caa a22 4500 397559151 CHVBK 20180308164811.0 cr unu---uuuuu 161202e199605 xx s 000 0 eng 10.1093/wber/10.2.341 doi (NATIONALLICENCE)oxford-10.1093/wber/10.2.341 Stock Market Development and Financing Choices of Firms [Elektronische Daten] [Asli Demirgüç-Kunt, Vojislav Maksimovic] In many developing countries with emerging stock markets, banks are fearful of stock market development because they think that stock markets will reduce the volume of their business. This article empirically analyzes the effects of stock market development on firms' financing choices using data from thirty developing and industrial countries from 1980 to 1991. The results imply that initial improvements in the functioning of a developing stock market produce a higher debt-equity ratio for firms and thus more business for banks. In stock markets that are already developed, further development leads to a substitution of equity for debt financing. By contrast, in developing stock markets, large firms become more levered as the stock market develops, whereas small firms do not appear to be significantly affected by stock market development. © 1996 The International Bank for Reconstruction and Development / THE WORLD BANK A SYMPOSIUM ISSUE ON STOCK MARKETS AND ECONOMIC DEVELOPMENT nationallicence Demirgüç-Kunt Asli aut Maksimovic Vojislav aut The World Bank Economic Review Oxford University Press 10/2(1996-05), 341-369 0258-6770 10:2<341 1996 10 wber https://doi.org/10.1093/wber/10.2.341 text/html Onlinezugriff via DOI 1 other jats NATIONALLICENCE 856 40 https://doi.org/10.1093/wber/10.2.341 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Demirgüç-Kunt Asli aut NATIONALLICENCE 700 1- Maksimovic Vojislav aut NATIONALLICENCE 773 0- The World Bank Economic Review Oxford University Press 10/2(1996-05), 341-369 0258-6770 10:2<341 1996 10 wber Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford