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The Access To Financing Of Small And Medium Enterprises In Romania And Implications Of Current Crisis

Author

Listed:
  • Angela Roman

    (Faculty of Economics and Business Administration, "Al. I. Cuza" University, Iasi, Romania)

Abstract

The easy access to financing of enterprises in general and of small and medium enterprises (SMEs) in particular is of crucial importance, for it conditions their creation, survival and develop- ment, and, eventually, economic growth and the creation of workplaces. In comparison with large enterprises, SMEs are faced with numerous obstacles when obtaining financing resources, due to the reticence of the financial markets to take risks, as well as to the insufficient guarantees offered to the creditors. The aim of this paper is to analyze the particularities of the financing received by small and me- dium enterprises in Romania in comparison with other EU countries, the implications of the current crisis on the access to financing of small and medium enterprises, as well as the measures adopted by public authorities in order to support these enterprises.

Suggested Citation

  • Angela Roman, 2011. "The Access To Financing Of Small And Medium Enterprises In Romania And Implications Of Current Crisis," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 2011, pages 101-113, july.
    • Handle: RePEc:aic:journl:y:2011:v:se:p:101-113
    as

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    File URL: http://anale.feaa.uaic.ro/anale/resurse/2011SEfin4roman.pdf
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    File URL: http://anale.feaa.uaic.ro/anale/ro/Arhiva%202011SE-Roman/435
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    References listed on IDEAS

    as
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    3. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    4. Beck, Thorsten & Demirgüç-Kunt, Asli & Maksimovic, Vojislav, 2008. "Financing patterns around the world: Are small firms different?," Journal of Financial Economics, Elsevier, vol. 89(3), pages 467-487, September.
    5. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    6. Demirgüç-Kunt, A. & Beck, T.H.L. & Honohan, P., 2008. "Finance for all? : Policies and pitfalls in expanding access," Other publications TiSEM aec73d3a-d6eb-457f-9182-3, Tilburg University, School of Economics and Management.
    7. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1999. "Institutions, financial markets, and firm debt maturity," Journal of Financial Economics, Elsevier, vol. 54(3), pages 295-336, December.
    8. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    9. Beck, Thorsten & Demirguc-Kunt, Asli & Laeven, Luc & Maksimovic, Vojislav, 2006. "The determinants of financing obstacles," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 932-952, October.
    10. Stephanou, Constantinos & Rodriguez, Camila, 2008. "Bank financing to small and medium-sized enterprises (SMEs) in Colombia," Policy Research Working Paper Series 4481, The World Bank.
    11. repec:bla:jfinan:v:53:y:1998:i:6:p:2107-2137 is not listed on IDEAS
    12. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Erika-Maria Doaca, 2021. "The Impact of Access to Finance on the Performance of the SME Sector," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 993-1002, December.

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    More about this item

    Keywords

    SMEs; financial structure; bank loans; financial crisis; anti-crisis measures;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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