The literature suggest that many young and small firms are discouraged borrowers, that is, they need finance but do not apply because they fear denial. This research aims to investigate demand-side financing differences between male and female-owned small and medium enterprises in Canada from the perspective of discouraged borrowers using secondary data from the "Survey on Financing of Small and Medium Enterprises, 2004" conducted by Statistics Canada. Women-owned firms are found to be credit constrained according to some studies, but not so in others. To date, however, there remain a lack of studies examining if there is a relationship between gender and discouragement. The study uses multivariate research methods to examine such a relationship while controlling for various firm-specific (age, size, industry, etc.) and owner-specific characteristics (experience). The study finds that majority-female owned firms are more likely to be discouraged borrowers as compared to majority-male owned firms. The study also offers support to arguments that relationship banking is important in reducing the probability of discouragement in both young and established firms.

The literature suggest that many young and small firms are discouraged borrowers, that is, they need finance but do not apply because they fear denial. This research aims to investigate demand-side financing differences between male and female-owned small and medium enterprises in Canada from the perspective of discouraged borrowers using secondary data from the "Survey on Financing of Small and Medium Enterprises, 2004" conducted by Statistics Canada. Women-owned firms are found to be credit constrained according to some studies, but not so in others. To date, however, there remain a lack of studies examining if there is a relationship between gender and discouragement. The study uses multivariate research methods to examine such a relationship while controlling for various firm-specific (age, size, industry, etc.) and owner-specific characteristics (experience). The study finds that majority-female owned firms are more likely to be discouraged borrowers as compared to majority-male owned firms. The study also offers support to arguments that relationship banking is important in reducing the probability of discouragement in both young and established firms.

No description available.

Farming is a complex business. Financial success in farming is influenced by the organization and operation of the farm unit. The principal problem confronting farmers is knowing how to manage the resources to attain maximum income over a period of time. Combinations of resources involve problems relative to crops, livestock, machinery, labor, capital, credit, and many others. An attempt has been made in this study to measure the results of different combinations and operation of resources and to determine their association with financial success of the farm.

Introduction: 1 November 2010  came the amendment about the audit requirement into force. The amendment concerned only micro-enterprises. The most common form offinancing for micro-enterprises are bank loans, therefore the banks play a major role in the business and wellness of micro-enterprises. Purpose: Purpose of this paper is to examine if the credit assessment has been affected by the removal of the audit requirement for micro-enterprises. Method: This study will be conducted by a qualitative study in the form of interviews. Five interviews were conducted, with four respondents from the large banks and    one respondent from Almi Företagspartner. Conclusion: All respondents agreed that the audit is seen as a mark of quality, some lenders will continue to request it from the micro-enterprise while other lenders look at other factors such as ownership, relationship or business concept.

No description available.

Since the federal funds rate reached the zero lower bound in late 2008, economists have been struggling to adapt their models to a long-term zero rate. Wu and Xia built upon previous research by Fischer Black to create a model for how the federal funds rate behaves during the ZLB period. In their model, the rate actually dips into the negative digits, which the actual federal funds rate does not do. The logic behind the model is that a negative shadow rate is a much better indicator of true economic conditions while the current zero rate merely masks the actual economic reality. It is also easier to use the shadow rate for trend analysis purposes, since the shadow rate is flexible and changes while the federal funds rate remains artificially fixed at zero. Thus, this paper seeks to provide a comparison between the Shadow Rate, as defined by Wu and Xia, and how three key banking variables (leverage, profitability, and non-performing loans to total loans) react in response to the shadow rate, along with three control variables: real GDP growth, inflation, and the current account to GDP ratio. Regression will also be used to determine how three key borrower variables (S&P 500 Index, Credibility Consumer Distress Index, and the ratio of nonfinancial corporate business debt securities to total assets) interact with the shadow rate and the three control variables previously mentioned.

