This paper provides an in-depth analysis of small and medium enterprise (SME) access to capital markets across Eurozone countries. First, we determine which factors-at firm and country level-influence the likelihood of SME access to market-based finance. Second, we construct an index of market suitability to indicate the percentage of firms potentially fit for market-based finance. Our results suggest that while several Eurozone countries have realised SMEs' 'potential' for capital market financing, a large number of firms fit for market-based finance remain unexploited. We also find that overall business conditions-measured by GDP growth, the development degree of domestic financial markets and the quality of the legal and judicial enforcement system-considerably influence a firm's market suitability. In the studied period (2009-2014), macro-economic and institutional factors tended to reduce the likelihood of SMEs accessing market-based finance in most countries in our sample

Bongini, P., Ferrando, A., Rossi, E., Rossolini, M. (2021). SME access to market-based finance across Eurozone countries. SMALL BUSINESS ECONOMICS, 56(4), 1667-1697 [10.1007/s11187-019-00285-z].

SME access to market-based finance across Eurozone countries

Bongini, P;Rossi, E
;
Rossolini, M
2021

Abstract

This paper provides an in-depth analysis of small and medium enterprise (SME) access to capital markets across Eurozone countries. First, we determine which factors-at firm and country level-influence the likelihood of SME access to market-based finance. Second, we construct an index of market suitability to indicate the percentage of firms potentially fit for market-based finance. Our results suggest that while several Eurozone countries have realised SMEs' 'potential' for capital market financing, a large number of firms fit for market-based finance remain unexploited. We also find that overall business conditions-measured by GDP growth, the development degree of domestic financial markets and the quality of the legal and judicial enforcement system-considerably influence a firm's market suitability. In the studied period (2009-2014), macro-economic and institutional factors tended to reduce the likelihood of SMEs accessing market-based finance in most countries in our sample
Articolo in rivista - Articolo scientifico
Market-based finance, SME financing, Eurozone
English
2-dic-2019
2021
56
4
1667
1697
partially_open
Bongini, P., Ferrando, A., Rossi, E., Rossolini, M. (2021). SME access to market-based finance across Eurozone countries. SMALL BUSINESS ECONOMICS, 56(4), 1667-1697 [10.1007/s11187-019-00285-z].
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/252828
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