. This chapter provides an alternative explanation of preferences for low leverage that does not rely on informational asymmetry, as well as predicting limits on firm sizes, and the existence of collateral.In chapter 3, a formal model of the entrepreneurship decision with credit is presented for firms with managers who overestimate their probability of success. Explanations for credit rationing, predatory lending, and the existence of collateral are produced and the welfare implications of overconfidence are investigated in an equilibrium model. It is found that overconfidence can increase overall welfare but harms entrepreneurs who are able to engage in poor projects.
机译:与资本结构啄序理论(Myers&Majluf,1984)的广泛经验一致性使研究人员得出结论,即中小企业符合该理论的预测。在第2章中,提出了一个正式模型,该模型除了允许利润动机外,还考虑了合理且有经验支持的心理所有者/经理目标。本章提供了对不依赖于信息不对称性的低杠杆偏好的另一种解释,并预测了公司规模的限制和抵押品的存在。在第三章中,提出了具有信用的企业家决策的正式模型。公司的经理人高估了他们成功的可能性。产生了关于信贷配给,掠夺性贷款和抵押品存在的解释,并在均衡模型中研究了过度自信对福利的影响。研究发现,过度自信可以增加整体福利,但会损害能够从事不良项目的企业家。

著录项

  • 作者

    Bell Kendon;

  • 作者单位
  • 年度 2012
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  • 原文格式 PDF
  • 正文语种 en
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