A Firm Level Analysis Of Small And Medium Size Enterprise
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A Firm Level Analysis Of Small And Medium Size Enterprise Financing In Poland
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Author : Leora Klapper
language : en
Publisher:
Release Date : 2006
A Firm Level Analysis Of Small And Medium Size Enterprise Financing In Poland written by Leora Klapper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Service industries categories.
"The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector. "--World Bank web site.
A Firm Level Analysis Of Small And Medium Size Enterprise Financing In Poland
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Author : Leora F. Klapper
language : en
Publisher:
Release Date : 2016
A Firm Level Analysis Of Small And Medium Size Enterprise Financing In Poland written by Leora F. Klapper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the pecking order theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector.
Productivity Drag From Small And Medium Sized Enterprises In Japan
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Author : Mariana Colacelli
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-01
Productivity Drag From Small And Medium Sized Enterprises In Japan written by Mariana Colacelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-01 with Business & Economics categories.
Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan’s modest productivity growth. Results show a substantial dispersion in firm-level productivity growth across sectors and even across firms within the same sector. SMEs, on average, exhibit lower productivity growth than non-SMEs in Japan, with smaller and older SMEs showing particularly low productivity growth. Estimates suggest that boosting productivity growth in all of the worst-performing SMEs could improve overall productivity growth by up to 1.8 percentage points. The SME credit guarantee system, SME financing constraints, demographic factors, and lack of intangible capital investment are discussed as contributors to the slow productivity growth of Japan’s small and old SMEs.
Resourcing Small And Medium Sized Enterprises
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Author : Ciarán Mac an Bhaird
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-03-17
Resourcing Small And Medium Sized Enterprises written by Ciarán Mac an Bhaird and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-17 with Business & Economics categories.
In a world of increasing financial uncertainty and growing unemployment, the macroeconomic contribution of SMEs is more important than ever. Development of a vibrant, sustainable small firm sector is dependent on sufficient resourcing of SMEs, particularly adequate capitalisation. This book provides a timely examination of SME financing and determinants of capital structure. A special feature of this book is the novel methodological approach adopted, providing an innovative perspective on SME financing. Analysis of stated financing preferences and objectives of SME owners is combined with results of statistical analysis of firm characteristics in exploring holistic explanations for observed capital structures. The uniqueness of this approach is in the contribution of data on financing preferences to supplement and contextualise results of bivariate and multivariate statistical tests. This methodology extends the SME literature, and is of interest to academics, researchers, practitioners and policy makers.
Production Networks And Enterprises In East Asia
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Author : Ganeshan Wignaraja
language : en
Publisher: Springer
Release Date : 2015-12-10
Production Networks And Enterprises In East Asia written by Ganeshan Wignaraja and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-10 with Business & Economics categories.
The book provides a comprehensive examination of patterns and determinants of production networks in East Asia, a key driver in the region’s global success. It provides the reader with an accessible understanding of the theoretical literature on production networks and recent developments in empirical analysis at the industry and firm-levels. The topics covered in the book include: gross trade in parts and components and gravity models, trade in value added, industry case studies, and micro data econometric studies of firm heterogeneity in production networks. The micro data econometric studies explore key aspects of the heterogeneity of firms in East Asian production networks such as technological capability, the entry of small and medium enterprises into production networks, business use of free trade agreements, and access to credit. Blending new sources of data, empirical tools and econometric methods this book is highly recommended for readers who seek to understand the workings of the complex web of production networks in East Asia.