Kiva is an international non-governmental organization that competes for funds with others in the field. As a consequence, some special relationships and dependencies are formed. This paper argues that among the most significant ones are the representations of borrowers on Kiva’s online lending platform. The work hypothesizes that while Kiva has the potential to create a friendly environment where both participatory and problem-solving style of communication is encouraged, the organization turns out to be a development factor with international importance which inevitably influences the stereotyping of individuals from the Global South. In that sense, the representations of people from the Global South on Kiva’s online platform seem to continue a well-established tradition of Western-centrism, thus admitting further stereotyping also of the audience from the Global North.Through the lens of postcolonial theory and critical discourse analysis as research methods, the research questions and the hypotheses of the paper aim at contributing to the current debates on the existing power relations between the Global South and North by providing information on: how are people in need represented through profiles of single parents as borrowers on Kiva’s website; do representations of single parents contribute to the process of creating stereotypes; what is the role of microfinance in development.By using the most recent data from Kiva's online lending platform, the work aims to present evidence on the stereotypization of representations of a specific sample group of borrowers – individual single parents. While taking into consideration Kiva's ambition towards creating cooperation based on reciprocal dignity, the paper provides some possible interpretations of the way individuals in need are portrayed. It aims to come to the aid of individuals who have interests in the development field, who may want to rethink fundraising strategies involving both visual and textual representations of people, especially in the field of online lending.

Malgré les encouragements visant à soutenir les PME, la création de ces entreprises demeure inférieure aux attentes ; nombre de celles-ci disparaissent. L'octroi de crédit est la ontrainte primordiale pesant sur le développement et la pérennité de ces entreprises puisque les banquiers accordent du crédit seulement lorsqu'ils s'assurent que les clients sont solvables et qu'ils sont aptes à honorer leur engagement. Cette politique financière discriminatoire des banques se justifie par la difficulté d'évaluer leurs risques et le manque de crédibilité de leurs systèmes d'informations puisque les informations sont insuffisantes et souvent unilatérales ; une des deux parties dispose d'une meilleure information ; il en sait davantage que l'autre. Ce phénomène est appelé asymétrie de l'information et pourrait engendrer l'aléa moral et la sélection adverse. Cependant, le contrat signé entre d'un côté, les emprunteurs, et de l'autre, les créanciers, pourrait se traduire par une information asymétrique conduisant, tout au plus, au rationnement de crédit, ou dans certains cas, à des taux d'intérêt élevé, freinant ainsi le développement de la relation banque-entreprise. Notre recherche s'appuie sur une enquête conduite auprès de 160 chargés de clientèle de deux banques tunisiennes, la Société Tunisienne de Banque (STB), et la Banque Internationale Arabe de Tunisie (BIAT), afin d'étudier leur comportement dans la décision d'attribution de crédit aux ppetites et moyennes entreprises (PME). L'utilisation de la méthode des équations structurelles montrent une diversité des comportements des banques privées par rapport à ceux étatiques. / Despite the encouragement to support the SMEs, the creation of these companies still bellow expectations, number of these disappears. The granting of credit is the essential constraint pressing on the development and the sustainability of these companies because the bankers provide credit only when they make sure that the customers are solvent and that they are capable of honoring their commitment. This discriminatory fisal policy banks is justified by the difficulty in assessing their risks and the lack of credibility of their information systems, since the information is insufficient and often unilateral, one of two parties has better information, he know more than the other. This phenomenon is alled asymmetric information and could cause moral hazard and adverse selection. However, the contract between the borrowers, on one hand, and creditors, on the other hand, the creditors ould be shifted by asymmetric information leading, at the most, rationing of credit, or in some cases, to high rate interest ; thus limiting the development of the relationship between banks and companies. Our research is based on a survey conducted among with 160 account managers of two Tunisian banks, Tunisian Banking company ("Société Tunisienne de Banque", STB) and the Arab International Bank of Tunisia ("Banque Internationale Arabe de Tunisie", BIAT) to study their behavior in the decision of allocation credit to small and medium enterprises (SMEs). The results, achieved through Structural Equations Analysis, show differences between private versus public banks in regard.

