共查询到20条相似文献,搜索用时 15 毫秒
1.
Effect of credit guarantee policy on survival and performance of SMEs in Republic of Korea 总被引:1,自引:1,他引:0
This study evaluates the effect of credit guarantee on SMEs at the firm level. To estimate the effect of credit guarantee,
we analyze relations between credit guarantee, the survival of guaranteed firms, and their productive performance. The result
indicates that credit guarantee frequency enabled guaranteed firms to achieve good performances in general. On the contrary,
the effect of guarantee amounts is ambiguous in that there is difference between the contemporary effect and the lagged effect.
Therefore, we conclude that credit guarantee satisfied partially its goal to alleviate SMEs’ difficulty in acquiring finance
and to stabilize employment.
相似文献
Almas HeshmatiEmail: Email: |
2.
Mariarosaria Agostino Francesco Trivieri 《Journal of Industry, Competition and Trade》2008,8(1):33-53
This work investigates whether local differences in banking competition impact on the amount of bank debt used by Italian
small and medium sized manufacturing firms. Sample selection and Double Hurdle models are adopted as the process, which results
in the choice of bank financing may differ from that determining its amount. Our main finding is that more competitive banking
markets seem to be associated with relatively higher usage of bank debt by less transparent firms. On the other hand, a higher
banking competition seems to have no effect on the probability of receiving bank loans.
相似文献
Francesco TrivieriEmail: |
3.
Testing trade-off and pecking order theories financing SMEs 总被引:1,自引:0,他引:1
This paper explores two of the most important theories behind financial policy in Small- and Medium-Sized Enterprises (SMEs),
namely, the pecking order and the trade-off theories. Panel data methodology is used to test empirical hypotheses on a sample
of 3,569 Spanish SMEs over a 10-year period dating from 1995 to 2004. Results suggest that both theoretical models help to
explain SME capital structure. However, despite finding clear evidence that SMEs follow a funding source hierarchy (pecking
order model), our results reveal that greater trust is placed in SMEs that aim to reach target or optimum leverage (trade-off
model). This remains true even when SMEs take a long time to reach this level, due to the high transaction costs they have
to face. Non-debt tax shields (NDTS), growth opportunities and internal resources all seem to play an important role in determining
SME capital structure. Both size and age are also found to be significant factors. Moreover, the empirical evidence obtained
confirms that SMEs clearly behave differently to large firms where financing is concerned.
相似文献
Francisco Sogorb-Mira (Corresponding author)Email: |
4.
Innovation in SMEs exhibits some peculiar features that most traditional indicators of innovation activity do not capture.
Therefore, in this paper, we develop a structural model of innovation that incorporates information on innovation success
from firm surveys along with the usual R&D expenditures and productivity measures. We then apply the model to data on Italian
SMEs from the “Survey on Manufacturing Firms” conducted by Mediocredito-Capitalia covering the period 1995–2003. The model
is estimated in steps, following the logic of firms’ decisions and outcomes. We find that international competition fosters
R&D intensity, especially for high-tech firms. Firm size and R&D intensity, along with investment in equipment, enhances the
likelihood of having both process and product innovation. Both these kinds of innovation have a positive impact on firm’s
productivity, especially process innovation. Among SMEs, larger and older firms seem to be less productive.
相似文献
Jacques MairesseEmail: |
5.
Financial intermediaries,ownership structure and the provision of venture capital to SMEs: evidence from Japan 总被引:1,自引:0,他引:1
This paper examines how the provision of venture capital to small- and medium-sized businesses (SMEs) is influenced by the
ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital
market, comprising data on investment and venture capital activities of 127 Japanese venture capital funds. The data allow
us to provide a direct comparison of the behaviour of individual owner-manager venture capitalists versus financial intermediation
(e.g., bank’s venture capital divisions). The data indicate owner-manager venture capitalists (financial disintermediation)
give rise to much smaller portfolios of SMEs and more advice to entrepreneurs. Across the scope of different financial intermediation
structures, including banks, life insurance companies, securities firms, corporations and government bodies, there are further
differences in the provision of governance and value-added advice provided to SMEs. Also, the data indicate US-affiliated
funds in Japan are more likely to have smaller portfolios and tend to provide more advice to SMEs.
相似文献
Armin SchwienbacherEmail: Email: |
6.
This paper investigates the impact of in-house R&D and innovation management practices on innovation success in small and
medium-sized firms (SMEs). While there is little doubt about the significance of technology competence for generating successful
innovations, in-house R&D activities may be a particular challenge for SMEs due to high risk exposure, high fixed costs, high
minimum investment and severe financial constraints. SMEs may thus opt for refraining from R&D and relying more on innovation
management tools in order to achieve innovation success. We analyse whether such a strategy can pay off. Based on data from
the German CIS, we find that R&D activities are a main driver for innovation success if combined with external R&D, using
external innovation sources or by entering into co-operation agreements. SMEs without in-house R&D can yield a similar innovation
success if they effectively apply human resource management tools or team work to facilitate innovation processes.
