Arrieta-Paredes, Mary-Paz ORCID: 0000-0001-5632-394X, Coca-Stefaniak, J. Andres ORCID: 0000-0001-5711-519X and Hallsworth, Alan G. (2020) The financing of SMEs in the midst of a crisis: Lessons from the Eurozone between 2009 and 2013. [Working Paper] (Unpublished)

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Abstract

SMEs remain the largest employer in the western world. Yet, the financing of their fixed and working capital investments is one of the least understood processes in Finance and Policy Research. Analysing six working hypotheses, this study focuses on this topic through the prism of Eurozone SMEs enterprises at the peak of the last financial downturn. Crucially, business environment characterised by stronger legal rights and deeper credit information did not improve SMEs’ access to external finance. It is recommended that better business regulations are developed to improve the resilience of SMEs to future global financial crises.

Item Type:	Working Paper
Uncontrolled Keywords:	SMEs; pecking order; investment; business environment; global financial crisis; Generalised Multilevel Structural Equation Model
Subjects:	H Social Sciences > HG Finance
Faculty / School / Research Centre / Research Group:	Faculty of Business Faculty of Business > Department of International Business & Economics Faculty of Business > Department of Marketing, Events & Tourism Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Centre for Governance, Risk & Accountability (CGRA)
Last Modified:	28 Sep 2023 20:38
URI:	http://gala.gre.ac.uk/id/eprint/28067

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