Submitted by Luciana Ferreira (lucgeral@gmail.com) on 2018-05-17T12:04:30Z No. of bitstreams: 2 Dissertação - Cláudia Margareth Gomes Palhares - 2018.pdf: 1898669 bytes, checksum: b611b792f5ec8097a03a0685bb5f856e (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2018-05-17T13:07:06Z (GMT) No. of bitstreams: 2 Dissertação - Cláudia Margareth Gomes Palhares - 2018.pdf: 1898669 bytes, checksum: b611b792f5ec8097a03a0685bb5f856e (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-05-17T13:07:06Z (GMT). No. of bitstreams: 2 Dissertação - Cláudia Margareth Gomes Palhares - 2018.pdf: 1898669 bytes, checksum: b611b792f5ec8097a03a0685bb5f856e (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-04-16 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Using a database of 110 issues of debentures, conducted between 2011 and 2017 by companies listed on the Brazilian stock exchange, it was sought to identify factors of corporate governance of borrowers that affect the amount of financial covenants present in the debenture agreement and the restriction arising from the financial covenant "Net Financial Debt / EBITDA". For the model referring to the number of financial covenants, a regression was estimated by the Ordinary Least Squares method. The results indicate that the companies with greater concentration of ownership by the controlling shareholder, with a larger board of directors, companies belonging to sectors of economic activity of metallic minerals and information technology issued debentures with fewer financial covenants. On the other hand, debentures issued by larger companies, belonging to the leasing of vehicles and equipment and telecommunications and which issued debentures in 2011, presented a greater number of financial covenants. The second model was estimated through logistic regression and the results suggest that companies with greater concentration of ownership, greater size of the board of directors, greater independence of the board of directors, largercompanies, more leveraged and belonging to the public utility sector, were more likely to have a covenant that allows a higher level of indebtedness. The longer maturity of the debt seems to lead companies to issue debentures with a covenant "Net financial debt / EBITDA" that tolerates a lower level of indebtedness. The research provides support to the literature that internal governance mechanisms such as concentration of ownership, size and independence of the board of directors affect the amount of financial covenants and the constraint imposed by the covenant of indebtedness on contracts of debentures of companies that deal in the stock exchange Brazilian As a practical contribution, this study shows that companies issuing debentures may seek substitute mechanisms for the use and restriction of financial covenants and thus avoid the restrictions arising from these contractual clauses. / Por meio de um banco de dados de 110 emissões de debêntures, realizadas entre os anos de 2011 e 2017 por empresas listadas na bolsa brasileira, buscou-se identificar fatores da governança corporativa dos mutuários que afetam a quantidade de covenants financeiros presentes no contratode debênture e a restrição advinda do covenant financeiro “Dívida Financeira Líquida/EBITDA”. Para o modelo referente ao número de covenants financeiros, foi estimada uma regressão pelo método de Mínimos Quadrados Ordinários. Os resultados indicam que as empresas com maior concentração de propriedade por parte do acionista controlador, com um maior tamanho do conselho de administração, são pertencentes aos setores de atividade econômica de minerais metálicos e da tecnologia da informação, as quais emitiram debêntures com menos covenants financeiros. Por outro lado, as debêntures emitidas por empresas de maior porte, pertencentes ao setor de locação de veículos e equipamentos e de telecomunicações e que emitiram debêntures no ano de 2011, apresentaram um número maior de covenants financeiros. O segundo modelo foi estimado através de regressão logística, e os resultados sugerem que empresas com maior concentração de propriedade, maior tamanho do conselho de administração, maior independência do conselho de administração, empresas de maior porte, mais alavancadas e pertencentes ao setor de utilidade pública apresentaram maior propensão a ter um covenant que permita um nível maior de endividamento. Já um prazo maior de vencimento da dívida parece levar as empresas a emitir debêntures com um covenant “Dívida financeira líquida/EBITDA”, que tolera um nível de endividamento menor. A pesquisa fornece apoio à literatura de que mecanismos internos de governança, como a concentração de propriedade, o tamanho e a independência do conselho de administração, afetam a quantidade de covenants financeiros e a restrição imposta pelo covenant de endividamento em contratos de debêntures de empresas que negociam na bolsa brasileira. Como contribuição prática, este estudo mostra que as empresas emissoras de debêntures podem procurar mecanismos substitutos à utilização e à restrição de covenants financeiros e, assim, evitar as restrições decorrentes dessas cláusulas contratuais.