Spanish SMEs’ Subsidized and Guaranteed Credit during Economic Crisis: A Regional Perspective

Briozzo, Anahí Eugenia; Cardone‐Riportella, Clara

doi:10.1080/00343404.2014.926318

Cited by 19 publications

(10 citation statements)

References 34 publications

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“…Information disclosure is one of the pillars of good CG practices, among other reasons, because the asymmetric information present in the case of SMEs restricts access to external financing (Briozzo and Cardone-Riportella, 2016).…”

Section: Financial Statement Quality and The Stl Ratiomentioning

confidence: 99%

Corporate governance attributes and listed SMES’ debt maturity

Briozzo

Cardone‐Riportella

Olalla

2019

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Purpose This paper aims to develop a cross-country analysis of the similarities and differences in the debt maturity structure of listed SMEs from the point of view of corporate governance (CG) attributes in two different economic environments: an OECD (Spain) country and a non-OECD (Argentina) country. Design/methodology/approach Using data from listed SMEs in the Argentinian SME segment (pooled data from 2012 to 2015) and 31 listed SMEs in the Spanish Mercado Alternativo Bursátil for growing firms (MAB_GE)(2014), bivariate and multivariate analyses are performed. Findings Spanish firms with a higher ownership concentration and a large controlling shareholder have higher short-term liabilities (STL) ratios. Participation of women on the board has a negative relation with the STL ratio only for Spain. The participation of corporations in ownership and a Big4 auditor have a negative relation with the STL ratio for both countries. Practical implications These results will help SME managers understand the effects of the application of good governance policies. The study also gives regulators a guideline to develop standards to assist in efficient borrowing in terms of seeking funding in alternative capital markets. Originality/value First, the results provide evidence about the financial impact on the STL ratio of CG attributes in listed SME. Second, as far as the authors know, this is the first paper to analyse the CG attributes of listed SMEs in an OECD country and a non-OECD country. Third, the paper presents CG data derived from an ad hoc basis elaborated from different websites and databases.

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Section: Financial Statement Quality and The Stl Ratiomentioning

confidence: 99%

Corporate governance attributes and listed SMES’ debt maturity

Briozzo

Cardone‐Riportella

Olalla

2019

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“…However, SME sector is vital for developed economies too, as SMEs account for 50 per cent of GDP in high income countries (Ayyagari et al , 2007). In Eurozone, SMEs are regarded as “backbone of the European economy” and account for 99.8 per cent of all non-financial businesses, 58 per cent of total value added and 66.8 per cent of total workforce (Briozzo and Cardone-Riportella, 2012; Muller et al , 2014; Gagliardi-Main et al , 2013; Wymenga et al , 2012). In Japan, 99.7 per cent of all companies are SMEs, supplying 70 per cent of all employees, and more than 50 per cent of all added value of manufacturing industry (Chusho Meti, 2013).…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of industry, firm age and education level on financial management performance in small and medium-sized enterprises (SMEs)

Karadağ

2017

JEEE

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Purpose Small- and medium-sized enterprises (SMEs) are crucial for socio-economic growth due to their significant role in creating new workforce, gross domestic product increase, innovation and entrepreneurship. This paper aims to examine financial management performance in SMEs with regard to industry, firm age and education level of owner/managers differences. Design/methodology/approach The data used in the study are collected from 188 SMEs through structured questionnaires, and three hypotheses regarding the associations are tested by using structural equation modeling. Findings Findings of one-way ANOVA tests indicate that performance in financial management practices has a strong and positive correlation with education level of small business owner/managers, whereas no significant difference is found regarding SMEs operating in different industries. For the impact of company age, independent samples t-test is conducted, and a meaningful difference between small- and medium-sized companies which are five years or older and younger is found. Research limitations/implications This study shows that a significant difference for age of an SME is present between over and under five-year-old SMEs, with respect to financial management performance, which is an important finding for both small business and financial management literatures. The tests regarding the particular hypotheses about education level of SME owner/managers indicate that education level of SME owner/managers significantly impacts financial management performance. Practical implications The present study provides important practical implications. First, the importance of education level of owner/managers on SME financial performance is highlighted. Second, strong empirical support is found for the impact of company age on SME performance, which might be discussed as the importance of accumulation of knowledge of the owner/managers and the changes required with the growth patterns of the company, with increasing company age. Third, the study shows that industry differences do not exhibit a significant performance variation factor in financial management of SMEs, with respect to other demographic factors. Overall, these contributions help us better understand the financial management performance indicators in small and medium sized businesses. Originality/value This study focuses on company age, education level and industry differences with respect to financial management performance in SMEs in emerging economies, therefore provides additional empirical evidence to a research area where very few empirical studies exist.

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“…The smallness and newness of SMEs represent an opportunity as they seem more flexible and adaptive to new conditions (Durst et al 2021;Branicki et al 2018;Bourletidis and Triantafyllopoulos 2014) as they are less exposed to sunk costs (Tan and See 1997) and can quickly exploit market niches (Hodorogel 2009) and less dependent on bank credit (Ter Wengel and Rodriguez, 2006). SMEs develop alternative marketing strategies and innovative tactics to crisis adversity conditions (Briozzo and Cardone-Riportella 2016;Gregory et al 2002). Market segmentation is one of the tactics that SMEs use to adapt to crisis conditions (Shama, 1993).…”

Section: Smes Adaptation Strategiesmentioning

confidence: 99%

Syrian SMEs in Times of Covid-19 Pandemic: Challenges, Adaptation and Policy Measures

Akkad¹,

Mouselli²

2023

Preprint

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SMEs constitute the backbone of the Syrian economy which have suffered manifold challenges due to the continuous Syrian war. Covid-19 added further pressures on Syrian SMEs and force them to take certain adaptation strategies to survive. This paper aims to investigate the main challenges that face Syrian SMEs during the pandemic and illustrate how they respond to adversities emerged from governmental intervention to control the spread of the virus. It also discusses the measures initiated by the government to support SMEs during the pandemic. Through interviewing persons from the Syrian SMEs ecosystem, we find that high interest rates on SMEs loans, decline on demand as well as high inflation represent the main challenges. SMEs respond to these challenges by marketing products online, stock procurement, and strengthen connections with stakeholders. We recommend the Syrian authorities reduce lending rates and increase loan size available to SMEs to help them overcome the pandemic adversities. Moreover, SMEs will immensely benefit from training on digital tools to enhance their expansion and survival opportunities. Furthermore, bazars should be organized around the year to give SMEs the opportunity to gain continuous access to markets. In addition, incubation services should be revised, particularly, to SMEs with great potential to grow to create the suitable environment for them to scale and flourish.

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Spanish SMEs’ Subsidized and Guaranteed Credit during Economic Crisis: A Regional Perspective

Cited by 19 publications

References 34 publications

Corporate governance attributes and listed SMES’ debt maturity

Corporate governance attributes and listed SMES’ debt maturity

The impact of industry, firm age and education level on financial management performance in small and medium-sized enterprises (SMEs)

Syrian SMEs in Times of Covid-19 Pandemic: Challenges, Adaptation and Policy Measures

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