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SMEs and Junior Stock Markets: A Comparison between European and Japanese Markets

Author

Listed:
  • Caroline Granier
  • Valérie Revest
  • Alessandro Sapio

Abstract

The financing of SMEs has been a central concern for industrialized countries over the last couple of decades. Stock markets dedicated to SMEs, called junior markets, are increasingly seen as an alternative to bank financing. This article examines the functions of the junior markets that are located in continental Europe and in Japan. Based on the analytical framework developed by Lazonick and O?Sullivan (2004) and Lazonick (2007), we evaluate the functions performed by junior markets through the listing criteria and ongoing requirements and through the collection of market statistics. Market models appear to be heterogeneous: continental European markets lie between the UK Alternative Investment Market (AIM) and the oldest Japanese junior markets. According to their organization, they may stimulate more growth or exit. This contribution can play a useful role in informing policy makers about junior markets. JEL Codes: G10, G24, O30

Suggested Citation

  • Caroline Granier & Valérie Revest & Alessandro Sapio, 2019. "SMEs and Junior Stock Markets: A Comparison between European and Japanese Markets," Journal of Innovation Economics, De Boeck Université, vol. 0(2), pages 43-67.
    • Handle: RePEc:cai:jiedbu:jie_029_0043
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    Citations

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    Cited by:

    1. Yuji Honjo, 2021. "Public or perish? From founding to initial public offering," Review of Managerial Science, Springer, vol. 15(6), pages 1573-1610, August.
    2. Yuji Honjo & Koki Kurihara, 2023. "Graduation of initial public offering firms from junior stock markets: evidence from the Tokyo Stock Exchange," Small Business Economics, Springer, vol. 60(2), pages 813-841, February.
    3. HONJO Yuji & IKEDA Yuya & KURIHARA Koki, 2024. "Founder-CEO Resistance and Ambition: An empirical analysis of firm survival in Japanese junior stock markets," Discussion papers 24060, Research Institute of Economy, Trade and Industry (RIETI).
    4. HONJO Yuji & KURIHARA Koki, 2021. "Graduation of Initial Public Offering Firms from Junior Stock Markets: Evidence from the Tokyo Stock Exchange," Discussion papers 21049, Research Institute of Economy, Trade and Industry (RIETI).
    5. Imanou Akala & Laetitia Pozniak, 2023. "Do Smes Listed On The Alternative Investment Market Outperform Smes Listed On Euronext?," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 17(1), pages 49-60.

    More about this item

    Keywords

    Junior Markets; High-Growth SMEs; Functions; Europe; Japan;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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