Financing through crowdfunding is growing rapidly, especially for start-ups. Investment financing via crowdfunding is integrated with the real side of the firm as future consumers may potentially provide all or part of the required resources. We derive the optimal pre-sale crowdfunding contract of a financially constrained monopolist and analyze its implications for production, investment and w...

We identify a firm’s growth type by its valuation volatility which proxies for the extent to which asymmetric information arises from growth opportunities rather than from assets-in-place. We show that firm investment style (measured by R&D/[Capex+R&D]) is persistent and positively aligned with growth type. The sensitivity of investment to cash flow has a monotonic negative relationship with gr...

Small Medium Enterprises (SMEs) have significant role in employment creation and growth of gross domestic products of developing country. In the case of Indonesia, SMEs account for more than 90 percents of all company and in employment [1]. However, in order to grow and contribute more significantly to the economy, SMEs face some constraints. One of the main constraints faced by SMEs is the lac...

We study how supply risk, fixed supplier costs, financial constraints, and the dual role played by the suppliers as the providers of parts and the financiers of the manufacturer affect the relationship among firms in a supply chain, supplier selection, and supply chain performance. Using a one-period model, we consider joint procurement and financing decisions of a firm with limited financial c...

At present, there is no consensus in the literature concerning the influence of different credit financing on investment efficiency of enterprises, especially the lack of empirical evidence in developing countries. In this paper, based on the World Bank enterprise survey data, using the Heckman sample selection model, we study the effects of bank credit and trade credit on investment efficiency...

Purpose this study to examine the effect of (1) Financial Distress and (2) Constraints on trade credit in companies listed Indonesia Stock Exchange (IDX). The Sampel are all Exchange, except banking financing industries from 2020 2011. This used regression Fixed Effect Model analyze secondary data S&P Capital IQ. results show that Constraint have a negative Accounts Payable, positive Receiv...