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1.
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: |
2.
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: |
3.
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 |
4.
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: |
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.
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: |
7.
The impact of public guarantees on credit to SMEs 总被引:1,自引:0,他引:1
This article provides an in-depth evaluation of the impact of public credit guarantees to SMEs in increasing credit availability
and reducing borrowing costs, without compromising their financial sustainability. Extensive econometric tests have been carried
out by comparing the performance of the SMEs that benefited from such guarantees in Italy with a sample of comparable firms.
The findings confirm the presence of a causal relationship between the public guarantee and the higher debt leverage of guaranteed
firms, as well as their lower debt cost. Italy’s guarantee instrument has proved to be an effective instrument in these respects.
相似文献
Marco Ventura (Corresponding author)Email: |
8.
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: |
9.
Deli Yang Mahmut Sonmez Derek Bosworth Gerald Fryxell 《Journal of Business Ethics》2009,87(2):269-283
This paper identifies that Information and Communication Technology (ICT) has a negative effect on software piracy rates in
addition to consolidating prior research that economic development and the cultural dimension of individualism also negatively
affect piracy rates. Using data for 59 countries from 2000 to 2005, the findings show that economic well-being, individualism
and technology development as measured by ICT expenditures explain between 70% and 82% of the variation in software piracy
rates during this period. The research results provide important implications for policy makers and business practitioners
to help reduce software piracy.
相似文献
Gerald FryxellEmail: |
10.
The overestimated role of strategic orientations for international performance in smaller firms 总被引:1,自引:1,他引:0
This article examines how market orientation (MO) and entrepreneurial orientation (EO) relate to international performance
in small firms. Empirically, the article draws on survey data from 188 Swedish SMEs. Results show that strategic orientations
have a very limited influence on international performance in these firms. Proactiveness and, to some extent, a market orientation
proved positively associated with international performance, while innovativeness and risk taking show no such relationship.
Our findings highlight the problems associated with using “traditional” MO and EO constructs in an SME setting and point to
the need of developing more appropriate constructs tailored to this context. We also note that the MO construct was developed
from a “causal view” of marketing, while successful small international firms rely more on effectuation logic. The article
also contributes to the debate between the two dominant perspectives that address firms’ early internationalization processes:
the process theory of internationalization and the international new venture perspective, where our results are in favor of
the latter.
相似文献
Svante AnderssonEmail: |
11.
Entrepreneurship in post-socialist economies: A typology and institutional contexts for market entrepreneurship 总被引:1,自引:1,他引:0
Nir Kshetri 《Journal of International Entrepreneurship》2009,7(3):236-259
There is growing recognition among post-socialist (PS) economies that free-market entrepreneurship is essential for ultimately
improving their economic future. The promotion of market entrepreneurship, however, has been a challenging experience for
these economies. This paper examines various forms of entrepreneurship in PS economies. Drawing upon the institutional theory,
we also highlight the clear contexts and attendant mechanisms associated with institutions–entrepreneurship nexus in PS economies’
contexts.
相似文献
Nir KshetriEmail: |
12.
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: |
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.
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: |
15.
The effect of new business formation on regional development over time: the case of Germany 总被引:6,自引:0,他引:6
We investigate the effects of new business formation on employment change in German regions. A special focus is on the lag-structure
of this effect and on differences between regions. The different phases of the effects of new business formation on regional
development are relatively pronounced in agglomerations as well as in regions with a high-level of labor productivity. In
low-productivity regions, the overall employment effect of new business formation activity might be negative. The interregional
differences indicate that regional factors play an important role.
相似文献
Pamela MuellerEmail: |
16.
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: |
17.
Necessity and Opportunity Entrepreneurs and Their Duration in Self-employment: Evidence from German Micro Data 总被引:3,自引:0,他引:3
Using data from the German Socio-Economic Panel Study (GSOEP), we analyze whether necessity entrepreneurs differ from opportunity
entrepreneurs in terms of self-employment duration. Using univariate statistics, we find that opportunity entrepreneurs remain
in self-employment longer than necessity entrepreneurs. However, after controlling for the entrepreneurs’ education in the
professional area where they start their venture, this effect is no longer significant. We therefore conclude that the difference
observed is not an original effect but rather is due to selection. We then go on to discuss the implications of our findings
for entrepreneurship-policy making, and give suggestions to improve governmental start-up programs.
相似文献
Philipp SandnerEmail: |
18.
Michael Fritsch 《Small Business Economics》2008,30(1):1-14
This paper gives an overview of the empirical research on the effects of new business formation on regional development and
introduces the contributions to this special issue. The effects of new businesses on regional development emerge over a longer
time-period of up to ten years. A main focus of the contributions to this special issue is on the distribution of these effects
over time and on the magnitude of the overall effect. While the basic pattern found for the different countries and regions
is quite similar, the magnitude of the overall effect can be different and may even be negative. There are strong indications,
that the type of entrants plays an important role in this respect.
相似文献
Michael FritschEmail: |
19.
Entrepreneurship,economic development and institutions 总被引:2,自引:2,他引:2
This paper is an introduction to the special issue from the 3rd Global Entrepreneurship Monitor Research Conference held in
Washington, D.C., in 2008. The paper has three objectives. First, to discuss the importance of the three stages of economic
development, the factor-driven stage, the efficiency-driven stage and the innovation-driven stage. Second, to examine the empirical evidence on the relationship between stages of economic development and entrepreneurship.
Third, to present a summary of the papers in the context of the theory.
相似文献
Jolanda HesselsEmail: |
20.
The authors review the foundation for incorporating market concentration directly into consumer utility functions, and develop
a general equilibrium model to derive welfare-maximizing principles for optimal enforcement of antitrust policies toward concentrated
market structures, including merger policy. An intriguing result is that increased market concentration can fail to maximize
economic welfare even if a proposed merger might generate positive net efficiencies.
相似文献
Norman P. ObstEmail: |