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Resourcing Small and Medium Sized Enterprises A Financial Growth Life Cycle Approach

:	Ciarán Mac an Bhaird
:	Resourcing Small and Medium Sized Enterprises A Financial Growth Life Cycle Approach
:	Physica-Verlag
:	9783790823998
:	1
:	CHF 85.30
:

:	Volkswirtschaft
:	English

:	210
:	Wasserzeichen
:	PC/MAC/eReader/Tablet
:	PDF

In a world of increasing financial uncertainty and growing unemployment, the macroeconomic contribution of SMEs is more important than ever. Development of a vibrant, sustainable small firm sector is dependent on sufficient resourcing of SMEs, particularly adequate capitalisation. This book provides a timely examination of SME financing and determinants of capital structure. A special feature of this book is the novel methodological approach adopted, providing an innovative perspective on SME financing. Analysis of stated financing preferences and objectives of SME owners is combined with results of statistical analysis of firm characteristics in exploring holistic explanations for observed capital structures. The uniqueness of this approach is in the contribution of data on financing preferences to supplement and contextualise results of bivariate and multivariate statistical tests. This methodology extends the SME literature, and is of interest to academics, researchers, practitioners and policy makers.

	Preface	6
	Contents	9
	Abbreviations	12
	List of Figures	14
	Chapter 1: The Role of SMEs in Western Economies	19
	Introduction	19
	Definitions in SME Financing Research	26
	Emergence of the Research Subject	29
	Previous Research on Financing Irish SMEs	32
	Sources of External Finance Available to Irish SMEs	34
	Conclusion	38
	Chapter 2: SME Financing: A Life Cycle Approach	40
	Introduction	40
	Life Cycle Theory of the Firm	41
	Application of the Life Cycle Approach to the SME Sector	43
	Empirical Examination of the Financial Growth Life Cyclefinancial growth life cycle Modelfinancial growth life cycle model	45
	Distribution of Debt and Equity Across Age Groups	48
	One-Way Anova Post-Hoc Analysis	52
	Comparison of Sources of Finance Employed at Start-Up and at Present	53
	Data on the Provision of Collateral by Respondentsprovision of collateral by respondents	56
	Comparison of Collateral Provision Across Age Groups	56
	Comparison of Collateral Provision at Start-Up and at Present	58
	Conclusions	59
	Chapter 3: SME Financing: Investigation of Firm and Industry Effectsfirm and industry effects	61
	Introduction	61
	Description of Variables Employed in Multivariate Models	62
	Summary Descriptive Data of Dependent Variablesdependent variables	62
	Summary Descriptive Data of Independent Variablesindependent variables	64
	Tests for Multicollinearitymulticollinearity	66
	Multivariate Regression ResultsMultivariate regression results	69
	Examining Statistical Significancestatistical significance	76
	HeteroskedasticityHeteroskedasticity	77
	Investigation of Sectoral Effectssectoral effects	78
	Results of Seemingly Unrelated Regression ModelsResults of seemingly unrelated regression models	82
	Conclusions	85
	Chapter 4: SME Owners´ Financing Preferencesfinancing preferences	93
	Introduction	93
	Respondents´ Financing Preferencesfinancing preferences	94
	External Financing Requirement	97
	Perceived Availability of Finance	98
	Perceived Internal Growth Constraintsinternal growth constraints	100
	Explanations for Respondents´ Financing Preferencesfinancing preferences	101
	Control and Managerial IndependenceControl and managerial independence	102
	Perception of Funders and Their Requirements	104
	Financial ObjectivesFinancial objectives	107
	Respondents´ Considerations When Raising External Finance	109
	Considerations When Raising Debt	109
	Considerations When Raising External Equity	111
	Exploration of Signallingsignalling, Trade-Off, And Timing Theories	113
	Respondents´ Views on Signallingsignalling Effects	114
	Respondents´ Views on Debt-Tax Shielddebt-tax shield Benefits of Debt	115
	Respondents´ Views on Timing Considerations	116
	Conclusion	117
	Chapter 5: Discussion and Conclusions	120
	Introduction	120
	Discussion of Results	121
	Asymmetric Information and Signallingsignalling Theories	121
	Agency TheoryAgency theory	123
	Trade-Off Theory	125
	Implications for Future Researchfuture research	125
	Policy ImplicationsPolicy implications	126
	Implications for SME Firm Owners	128
	Implications for Funders	128
	Findings in Relation to Initial Research Objectivesresearch objectives	129
	Firm Characteristics	129
	Owner Preferences	130
	The Financial Growth Life Cyclefinancial growth life cycle Modelfinancial growth life cycle model	130
	A: Research Methodologymethodology and Profile of Respondents	132
	Introduction	132
	Data CollectionData collection	132
	Selection of the Sample Framesample frame	133
	Development of the Questionnaire Instrumentquestionnaire instrument	136
	Elements Incorporated to Improve Response Rateresponse rate	138
	Piloting and Testing the Questionnaire Instrumentquestionnaire instrument	140
	Profile of RespondentsProfile of respondents	142
	Age Profile of Respondents	142
	Sectoral ProfileSectoral profile of Respondents	144
	Size ProfileSize profile of Respondents	144
	Respondents´ Expenditure on Research and Developmentexpenditure on research and development	145
	Export ActivityExport activity of Respondents	146
	B: Previous Related Literature	151
	Introduction	151
	The Modigliani and MillerModigliani and Miller Propositions	152
	Static Trade-Off Theorytrade-off theory	153
	Application of Trade-Off Theorytrade-off theory to the SME Sector	155
	Asymmetric Information and Signallingsignalling Theories	158
	Application of Asymmetric Information and Signallingsignalling Theories to the Sme Sector	160
	Agency TheoryAgency theory	163
	Application of Agency Theoryagency theory to the SME Sector	164
	Empirical Evidence of Determinants of SME Capital Structure	169
	``Firm Characteristic´´ Studies	170
	``Owner Characteristic´´ Studies	177
	Conclusion	179
	C: Sectoral Classification of Sample Framesample frame by NACE CodesNACE codes	193
	D: Supplementary Tables Referenced in Chapter 4	195
	References	201
	Index	218