Search results for " small and medium enterprises"
showing 3 items of 3 documents
Influence of the Cultural Background at Small and Medium Sized-Enterprises Innovations in Regional Dimension
2017
Research background: SME’s play crucial role in economy’s development. In EU they make up 99% of all enterprises and are at the forefront of technological innovations (Kotler et al., 1999, pp. 139-140; EC 2013, p. 2; Jasińska-Biliczak, 2016, p. 30). Being the flywheel for economies (Soininen et. al., 2012, p. 614) are called “hidden champions” of 20th century. Over past few years Europe-wide anal-yses (Griffin, 2004, p. 424) have emphasised the importance of investing in SME’s. Taking into consideration that cultural environment is the background to decisions: social, managerial, development (Hofstede et al., 2011, p. 46), so inno-vations, knowledge, skills and competences as well as cultur…
Pecking Order Versus Trade-off: An Empirical Approach to the Small and Medium Enterprise Capital Structure
2003
In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year period 1994?1998. The results suggest that both theoretical approaches contribute to explain capital structure in SMEs. However, while we find evidence that SMEs attempt to achieve a target or optimum leverage (trade-off model), there is less support for the view that SMEs adjust their leverage level to their financing requirements (pecking order model). En este trabajo, exploramos dos de las teorías má…
Quantificazione del merito creditizio e costo del denaro per le imprese italiane: caratteristiche e simulazioni spaziali in Italia
2012
L’economia dei flussi di cassa è il Leitmotiv di questi anni, e il denaro condiziona i comportamenti individuali e collettivi. Economie tradizionalmente solide entrano in crisi se non riscuotono la fiducia dei mercati, e le famiglie, come le imprese, difficilmente riescono a programmare il proprio futuro senza le risorse finanziarie occorrenti per le proprie attività. Nel complesso periodo che stiamo vivendo, è opinione diffusa che l’uscita dalla crisi economica derivi da cambiamenti epocali nell’organizzazione dei sistemi produttivi e finanziari nonché negli stili di vita, rivisitando il significato stesso di sviluppo economico. In tale contesto la marginalità finanziaria, intesa come vant…