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By Stefania Rossi

This publication explores how the worldwide monetary and ecu sovereign debt crises have pressured small-and-medium-sized companies (SMEs) to re-examine and adapt their investment innovations. on the center of the problem is the worsening entry to financial institution credits for such firms. via this dialogue we learn the way an important an figuring out of SME-financing is to coverage makers, in gentle of the truth that SMEs dominate the company panorama in Europe and are the most drivers of employment, progress and innovation within the ecu economic climate. Contributing chapters current specialist research and examine many subject matters together with the issues confronted by way of SMEs in getting access to financial institution credits and the price of investment and its determinants. specific realization can also be given to how credit-constrained organisations may possibly reformulate their investment concepts by way of making use of replacement, non-bank, monetary assets, and the way regulators might help SMEs in broadening and bettering their investment opportunities.

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O’Toole, C. (2014). Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance, 27, 173–193. Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2), 261–283. , & Love, I. (2011). The impact of the business environment on young firm financing. The World Bank Economic Review, 25(3), 486–507. , & Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigation.

Empirical evidence suggests that access to finance is positively correlated with firm size (Popov 2016; Hadlock and Pierce 2010; Ferrando et al. 2007). Furthermore as suggested by Ferrando et al. (2013), age and ownership structures have an impact on how the financing gap affects firm financing. 3 E  mpirical Evidence on the Use of Non-Bank Sources of Finance The empirical analysis carried out in this chapter uses a sample of euro area companies that participated in the SAFE survey. This is a survey compiled in a joint activity by the European Central Bank and the European Commission.

2010). New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies, 23(5), 1909–1940. , & McCann, F. (2013). SME financing conditions in Europe: Credit crunch or fundamentals? National Institute Economic Review, 225(1), R52–R67.  M. (2007). The determinants of financial structure: New insights from business start-ups. European Financial Management, 13(1), 101–133. , & Russell, T. (1976). Imperfect information, uncertainty, and credit rationing. The Quaterly Journal of Economics, 90(4), 651–666.

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