Normal view MARC view

Resourcing small and medium sized enterprises: a financial growth life cycle approach

Author: Mac an Bhaird, Ciaran Series: Contributions to management science Publisher: Physica-Verlag, 2010.Language: EnglishDescription: 210 p. : Graphs ; 24 cm.ISBN: 9783790823981ISSN: 14311941Type of document: BookBibliography/Index: Includes bibliographical references and index
Tags: No tags from this library for this title. Log in to add tags.
Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HG4026 .M333 2010
(Browse shelf)
001271331
Available 001271331
Total holds: 0

Includes bibliographical references and index

Digitized

Resourcing Small and Medium Sized Entreprises A Financial Growth Life Cycle Approach Contents 1 The Role of SMEs in Western Economies ....................................................... 1 1.1 Introduction .................................................................................................. 1 1.2 Definitions in SME Financing Research ..................................................... 8 1.3 Emergence of the Research Subject .......................................................... 11 1.4 Previous Research on Financing Irish SMEs ............................................ 14 1.5 Sources of External Finance Available to Irish SMEs .............................. 16 1.6 Conclusion ................................................................................................. 20 2 SME Financing: A Life Cycle Approach ....................................................... 2.1 Introduction ........................................................................................... 2.2 Life Cycle Theory of the Firm .................................................................. 2.3 Application of the Life Cycle Approach to the SME Sector .................... 2.4 Empirical Examination of the Financial Growth Life Cycle Model .......................................................................................... 2.5 Distribution of Debt and Equity Across Age Groups ............................... 2.6 One-Way Anova Post-Hoc Analysis ......................................................... 2.7 Comparison of Sources of Finance Employed at Start-Up and at Present ........................................................................................ 2.8 Data on the Provision of Collateral by Respondents ................................ 2.9 Comparison of Collateral Provision Across Age Groups ......................... 2.10 Comparison of Collateral Provision at Start-Up and at Present ........................................................................................ 2.11 Conclusions ............................................................................................. 23 23 24 26 28 31 35 36 39 39 41 42 3 SME Financing: Investigation of Firm and Industry Effects ...................... 45 3.1 Introduction ........................................................................................... 45 3.2 Description of Variables Employed in Multivariate Models .................... 46 3.3 Summary Descriptive Data of Dependent Variables ................................ 46 3.4 Summary Descriptive Data of Independent Variables .............................. 48 3.5 Tests for Multicollinearity ......................................................................... 50 3.6 Multivariate Regression Results ................................................................ 53 3.7 Examining Statistical Significance ............................................................ 60 3.8 Heteroskedasticity ..................................................................................... 61 3.9 Investigation of Sectoral Effects ............................................................... 62 3.10 Results of Seemingly Unrelated Regression Models .............................. 66 3.11 Conclusions ............................................................................................. 69 4 SME Owners' Financing Preferences ............................................................ 77 4.1 Introduction ........................................................................................... 77 4.2 Respondents' Financing Preferences ......................................................... 78 4.3 External Financing Requirement ............................................................... 81 4.4 Perceived Availability of Finance ............................................................. 82 4.5 Perceived Internal Growth Constraints ..................................................... 84 4.6 Explanations for Respondents' Financing Preferences ............................. 85 4.7 Control and Managerial Independence ..................................................... 86 4.8 Perception of Funders and Their Requirements ........................................ 88 4.9 Financial Objectives .................................................................................. 91 4.10 Respondents' Considerations When Raising External Finance ............... 93 4.11 Considerations When Raising Debt ........................................................ 93 4.12 Considerations When Raising External Equity ....................................... 95 4.13 Exploration of Signalling, Trade-Off, And Timing Theories ................. 97 4.14 Respondents' Views on Signalling Effects .............................................. 98 4.15 Respondents' Views on Debt-Tax Shield Benefits of Debt .................... 99 4.16 Respondents' Views on Timing Considerations .................................... 100 4.17 Conclusion ............................................................................................. 101 5 Discussion and Conclusions ........................................................................... 105 5.1 Introduction ......................................................................................... 105 5.2 Discussion of Results .............................................................................. 106 5.3 Asymmetric Information and Signalling Theories .................................. 106 5.4 Agency Theory ........................................................................................ 108 5.5 Trade-Off Theory .................................................................................... 110 5.6 Implications for Future Research ............................................................ 110 5.7 Policy Implications .................................................................................. 111 5.8 Implications for SME Firm Owners ........................................................ 113 5.9 Implications for Funders ......................................................................... 113 5.10 Findings in Relation to Initial Research Objectives .............................. 114 5.11 Firm Characteristics .............................................................................. 114 5.12 Owner Preferences ................................................................................ 115 5.13 The Financial Growth Life Cycle Model .............................................. 115 Appendix A Research Methodology and Profile of Respondents ................. 117 A.1 Introduction ............................................................................................ 117 A.2 Data Collection ....................................................................................... 117 A.3 Selection of the Sample Frame ............................................................... A.4 Development of the Questionnaire Instrument ....................................... A.5 Elements Incorporated to Improve Response Rate ................................. A.6 Piloting and Testing the Questionnaire Instrument ................................ A.7 Profile of Respondents ............................................................................ A.8 Age Profile of Respondents .................................................................... A.9 Sectoral Profile of Respondents .............................................................. A.10 Size Profile of Respondents .................................................................. A.11 Respondents' Expenditure on Research and Development ................... A.12 Export Activity of Respondents ............................................................ 118 121 123 125 127 127 129 129 130 131 Appendix B Previous Related Literature ........................................................ 137 B. 1 Introduction ............................................................................................ 137 B.2 The Modigliani and Miller Propositions ................................................. 138 B.3 Static Trade-Off Theory .......................................................................... 139 B.4 Application of Trade-Off Theory to the SME Sector ............................. 141 B.5 Asymmetric Information and Signalling Theories .................................. 144 B.6 Application of Asymmetric Information and Signalling Theories to the SME Sector ................................................................. 146 B.7 Agency Theory ........................................................................................ 149 B.8 Application of Agency Theory to the SME Sector ................................. 150 B.9 Empirical Evidence of Determinants of SME Capital Structure ............ 155 B.10 "Firm Characteristic" Studies ................................................................ 156 B.11 "Owner Characteristic" Studies ............................................................. 163 B.12 Conclusion ............................................................................................. 165 Appendix C Sectoral Classification of Sample Frame by NACE Codes ................................................................................................. 179 Appendix D Supplementary tables referenced in chapter 4 .......................... 181 References ........................................................................................................... 187 Index .................................................................................................................... 205

There are no comments for this item.

Log in to your account to post a comment.
Koha 18.11 - INSEAD Catalogue
Home | Contact Us | What's Koha?