Search results for " SME"

The impact of corporate characteristics on the financial decisions of companies: Evidence on funding decisions by Italian SMEs

2015

Small and medium enterprises (SMEs) represent a large percentage of the corporate tissue of developed countries, but they do not have adequate attention. In fact, various researchers have focused their studies on larger and well-known companies. This paper aims to investigate the impact of corporate characteristic on the financial choices of SMEs, with a specific focus on agro-food micro companies. Access to finance is vital in business start-up, development and growth for SMEs, all with very different needs and facing different challenges in terms of finance compared to large companies. The lack of equity invested in small enterprises makes them more dependent on other external sources (e.…

Financial literacy, value creation and firm performance. An investigation of Italian small and medium enterprises

2023

This article aims to determine the influence of entrepreneurs’ financial literacy for the growth of SMEs’ value. The paper verifies the hypothesis that there is a significant relationship between financial literacy and value creation, as indicated by economic value added (EVA®). The study analyses 162 Italian SMEs operating in the textile and clothing sector. The analysis period is between 2011 and 2013. Regression analysis and correlation analysis have been applied to test the hypotheses. The results suggest a positive and significant relationship between financial literacy and the variables that drive the value creation. Greater financial literacy allows SMEs to optimise their capital str…

Audit fees and cost of debt: differences in the credibility of voluntary and mandatory audits

2019

Despite the extensive research on audit fees, few studies have examined the effect of audit fees on the cost of debt. Based on the credence goods theory, we examine whether the effect of audits on the cost of debt is affected by the type of audit (voluntary or mandatory) and the audit fees, as well as whether there is a combined effect of voluntary audits and audit fees, so that the effect of voluntary audits on the cost of debt is affected by audit fees. Using a sample of Spanish SMEs, we find an asymmetric effect of audit fees on the cost of debt: higher audit fees are associated with a lower cost of debt for voluntarily audited companies, while the association is not significant for mand…

Developing business networking opportunities for SMEs through business ecosystem and ICT

2010

Globalisation is a new challenge for European small and medium enterprises; indeed, on one hand, it represents a threat, since new emerging companies are entering their domestic market, but on the other hand, it represents the opportunity to enter new emerging and growing markets. In order to win this challenge, European SMEs need to play the networking card; in fact, it is well acknowledged that networking can improve SMEs effectiveness and efficiency which is absolutely necessary to win the globalisation battle. Many public regional institutions are thinking about how to improve the networking capacity of their SMEs through specific programs and investments. This paper reports the results…

SMEs' Growth Heterogeneity - Evidence from Regional Developments

2014

Previous empirical research on small and medium-sized enterprises (SMEs) frequently struggled with the extreme heterogeneity of these frms. We scrutinise one major source of this heterogeneity: SMEs' growth development. Based on a large dataset of French, Italian, UK and US firms between 2000 and 2008, we find that SMEs fall in two categories in all countries: One large group of firms that display only slow growth and one much smaller group that actively seek strong growth. We show that the growth factors particularly of the slowly-growing firms vary strongly between the countries. European SMEs differ mainly in the growth effects of their ownership structures. US firms set themselves apart…

Morphological characterization of the blood cells in the endangered Sicilian endemic pond turtle,Emys trinacris(Testudines: Emydidae)

2014

AbstractIn this study, measurements of morphological parameters, sizes and frequencies of peripheral blood cells (erythrocytes, leukocytes, thrombocytes) on blood smear preparation devices stained with May-Grunwald stain were evaluated for both sexes in 20 Emys trinacris (Testudines: Emydidae) specimens. Erythrocytes were higher in male than in female specimens. The leukocyte of E. trinacris contains eosinophil, basophil, monocyte, heterophil and lymphocyte. The eosinophil was higher in males than in females whereas lymphocytes were higher in females than in males. The erythrocyte morphological parameters (EL [erythrocyte length], EW [erythrocyte width], L/W [length/width], ES [erythrocyte …

Romania’s SMEs on the Way to EU’s Twin Transition to Digitalization and Sustainability

2021

Abstract European Commission’s six priorities for 2019-2024 are all in line with and leverage each other to support Europe’s twin transition to digitalization and sustainability; aiming to address the challenges posed by the COVID-19 pandemic, The Recovery Plan for Europe adds resilience as key dimension of EU’s progress, while reinforcing its commitment to the green and digital transformation. Counting for more than 99% of the enterprises, employing about two of three people, and generating more than a half of the value added - with similar weights as concerns Romania - EU’s SMEs are the engine of Europe's economy, therefore essential contributors to these transformative processes - as emp…

Back-Propagation Artificial Neural Network for ERP Adoption Cost Estimation

2011

Published version of a chapter in the book: Enterprise information systems, vol 220, part 2, 180-187. Also available from the publisher at: http://dx.doi.org/10.1007/978-3-642-24355-4_19 Small and medium size enterprises (SMEs) are greatly affected by cost escalations and overruns Reliable cost factors estimation and management is a key for the success of Enterprise Resource Planning (ERP) systems adoptions in enterprises generally and SMEs specifically. This research area is still immature and needs a considerable amount of research to seek solid and realistic cost factors estimation. Majority of research in this area targets the enhancement of estimates calculated by COCOMO family models.…

Availability of alternative financial resources for SMES as a critical part of the entrepreneurial eco-system: Latvia and Italy

2015

Abstract The importance of non-traditional alternative/innovative financing is gaining recognition in both developed and emerging economies throughout the world (OECD, 2012; EC, 2013; ECB, 2013; ECB, 2014). SME financing in Europe remains primarily bank based, in spite of the many policies proposed to develop alternative financing instruments (e.g. adopting directives on venture capital, improving the transparency and visibility of SMEs on capital markets, etc.) The paper aims at understanding the availability of alternative resources for SMEs by analyzing them rigorously, understanding the obstacles for the development of non-bank finance and developing recommendations to overcome them. Th…

SYNTHESIS AND CHARACTERISATION OF NEW AZOLE BUILDING BLOCKS FOR FUNCTIONAL IONIC SYSTEMS

The synthesis of a series of 27 salts based on 5-(4-(alkyloxy)phenyl)-1,4-dimethyl-3-(perfluoroalkyl)-1,2,4-triazol-4-ium structures, differing in the length of the alkyl and perfluoroalkyl chains, as well as in the counter ions is reported. Some properties of this new family of salts as perspective liquid-crystalline ionic liquids (LC-ILs) are described and the influence of the varying moieties in the modulation of the properties is discussed.