Demand for debt and equity before and after the financial crisis

Bhaird, Ciarán Mac an

doi:10.1016/j.ribaf.2012.10.001

Cited by 26 publications

(13 citation statements)

References 25 publications

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“…As periods of credit constraint commonly coincide with downturns in the real economy, small firms are particularly disadvantaged in accessing finance when most needed. In markets with few financing alternatives, small firms may experience a credit crunch or a financing gap (Mac an Bhaird, ). Problems in accessing adequate investment finance are more acutely experienced by firms with a particular profile, and traditionally new firms and firms with a large proportion of intangible assets are more disadvantaged.…”

Section: Previous Related Literaturementioning

confidence: 99%

Small beer? peer‐to‐peer lending in the craft beer sector

et al. 2019

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Section: Previous Related Literaturementioning

confidence: 99%

Small beer? peer‐to‐peer lending in the craft beer sector

et al. 2019

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“…As banks retrench in the wake of the great financial crisis (GFC), small businesses and start-ups have found it increasingly hard to access the finance they need to grow (Pierrakis and Westlake, 2009;Baldock and North, 2015;Mac an Bhaird, 2013). New providers of business finance are stepping into the space left by banks and are devising innovative business models, often taking advantage of new technologies and different sources of capital.…”

Section: Introductionmentioning

confidence: 99%

Peer-to-peer lending to businesses: Investors’ characteristics, investment criteria and motivation

Pierrakis

2019

The International Journal of Entrepreneurship and Innovation

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Online peer-to-peer (P2P) business lending, where individual investors provide unsecured loans directly to individual business borrowers without the intermediation of banks, has experienced rapid growth in recent years. However, very little is currently known about the individuals who lend money through the online P2P lending platforms. Drawing on the cognitive evaluation theory and responses to a survey from 630 investors of the Funding Circle platform, the largest P2P business-lending platform in the United Kingdom, this article describes their personal characteristics, investment criteria and their motivation to invest. A typical P2P business lender is male, highly educated and relatively wealthy with a science, business or finance degree. According to the factor analysis, variables related to company quality and associated risks are important investment criteria, while the expectation of making a financial return is the main motivation behind individuals’ decision to lend money to companies. In contrast, intrinsic motives such as geographical location, personal relationship or knowledge of the company are of significantly less importance.

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“…In the Irish context, Mac anBhaird and Lucey (2010) confirmed the POH as the best explanation of funding choices in Irish SMEspre GFC. In post-crisis Ireland, these financing preferences endured for Irish SMEs (Mac anBhaird, 2013;Mateevet al, 2013), underlining the importance of bank finance (in comparison to equity) for Irish SME survival and growth. Specifically, Irish SMEs tend to rely heavily on (internal) retained profits and short-term debt, in line with POH predictions (Mac anBhaird and Lucey, 2011).…”

Section: Theoretical Explanation Of Funding Choicesmentioning

confidence: 99%

Examining Ethnic Entrepreneurs’ Funding Access in Post-Crisis Ireland

Flynn¹,

Birdthistle²,

McCarthy³

et al. 2019

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Considering the growing number of ethnic-entrepreneurs in Ireland and the government"s policy focus on Small-to-Medium Enterprises (SME), this paper explores ethnic-entrepreneurs access to external (bank) finance. Irish SMEs in general are heavily reliant on bank finance and following the global financial crisis (GFC) and Irish banking and property crises, they have experienced dramatic credit rationing. We explore whether the ethnic-minority SME in Ireland has experienced a similar funding gap and the extent to which their social capital inhibits their funding opportunities. Methodology: Thirty ethnic-minority entrepreneurs in the Midlands region of Ireland were surveyed and interviewed using a snowball sampling approach. Findings: The findings suggest that ethnic-minority SMEs have a significantly higher rate of credit refusal and have comparatively limited finance opportunities. Ethnic-entrepreneurs" social capital resources inhibited their funding preferences as suggested by the Pecking Order Hypothesis; in particular, their weak cognitive and relational resources negatively impacted their structural social capital in relation to formal bankloan applications. Access to government entrepreneurial supports were also constrained by a dearth of social capital resources that manifested in a range of restrictions (fear of rejection, layers of bureaucracy, lack of adequate information, language barriers). Value: This paper uniquely sheds light on the ethnic-entrepreneur"s awareness, understanding and in some cases, experiences of accessing bank finance, microfinance and other government supports in post-crisis Ireland. From this specific national experience, policy recommendations to more effectively support ethnic-minority entrepreneurs in accessing finance are identified and discussed.

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Demand for debt and equity before and after the financial crisis

Cited by 26 publications

References 25 publications

Small beer? peer‐to‐peer lending in the craft beer sector

Small beer? peer‐to‐peer lending in the craft beer sector

Peer-to-peer lending to businesses: Investors’ characteristics, investment criteria and motivation

Examining Ethnic Entrepreneurs’ Funding Access in Post-Crisis Ireland

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