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SMEs: Externally and Internally Constrained? Evidence from Argentina

In: Entrepreneurial/Managerial Innovative Strategies and Behaviour in Global Multicultural Environment. Proceedings of the Sixth International Conference, 9 – 12 September 2014, Nessebar, Bulgaria

Author

Listed:
  • Anahí Briozzo

    (Universidad Nacional del Sur, Department of Business Administra-tion, CONICET, Argentina)

  • Hernán Vigier

    (Universidad Nacional del Sur, Department of Economics – Comisión de Investigaciones Científicas – Universidad Provincial del Sudoeste, Argentina)

  • Lisana B. Martinez

    (Universidad Nacional del Sur, Department of Economics – IIES, CONICET, Universidad Provincial del Sudoeste, Argentina)

  • Antonio Terceño

    (Faculty of Business and Economics, Universitat Rovira i Virgili, Spain)

Abstract

This paper identifies three distinctive cases in small and medium enterprises (SME) financing decisions: trade-off behavior, pecking order behavior, and extreme aversion to debt. We compare the implications of these approaches with a dataset of firms from Bahía Blanca (Argentina) with the Multinomial Logit Model. We find that firm characteristics related to information asymmetries (firm age, size and legal form, as well as personal factors (owner’s age and education, and perception of bankruptcy costs) are relevant variables in SME’ financing behavior. These result show that both external and internal constraints contribute to explain SME’ financing decisions in a developing country.

Suggested Citation

  • Anahí Briozzo & Hernán Vigier & Lisana B. Martinez & Antonio Terceño, 2015. "SMEs: Externally and Internally Constrained? Evidence from Argentina," Conference Proceedings Chapters, in: Kiril Todorov & Mitko Dimitrov (ed.), Entrepreneurial/Managerial Innovative Strategies and Behaviour in Global Multicultural Environment. Proceedings of the Sixth International Conference,, edition 1, chapter 127, pages 149-174, Bulgarian Association for Management Development and Entrepreneurship.
    • Handle: RePEc:mdv:cpchap:y:2014:7
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