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SME Steeplechase: When Obtaining Money Is Harder Than Innovating

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  • M. Belén Guercio

    (Instituto de Investigaciones Económicas y Sociales del Sur (IIESS), CONICET-UNS, B8000CTX Bahía Blanca, Argentina
    Universidad Provincial del Sudoeste, B8003FTH Bahía Blanca, Argentina)

  • Lisana B. Martinez

    (Instituto de Investigaciones Económicas y Sociales del Sur (IIESS), CONICET-UNS, B8000CTX Bahía Blanca, Argentina
    Universidad Provincial del Sudoeste, B8003FTH Bahía Blanca, Argentina)

  • Aurelio F. Bariviera

    (Department of Business, Universitat Rovira i Virgili, 43206 Reus, Spain)

Abstract

In this paper, we analyze the main characteristics of European Small and Medium Enterprises (SMEs), related to the demand for and access to external financial resources. We use microdata from an extensive database, elaborated by the European Central Bank and the European Commission: the Survey on the Access to Finance of Enterprises. Firstly, we consider a set of variables as determinants to the decision to apply for different financial instruments. Secondly, we use the same set of variables to analyze the actual access to these instruments. For each regression, several SMEs profiles were created, in order to detect SMEs archetypes according to their decisions. The results are thought-provoking, and highlight that differences in firms characteristics (size, innovative activities, etc.), influence not only the access to, but also the demand for external finance.

Suggested Citation

  • M. Belén Guercio & Lisana B. Martinez & Aurelio F. Bariviera, 2019. "SME Steeplechase: When Obtaining Money Is Harder Than Innovating," IJFS, MDPI, vol. 7(2), pages 1-14, May.
    • Handle: RePEc:gam:jijfss:v:7:y:2019:i:2:p:25-:d:232911
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    3. Lisana B. Martinez & M. Belén Guercio & Aurelio F. Bariviera, 2022. "A meta‐analysis of SMEs literature based on the survey on access to finance of enterprises of the European central bank," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1870-1885, April.

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