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This paper focuses on the heterogeneity of firm's characteristics on development funding. It develops a theoretical model under utility maximization framework with imperfect insurance and credit markets constraints, deriving the returns to capital determined by firmi¯s size, structure and entrepreneur's utility form. Empirical evidence from Sri Lanka Microenterprises Project (2005-2010) shows that the returns vary across different quantiles of firm's profits and the ability/risk aversion of entrepreneur affects the returns significantly differently on the distribution of profits. It also summarizes the development funding policy and offers advice on policy evaluation in Sri Lanka.

HETEROGENEITY EFFECTS OF DEVELOPMENT FUNDING ON MICROENTERPRISES