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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Varying Forms of Financing Ghanaian Non-Traditional Exporters
Authors:Abor, Joshua
Hinson, Robert
Geographic term:Ghana
Subjects:small enterprises
business financing
Economics and Trade
Development and Technology
Abstract:This study examines the debt-versus-equity preferences of small and medium-sized enterprises drawn from the Ghana Export Promotion Council's database of non-traditional exporters and what accounts for their choice of a particular form of finance. Positive associations between debt and two firm characteristics (age and firm size) were found. It is expected that, with time, firms become more acceptable to lenders, thus older firms have easier access to debt financing than younger ones. Also, larger firms have better access to debt financing than small firms. A negative relation between growth and debt was also found. This suggests that high-growth firms use more equity (internal resources) and less debt. Bibliogr., sum. [Journal abstract]