caa a22 4500 467994013 CHVBK 20180323112552.0 cr unu---uuuuu 170328e19900901xx s 000 0 eng 10.1007/BF00389529 doi (NATIONALLICENCE)springer-10.1007/BF00389529 Small new firms and the return to alternative sources of finance [Elektronische Daten] [Kevin Keasey, Paul McGuinness] This study analyses the returns to alternative sources of finance in the small new firm sector. Prior work in this area has concentrated on large established firms and has been subject to significant problems of interpretation. Many of these problems are absent when considering small new firms and this paper suggests that the various forms of finance used differ in terms of the return on capital employed they are associated with. In particular, sources of bank finance for small new firms are associated with higher returns than other available sources of finance. This paper, therefore, supports the results of Baumol et al. (1970, 1973) that externally raised finance is associated with higher returns vis-à-vis internally raised finance and suggests that small new firms are either inefficient in their use of funds or suffer from imperfections in capital markets. The determination of which of these arguments applies, however, awaits further research. Kluwer Academic Publishers, 1990 Keasey Kevin School of Industrial and Business Studies, University of Warwick, CV4 7AL, Coventry, Great Britain aut McGuinness Paul Department of Finance, Chinese University of Hong Kong, Li Dak Sum Building, Shatin New Territories, Hong Kong aut Small Business Economics Kluwer Academic Publishers 2/3(1990-09-01), 213-222 0921-898X 2:3<213 1990 2 11187 https://doi.org/10.1007/BF00389529 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00389529 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Keasey Kevin School of Industrial and Business Studies, University of Warwick, CV4 7AL, Coventry, Great Britain aut NATIONALLICENCE 700 1- McGuinness Paul Department of Finance, Chinese University of Hong Kong, Li Dak Sum Building, Shatin New Territories, Hong Kong aut NATIONALLICENCE 773 0- Small Business Economics Kluwer Academic Publishers 2/3(1990-09-01), 213-222 0921-898X 2:3<213 1990 2 11187 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer