Financing constraints and SME innovation during economic crises

Guijarro, Antonia Madrid; García‐Pérez‐de‐Lema, Domingo; Auken, Howard Van

doi:10.1108/arla-04-2015-0067

Cited by 52 publications

(38 citation statements)

References 69 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Este trabajo se centra en las pymes de base tecnológica, es decir, empresas que desarrollan y explotan comercialmente una innovación tecnológica que implica una elevada incertidumbre (Storey & Tether, 1998). Varios autores encuentran que las pymes de base tecnológica presentan mayores restricciones para acceder al financiamiento (Bank of England, 2001;Oakey, 2003;Rajan & Zingales, 1995;Bozkaya & Van Pottelsberghe, 2008;Revest & Sapio, 2012;Madrid-Guijarro, García-Pérez de Lema, & Van Auken, 2016). Esto se debe a que las actividades de innovación que realizan estas empresas profundizan las asimetrías de información, producto de la incertidumbre que genera la innovación y la dificultad comprender los proyectos que suelen ser complejos para los intermediarios financieros.…”

Section: Pequeñas Y Medianas Empresasunclassified

Un análisis de las empresas TIC desde una perspectiva financiera. Evidencia para las pymes de software y videojuegos

Guercio

Martínez

Vigier

2019

Innovar

View full text Add to dashboard Cite

El objetivo de este trabajo es evaluar las decisiones de financiamiento de dos subsectores específicos del segmento de tecnologías de la información y la comunicación (TIC): el de desarrollo de videojuegos (VG) y el de software y servicios informáticos (SSI). Los datos utilizados incluyen 80 empresas argentinas relevadas durante el 2017. Los resultados muestran que la fuente principal de financiamiento en las diferentes etapas del ciclo de negocio son los fondos propios para todas las empresas de la muestra. Sin embargo, la participación de dichos fondos se reduce a medida que las empresas transitan las etapas de start up y de crecimiento. Además, se encuentra que la tipología de las fuentes externas con las que sustituyen el financiamiento propio difiere de acuerdo con el subsector analizado. En la etapa de start up, las empresas de SSI sustituyen fondos propios por subsidios públicos, a diferencia de las empresas de VG que utilizan el financiamiento de prestamistas privados. En la etapa de crecimiento, las empresas de SSI utilizan en mayor proporción financiamiento bancario, y las empresas de VG, subsidios públicos.

show abstract

Section: Pequeñas Y Medianas Empresasunclassified

Un análisis de las empresas TIC desde una perspectiva financiera. Evidencia para las pymes de software y videojuegos

Guercio

Martínez

Vigier

2019

Innovar

View full text Add to dashboard Cite

show abstract

“…In fact, SMEs globally, not only in Jordan, are now facing various issues, including the finance related issues (see Irwin and Scott, 2010;Okpara, 2011;Mina et al, 2013;Lee et al, 2015;Al-Hyari et al, 2012;Cowling et al, 2018;Madrid-Guijarro et al, 2016), as well as issues that arise from government rules (see Al-Hyari et al, 2012;Madrid-Guijarro et al, 2009;Siaw and Rani, 2012;Strobel and Kratzer, 2017;Gill and Biger, 2012).…”

Section: Introductionmentioning

confidence: 99%

The impact of financial accessibility constraints and government regulations on the organisational performance of small-and-medium-sized enterprises

Jaradat¹,

Taha²,

Zin³

et al. 2018

JBRMR

View full text Add to dashboard Cite

This paper seeks to investigate the impact of financial accessibility constraints and government regulations on organisational performance of small and medium-sized enterprises (SME). On the basis of a literature review covering works specialising in financial accessibility constraints, government regulations and organisational performance, a quantitative study was carried out in Jordan using a sample composed by 291 Jordanian SMEs. Information was gathered by applying surveys addressed to the heads of accounting departments / financial managers in SMEs. The data collected using the questionnaire shows 159 usable questionnaires were received, which gives 54.6% response rate. The findings reveal that financial accessibility constraints negatively influence organisational performance, while government regulations are not significantly linked with organisational performance. In order to reduce the negative impact of financial accessibility constraints on SMEs performance, the government of Jordan and financial institutions should facilitate access to finance for SMEs as a critical factor influencing their performance. Further, the government of Jordan must legislate new regulations to improve performance and continue removing unnecessary burdens that may effect SMEs. Through study outcomes, the interested bodies including the government of Jordan, financial institutions, to name a few, could be assisted in formulating the policies associated with SMEs that are evidence-based. Aside from adding important knowledge to the body of the organisational performance of SMEs, this study can be a starting point for further investigation and analysis of organisational performance among SMEs.

show abstract

“…In theory the issue of financing SMEs is often discussed. According Madrid-Guijarro, Garcia-Perezde-Lema, Van Auken to reduce financing constraints on their innovation, SMEs should establish long relationships and low debt concentration with their main bank [17]. The more banks a firm is involved in, the greater its financing constraints.…”

mentioning

confidence: 99%

Innovation policy of SMEs in Slovakia in the context of European Union innovation policy

Ivanova¹,

Kordoš²

2017

MMI

View full text Add to dashboard Cite

In the paper, the financial sources used by small and medium enterprises (SMEs) in Slovakia to finance innovation are identified. The sources that are essential for SMEs are determined. Types of innovation the small and medium enterprises are investing their sources in are found out. To conduct the survey questionnaire was used. The results were processed by means of the Chi-square test.Introduction. The industrial policy of the EU stresses the importance of promoting innovation among European companies as one of the key objectives of policy. This has led to the development of framework policies to promote pan-EU cooperation in R & D and other areas of technological development [7]. The development of a knowledge-based economy lies at the heart of these framework policies. The structuring of the European research area part of the program is seeking to build a European research base and accounts for approximately 16 per cent of the budget [26]. The framework programs are basically attempts to build pan-EU competence in major areas of research and technological developments and to promote a European ethos for such a research base. The framework programs have elements of seeking to build European champions in the area of research and technological competence [1]. The rationale for this would seem to be closely allied to the political integration driver of policy, as it is not clear that a European research and technological development base is preferable to a global or even a US orientated base [13]. Clearly, the USA is the technological leader in most of the thematic areas in the 6th Framework, hence linking to US research bases may be a more effective policy. If the objective is to develop European political institutions that foster research and technological development then the framework programs make sense. However, thus far the EU has not developed audit systems that test for the effectiveness, in terms of output relative to the US research base, of the framework programs [21]. Moreover, member states' governments maintain their own research and technological development programs often only marginally linked to the framework programs.As highlighted by EU Industrial Policy, industry is crucial for EU competitiveness and innovation is a key factor in this regard. Industry accounts for 80% of Europe's exports. Some 65% of private sector research and development (R&D) investment comes from manufacturing. Therefore, industrial modernization in Europe must be broad-reaching and include the successful commercialization of product and service innovations, the industrial exploitation of innovative manufacturing technologies, innovative business models. Studies show that those companies who prioritize innovation are also those who experience the highest increase in turnover [20]. Some 79% of companies that introduced at least one innovation since 2011 experienced an increase of their turnover by more than 25% by 2014. Small and medium-sized enterprises are a particular target for innovation policy. The smaller the comp...

show abstract

Financing constraints and SME innovation during economic crises

Cited by 52 publications

References 69 publications

Un análisis de las empresas TIC desde una perspectiva financiera. Evidencia para las pymes de software y videojuegos

Un análisis de las empresas TIC desde una perspectiva financiera. Evidencia para las pymes de software y videojuegos

The impact of financial accessibility constraints and government regulations on the organisational performance of small-and-medium-sized enterprises

Innovation policy of SMEs in Slovakia in the context of European Union innovation policy

Contact Info

Product

Resources

About