Estimating Returns To Training In The Knowledge Economy
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Author : Amit Mehra
language : en
Publisher:
Release Date : 2014
Estimating Returns To Training In The Knowledge Economy written by Amit Mehra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The ongoing digitization of multiple industries has drastically reduced the half-life of skills and capabilities acquired by knowledge workers through formal education. Thus, firms are forced to make significant ongoing investments in training their employees to remain competitive. Existing research has not examined the role of training in improving firm level productivity of knowledge firms. This paper provides an innovative econometric framework to estimate returns to such employee training investments made by firms. We use a panel dataset of small-to-medium sized Indian IT services firms and assess how training enhances human capital, a critical input for such firms, thereby improving firm revenues. We use econometric approaches based on optimization of the firm's profit function to eliminate the endogenous choice of inputs common in production function estimations. We find that increase in training investments is significantly linked to increase in revenue per employee. Further, marginal returns to training are increasing in firm size. Therefore, relatively speaking, large firms benefit more from training. For the median company in our data, we find that a dollar invested in training yields a return of $4.67, and this effect approximately grows 2.5 times for the 75th percentile sized firm. A variety of robustness checks, including the use of Data Envelopment Analysis, are used to establish the veracity of our results.
The Management Of Small And Medium Enterprises
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Author : Matthias Fink
language : en
Publisher: Routledge
Release Date : 2009-05-07
The Management Of Small And Medium Enterprises written by Matthias Fink and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-07 with Business & Economics categories.
Gathering some of the latest research in the field, this book provides an exciting and timely overview of management in small and medium enterprises and new ventures. This clear and accessible volume also offers practical recommendations on strategic planning, human resource management, entrepreneurial teams, and learning and innovation.
Unlocking Access To Finance For Smes A Cross Country Analysis
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Author : Mr.Armand Fouejieu
language : en
Publisher: International Monetary Fund
Release Date : 2020-03-13
Unlocking Access To Finance For Smes A Cross Country Analysis written by Mr.Armand Fouejieu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-13 with Business & Economics categories.
Countries in the MENAP and CCA regions have the lowest levels of financial inclusion of small and medium enterprises (SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to finance for a large sample of countries, and identifies key policy priorities for these two regions: economic and institutional stability, competition, public sector size and government effectiveness, credit information infrastructure (e.g., credit registries), the business environment (e.g., legal frameworks for contract enforcement), and financial supervisory and regulatory capacity. The analysis also shows that improving credit information, economic competition, the business environment along with economic development and better governance would help close the SME financial inclusion gap between MENAP and CCA regions and the best performers. The paper concludes on the need to adopt holistic policy strategies that take into account the full range of macro and institutional requirements and reforms, and prioritize these reforms in accordance with each country’s specific characteristics.
Strategic Optimization Of Medium Sized Enterprises In The Global Market
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Author : Vemi?, Milan
language : en
Publisher: IGI Global
Release Date : 2018-07-13
Strategic Optimization Of Medium Sized Enterprises In The Global Market written by Vemi?, Milan and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-13 with Business & Economics categories.
To maintain a competitive edge against other businesses, companies must ensure the most effective strategies and procedures are in place. This is particularly critical in smaller business environments with fewer resources. Strategic Optimization of Medium-Sized Enterprises in the Global Market is a critical scholarly resource that highlights the optimization of management functions, such as working capital and marketing, and how to implement sustainable business management practices in the global world market. Featuring coverage on a broad range of topics such as social entrepreneurship, marketing optimization, and globalization, this book is geared towards business managers, medium-sized enterprises, policy makers, business professionals, and upper-level students seeking current research on the performances of medium-sized enterprises across the world and their broader supply chain.
Family Influence On Performance Of Family Small And Medium Enterprises
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Author : Ana Paula Matias Gama
language : en
Publisher: Springer Nature
Release Date : 2021-05-19
Family Influence On Performance Of Family Small And Medium Enterprises written by Ana Paula Matias Gama and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-19 with Business & Economics categories.
This book examines the relationship between family influence and financial performance and non-economic goals in small and medium family-owned enterprises (SME) in Portugal. Research on the performance of family-owned firms is growing but results are mixed, especially for non-listed companies. This book examines smaller family-owned firms that operate in a small, open economy, characterised by a context of relatively weak capital markets and predominantly bank-based financing. Delving into the impact of key variables such as the power dimension, experience and culture on performance establishes, the book goes on to analyse the determinants of performance in such family-owned SMEs. Given the importance of family firms to open economies, this book would be a valuable read to scholars aiming to understand the reasons behind their success, managers seeking out strategic and operational guidance and to regulators and policymakers at the regional and national levels.