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SME Stock Exchanges - Should They Have a Greater Role?

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Abstract

Access to finance is widely recognized as one of the main impediments for growth and development of the small and medium enterprises. This article presents certain aspects of development of stock exchanges oriented towards small and mediumsize enterprises. It aims to contribute towards the growing debate on funding of small and medium enterprises through dedicated stock exchanges and serve as a useful contribution to stakeholders to undertake certain steps toward implementation of effective policies for design of exchanges dedicated to financing of small and medium enterprises.

Suggested Citation

  • Aljosa Sestanovic, 2015. "SME Stock Exchanges - Should They Have a Greater Role?," FIP - Journal of Finance and Law, Effectus - University College for Law and Finance, vol. 4(1), pages 59-74.
    • Handle: RePEc:eff:journl:v:4:y:2015:i:1:p:59-74
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    File URL: http://effectus-uciliste.hr/images/fip_v4i1/3_Dedicated_Exchanges.pdf
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    References listed on IDEAS

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    1. Friedman, Felice B. & Grose, Claire, 2006. "Promoting access to primary equity markets : a legal and regulatory approach," Policy Research Working Paper Series 3892, The World Bank.
    2. Chemmanur, Thomas J. & Fulghieri, Paolo, 2006. "Competition and cooperation among exchanges: A theory of cross-listing and endogenous listing standards," Journal of Financial Economics, Elsevier, vol. 82(2), pages 455-489, November.
    3. Harwood, Alison & Konidaris, Tanya, 2015. "SME exchanges in emerging market economies : a stocktaking of development practices," Policy Research Working Paper Series 7160, The World Bank.
    4. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
    5. Infelise, Federico, 2014. "Supporting Access to Finance by SMEs: Mapping the initiatives in five EU countries," ECMI Papers 9188, Centre for European Policy Studies.
    6. Óscar Arce & Elías López & Lucio Sanjuán, 2011. "Access of SMEs with growth potential to the capital markets," CNMV Working Papers CNMV Working Papers no. 5, CNMV- Spanish Securities Markets Commission - Research and Statistics Department.
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    Cited by:

    1. Esho, Ebes & Verhoef, Grietjie, 2018. "The Funding Gap and the Financing of Small and Medium Businesses: An Integrated Literature Review and an Agenda," MPRA Paper 90153, University Library of Munich, Germany, revised 21 Nov 2018.

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    More about this item

    Keywords

    Small and medium enterprises; stock exchanges; SME exchanges; alternative markets; multilateral trade facilities (MTFs); Zagreb Stock Exchange;
    All these keywords.

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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