相似文献
Alfred SpielkampEmail: |
7.
In this article, we argue that firms in high-margin industries can benefit from founding family influence. Specifically, in
more profitable markets, the influence of the founding family provides an additional corporate governance-monitoring function.
The sample consists of 294 firm-year observations from 98 publicly traded companies headquartered in Sweden, representing
approximately half of all non-financial traded firms. Our support that the effect of family leadership in publicly held firms
should be assessed in relation to the intensity of industry competition.
相似文献
Justin B. CraigEmail: |
8.
We provide evidence on the influence of expectations and network effects on the timing of technological adoption. By considering
a sample of SMEs operating in Italy, we focus on the determinants of their decision to adopt Fast Ethernet, a communication
standard for Local Area Networks (LANs). We find that both expectations and network effects significantly affect the timing
of adoption. In particular, price expectations generally tend to delay adoption and (indirect) network effects in the form
of backward compatibility as well as informational spillovers tend to foster adoption. Firm size also matters.
相似文献
Nicoletta CorrocherEmail: |
9.
This paper compares the technical efficiency of small and medium-sized enterprises (SMEs) with that of large firms and studies
the factors influencing technical efficiency for Taiwan’s electronics industry. Unlike conventional studies, we use two alternative
approaches to control for the influence of size effect. One is the two-stage switching regression to correct for endogenous
size effect on technical efficiency and, the other is, a metafrontier production function for firms in different groups. The
main results are as follows. First, the average technical efficiency for large firms is higher than that of SMEs, without
considering the size effect, and lower when considering the endogenous choice on firm size. This study cannot, therefore,
conclude that there is a negative size–technical efficiency relationship. It however, sheds light on the importance of size
effect on the size–technical efficiency nexus. Second, the estimates on the determinants of technical efficiency show that
being a subcontractor has a statistically significant positive influence on SMEs’ technical efficiency, but the effect decreases
with firm size.
相似文献
Ku-Hsieh ChenEmail: |
10.
Competing firms often use product lines to screen different types of customers. Examples include, in general markets, product
lines that screen the purchasing ability or preference for quality; in credit markets, product lines that screen the risk
of the projects with different collateral; in insurance markets, product lines that screen the risk of accident with different
coverage; and in labor markets, wage schedules that screen the employees’ abilities with different education levels. In some
of these markets there can be some natural quality constraints: a maximum available quality in general markets, no negative
collateral in credit markets; coverage not above 100% in insurance markets; minimum education level in labor markets. We present
sufficient conditions for the existence of a pure strategies equilibrium (in such markets) under differentiation and a continuous
distribution of customer types. We show that the equilibrium exists if there is a sufficiently high degree of differentiation
among firms. Furthermore, we show that this equilibrium involves, under certain general conditions, pooling of customer types
at the top and at the bottom of the distribution of customer types. The middle types may still be screened by the firms.
相似文献
J. Miguel Villas-BoasEmail: |
11.
This paper examines the implications of the globalization of value chains for the role of small and medium-sized enterprises
(SMEs) in the tourism industry. To begin with, the configuration of the global tourism value chain is analysed. Next, the
participation of Andalusian SMEs in the global tourism value chains is investigated. A number of case studies have been developed
in two relevant sectors, hotels and travel agencies, giving priority to the main tourist typologies existing in Andalusia:
sun and sand, business and congress, cultural and rural. As a result, a SWOT analysis has been produced. Finally, from the
key findings some policy recommendations supporting the role of tourism SMEs in global value chain are made.
相似文献
Pilar TejadaEmail: |
12.
Andy Lockett Mike Wright Andrew Burrows Louise Scholes Dave Paton 《Small Business Economics》2008,31(1):39-58
In this study we examine how venture capital (VC) firms influence the export behavior of their investee companies. VC firms
perform an important governance function for investee companies by providing monitoring and value-added activities. Drawing
on agency theory, the resource-based view of the firm and governance life-cycle theory we hypothesize that the relationship
between VC governance resources and investee exporting behavior is moderated by investment stage. Employing a sample of 340
VC-backed firms, our results confirm this hypothesis. Monitoring resources are most effective in promoting export behavior
for late-stage ventures and value-added resources in promoting export behavior in early-stage ventures.
相似文献
Dave PatonEmail: |
13.
Francesca Gagliardi 《Small Business Economics》2009,32(4):439-464
The purpose of this article is to empirically assess the relationship existing between local financial development and the
growth of firms, with a special focus on cooperatives. Using Italian data, a multiplicative interaction model is specified,
so as to allow the impact of local banking development to differ between cooperative and non-cooperative firms. The main finding
is that although local banking development represents a determinant of firms’ growth, regardless of their legal structure,
it plays a special role in boosting the growth of cooperatives. This result provides evidence in favor to the existence of
an institutional complementarity relationship between the development of local banking institutions and cooperative firms.
