Resourcing Small and Medium Sized Enterprises : A Financial Growth Life Cycle Approach

Online-Ressource (XXII, 210p. 20 illus., 10 illus. in color, digital)

Includes bibliographical references and index

Chapter 1: The Role of SMEs in Western Economies; Introduction; Definitions in SME Financing Research; Emergence of the Research Subject; Previous Research on Financing Irish SMEs; Sources of External Finance Available to Irish SMEs; Conclusion; Chapter 2: SME Financing: A Life Cycle Approach; Introduction; Life Cycle Theory of the Firm; Application of the Life Cycle Approach to the SME Sector; Empirical Examination of the Financial Growth Life Cyclefinancial growth life cycle Modelfinancial growth life cycle model; Distribution of Debt and Equity Across Age Groups

One-Way Anova Post-Hoc AnalysisComparison of Sources of Finance Employed at Start-Up and at Present; Data on the Provision of Collateral by Respondentsprovision of collateral by respondents; Comparison of Collateral Provision Across Age Groups; Comparison of Collateral Provision at Start-Up and at Present; Conclusions; Chapter 3: SME Financing: Investigation of Firm and Industry Effectsfirm and industry effects; Introduction; Description of Variables Employed in Multivariate Models; Summary Descriptive Data of Dependent Variablesdependent variables

Summary Descriptive Data of Independent Variablesindependent variablesTests for Multicollinearitymulticollinearity; Multivariate Regression ResultsMultivariate regression results; Examining Statistical Significancestatistical significance; HeteroskedasticityHeteroskedasticity; Investigation of Sectoral Effectssectoral effects; Results of Seemingly Unrelated Regression ModelsResults of seemingly unrelated regression models; Conclusions; Chapter 4: SME Owners´ Financing Preferencesfinancing preferences; Introduction; Respondents´ Financing Preferencesfinancing preferences

External Financing RequirementPerceived Availability of Finance; Perceived Internal Growth Constraintsinternal growth constraints; Explanations for Respondents´ Financing Preferencesfinancing preferences; Control and Managerial IndependenceControl and managerial independence; Perception of Funders and Their Requirements; Financial ObjectivesFinancial objectives; Respondents´ Considerations When Raising External Finance; Considerations When Raising Debt; Considerations When Raising External Equity; Exploration of Signallingsignalling, Trade-Off, And Timing Theories

Respondents´ Views on Signallingsignalling EffectsRespondents´ Views on Debt-Tax Shielddebt-tax shield Benefits of Debt; Respondents´ Views on Timing Considerations; Conclusion; Chapter 5: Discussion and Conclusions; Introduction; Discussion of Results; Asymmetric Information and Signallingsignalling Theories; Agency TheoryAgency theory; Trade-Off Theory; Implications for Future Researchfuture research; Policy ImplicationsPolicy implications; Implications for SME Firm Owners; Implications for Funders; Findings in Relation to Initial Research Objectivesresearch objectives; Firm Characteristics

Owner Preferences

10.1007/978-3-7908-2399-8 [DOI]

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