Interesting findings. And they relate neatly with one country-specific study on the impact of microfinance. You say that older firms in countries in the bottom quartile of the "rule of law" indicator are over 3 times more likely to use bank financing for new investments than younger firms. I assume that this bank financing excludes MFIs. Banerjee, Duflo et al. (2009) have a paper that shows evidence of the increase in household expenditure to create or expand businesses after the household borrows money from microfinance institutions. Then, in a weak rule of law environment, we are really left at the mercy of MFIs or other financial intermediators for small, young firms to borrow money and start operating. And the same paper finds no effects of accessing finance on education, health, or women's empowerment of the household surveyed.