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The Financing and Technology Decisions of SMEs: II. Technology and Policy

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  • Alexander Cobham

Abstract

This paper surveys the theoretical and empirical literature on technology investment by SMEs to complement previous analysis of financial constraints on Southern European SMEs. The finding of the previous paper was that finance is a determinant of the nature as well as the level of technology investment; we now add detailed examination of the literature specifically on technology. The resulting life cycle model of the firm combines financing and technological typologies and provides the basis for policy in banking and venture capital. The analytical model for which the foundations are laid here will be presented in full in the subsequent paper.

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  • Alexander Cobham, "undated". "The Financing and Technology Decisions of SMEs: II. Technology and Policy," QEH Working Papers qehwps25, Queen Elizabeth House, University of Oxford.
    • Handle: RePEc:qeh:qehwps:qehwps25
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    References listed on IDEAS

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    1. Jonathan Eaton & Eva Gutierrez & Samuel Kortum, 1998. "European technology policy," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 13(27), pages 404-438.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Razin, Assaf & Sadka, Efraim & Yuen, Chi-Wa, 1998. "A pecking order of capital inflows and international tax principles," Journal of International Economics, Elsevier, vol. 44(1), pages 45-68, February.
    4. 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.
    5. Veugelers, Reinhilde & Cassiman, Bruno, 1999. "Make and buy in innovation strategies: evidence from Belgian manufacturing firms," Research Policy, Elsevier, vol. 28(1), pages 63-80, January.
    6. Faini, Riccardo & Giannini, Curzio & Ingrosso, Fulvio, 1992. "Finance and Development: The Case of Southern Italy," CEPR Discussion Papers 674, C.E.P.R. Discussion Papers.
    7. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626, National Bureau of Economic Research, Inc.
    8. Joe Peek & Eric Rosengren, 1998. "The evolution of bank lending to small business," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 27-36.
    9. Tether, B. S., 1998. "Small and large firms: sources of unequal innovations?," Research Policy, Elsevier, vol. 27(7), pages 725-745, November.
    10. Brouwer, Maria & Hendrix, Bart, 1998. "Two Worlds of Venture Capital: What Happened to U.S. and Dutch Early Stage Investment?," Small Business Economics, Springer, vol. 10(4), pages 333-348, June.
    11. Alexander Cobham, "undated". "The Financing and Technology Decisions of SMEs: I. Finance as a Determinant of Investment," QEH Working Papers qehwps24, Queen Elizabeth House, University of Oxford.
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    Cited by:

    1. Alexander Cobham, "undated". "Making Bad Decisions: firm size and investment under uncertainty," QEH Working Papers qehwps39, Queen Elizabeth House, University of Oxford.
    2. Alexander Cobham, "undated". "Capital Account Liberalisation and Poverty," QEH Working Papers qehwps70, Queen Elizabeth House, University of Oxford.

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