Search results for " enterprises"
showing 10 items of 134 documents
Capital Structure and Sensitivity in SME Definition: A Panel Data Investigation
2003
We provide an empirical examination of the pecking order theory on capital structure in the field of Small and Medium Enterprises (SMEs). We mainly investigate if the results are sensitive to different definitions commonly used for these types of companies. Our evidence offers strong support for the growth opportunities and cash flow hypotheses. Firms that have many growth opportunities and small cash flows clearly show more debt in their capital structure. Moreover, results do not change when different SME definitions or sample sizes are used.
CLUSTER IMPACT ON COMPANY CREDITWORTHINESS: CASE OF LATVIA
2013
One of the leading driving forces of every state economy is small and medium enterprises (SME). In Latvia, SME accounts for 99.7% of the national industrial system, creating 70% of the national’ value added. The lack of sufficient capital and credit is often a major problem for the development of SME, particularly in their early growth stages. The main criterion and quality indicator of credit risk assessment is the borrower’s creditworthiness. Before issuing a loan, the checking of the borrower’s credibility and solvency is carried out. The assessment of the borrowers’ ability to pay, their creditworthiness at a definite moment must be connected with the ability to meet their liabilities i…
WAITING FOR THE CAPITAL MARKET UNION: THE POSITION OF LATVIAN CORPORATE BOND MARKET
2017
Baltic region is traditionally treated as similar and comparable when analysed on the macroeconomic level. The major difference is faced when the analysis is performed for the corporate bond market – the weight of Latvian publically traded corporate bonds among the three countries- Latvia, Lithuania and Estonia- reached 94% by the number of issues quoted. With 47 corporate bonds listed in Nasdaq Riga, Latvian corporate bond market demonstrated the rapid growth and recognition of corporate bonds as the source of alternative to bank lending financing method (Nasdaq Baltic, 2017). There are no obvious macro or microeconomic evidence for Latvia meeting more favourable conditions for corporate b…
The evolution of the local role(s) of the university in a low-tech region
2013
The present case study addresses the case of a geographical area neglected by most of the literature about the changing role of Higher Education Institutions (HEIs): the low-tech contexts. This literature has traditionally exhibited two primary aspects. First, a focus on success stories such as entrepreneurial universities located in high-tech regions (e.g. Silicon Valley). Second, it reveals an inclination towards an evolution from ivory towers to entrepreneurial universities. The article argues that this oversimplification does not apply exactly to some environments where the HEIs have maintained links with industry since their inception. The purpose is to demonstrate HEIs' relevance in l…
Small business in a small country and the role of government (the case of Georgia)
2019
Problem statement: The value of small and medium-sized enterprises (SMEs) for a national economy is recognized all over the world. Georgia is not an exception. Georgian government has declared the importance of the creation of a strong private sector in strategic documents - “Socio-Economic Development Strategy of Georgia – Georgia 2020” (2014) and “For a Strong, Democratic and United Georgia” (2015), first of all. In line with country’s general strategy - to achieve economic growth through private sector development - more proactive reforms to develop entrepreneurship, start-ups and build a competitive SME sector have been developed and special program -“SME Development Strategy 2016-2020”…
Der Fachbereich Deutsch in Recht und Wirtschaft am Institut für Germanistik der Universität Opole/Oppeln. Einige Bemerkungen zur Wechselbeziehung zwi…
2019
The article presents the field of study German in Law and Economy leaded by the Institute of German Philology at the University of Opole. Based on the results of a survey, the paper illustrates students’ and alumni’ views and opinions about the study program. The presented feedback could serve as an instrument of evaluation and as a mean of a creative cooperation between academic centers and the local enterprises. Both of the sectors have an important task: to contribute to a sustainable development of the region.
Incidence of Stakeholders in the corporate social responsibility of micro, small and medium-sized enterprises of Santa Marta
2018
Abstract This article analyses the perception and application of corporate social responsibility (CSR) practices in a sample of 499 micro, small and medium enterprises (MSMEs) in the city of Santa Marta (Colombia) following the theory of Stakeholders. Specifically, the interdependence technique of exploratory factor analysis was used to determine the most influential Stakeholders in the execution of CSR practices. It was found that Stakeholders related to the value chain, the environment and corporate management favour social responsibility actions in local MSMEs. In contrast, community and government have less influence on the development of social responsibility practices in MSMEs. Additi…
Efeitos das práticas verdes na lealdade: proposta de um modelo para o segmento hoteleiro colombiano
2021
Resumen El propósito de este estudio fue analizar la incidencia de las prácticas verdes como impulsoras para generar confianza, satisfacción y lealtad en los huéspedes. Para ello, a partir de una muestra de 302 huéspedes de hoteles en Bogotá, Colombia, se estimó un modelo de ecuaciones estructurales a través de la regresión de mínimos cuadrados parciales. Los resultados obtenidos evidencian que las prácticas sostenibles contribuyen al aumento de la confianza y la satisfacción de los huéspedes, y que estas, a su vez, influyen positivamente en su lealtad hacia el hotel. Además, dichos resultados ponen de manifiesto que una comprensión más profunda del perfil de los turistas medioambientalment…
Innovation capabilities in tourism and food production SMEs in the Baltic Sea Region
2011
Drawing on the resource-based view, this paper addresses two fundamental questions: what innovation capabilities are most important for the creation of innovations in Small and Medium-sized Enterprises (SMEs) and what are the relations between different innovation capabilities? We propose a model for the analysis of innovation capabilities in small and medium enterprises. In the model, we distinguish between capacities, such as access to financial, physical, technological and human resources, and competencies, such as knowledge and skills, market and entrepreneurial orientation. The findings are based on surveys from 277 tourism and food production SMEs from five Baltic Sea Region countries.
INTERNATIONALISATION OF SMALL AND MEDIUM SICILIAN WINERIES: AN EXPLORATORY STUDY BASED ON THE RBV APPROACH
2014
Strategies of internationalization, such as export, have a central role as well to safeguard the market position and survival for many enterprises, including small and medium ones. The aim of this study is to investigate, through a resource-based view (RBV) approach, the main firms' internal factors that affect the export propensity of sparkling wines producers in Sicily and their ability to insert into foreign market. Based on review of extant literature we have identified the main factors, related both to the firms and to the managers characteristics, that affect the firm performance in the export market. Using survey data of 94 Sicilian small and medium wineries export oriented, this pap…