相似文献
Francesca GagliardiEmail: |
14.
Dr. Jens Dibbern Prof. Dr. Armin Heinzl 《Business & Information Systems Engineering》2009,1(1):101-110
In this paper determinants of information systems (IS) outsourcing are deduced from transaction cost economic theory, resource-based
theory and power theory. They are summarized in a theoretical framework which is tested using a sample of small and medium
sized enterprises (SMEs) in Germany. The results show that internal performance and know-how deficits vis-à-vis external service
providers are key determinants that explain why different IS functions are outsourced to varying degrees in SMEs. Moreover,
the determinants of IS functions were found to partially differ between IS functions.
Revised reprint of an article from WIRTSCHAFTSINFORMATIK 43(4)2001:339–350.
相似文献
Armin Heinzl (Corresponding author)Email: |
15.
Helmut Fryges 《Small Business Economics》2009,33(2):165-187
Based on longitudinal data, this article examines empirically the long-term export behaviour of German and British technology-oriented
firms founded between 1987 and 1996. Applying logit models, the results show that firms can overcome high entry costs by acquiring
firm-specific assets. Similarly, firm-specific resources prevent high-tech companies from exiting the international market.
The strategic role of investment in R&D is stressed in particular by the data.
相似文献
Helmut FrygesEmail: |
16.
We investigate what determines the maturity of lines of credit to small businesses. Our results provide strong support for
the hypothesis that shorter loan maturities serve to mitigate the problems associated with borrower risk and asymmetric information
that are typical of small business lending. We find that maturity is shorter for firm owners that have poor credit histories,
are older, and less experienced, and for firms that are more informationally opaque. Supporting the notion that collateral
and maturity are substitute mechanisms in mitigating agency problems, we also find strong evidence that maturity increases
with collateral pledges, that personal collateral is associated with longer maturities than business collateral, and that
collateral types that better mitigate agency problems reduce the sensitivity of loan maturity to informational asymmetries
and risk. Finally, while it is argued that relationship lending may mitigate information asymmetry, we find no relation between
loan maturity and stronger firm-creditor ties.
相似文献
María Fabiana Penas (Corresponding author)Email: |
17.
eBusiness applications in SMEs of Italian industrial districts: the textile and wood/furniture cases
The paper presents the results of a study dealing with the adoption of eBusiness applications in two Italian industrial districts:
the textile district in Como and the wood/furniture district in the area of Brianza. These two districts are part of important
“made in Italy” industries, with a high volume of worldwide exports. The goal of the paper is to show how Internet technology
is changing the behavior of small and medium-sized enterprises (SMEs) in these two local (but with worldwide relevance) districts
and to understand how the potential benefits and constraints for SMEs pointed out in several literature contributions are
really acting in these districts.
相似文献
Andrea Rangone |
18.
This paper analyses the performance of the small and medium-sized manufacturing firms during the period 1995–2001, focusing
on the degree of technical inefficiency and its determinants. We use a micro panel data set to simultaneously estimate a stochastic
frontier production function and the inefficiency determinants using an unbalanced panel of manufacturing firms. Our empirical
results suggest that small and medium-sized firms tend to be less inefficient than the large firms are. Also, we centre our
analysis in the effect on efficiency of some organisational factors related to the managerial ability to use and adjust capital
and labour properly.
相似文献
M. Angeles DiazEmail: |
19.
The article analyses the relationship between succession and firm performance. Applying a non-parametric matching approach
on a panel of roughly 4,000 Austrian family firms we evaluate the impact of actual (past) succession as well as planned (future)
successions on employment growth. Analysing succession plans, we do not find a significant difference in employment growth
between firms that plan to transfer the firm in the next 10 years and those who do not. In contrast, past succession exerts
a significant and positive employment growth effect, which becomes stronger over time.
相似文献
Denise Sandra DiwischEmail: |
20.
Small firms, especially those in developing countries, face several serious problems: (1) costs of regulation, including corruption,
(2) contract enforcement, and (3) idiosyncratic risks that leave their owners with high costs of finance. To deal with these
problems, it is recognized that firms exercise choice over their degree of formality. Little attention, however, has been
given to the alternative strategies that firms may choose in gaining formality and dealing with these problems. This article
examines the choice between two different strategies: (1) registering with official entities, and (2) participating in private
associations. We develop hypotheses concerning factors that would favor one such choice over the other and then test these
hypotheses with data taken from a large sample survey of Mexican microenterprises. The results provide support, in some cases
strong support, for most of the hypotheses.
相似文献
Jeffrey B. Nugent (Corresponding author)Email: |