The Small Business Capital Market Behavior in Athens Stock Exchange
AbstractFinancing small and medium enterprises (SMEs), especially business investments and growth, is a composite and particular complicated affair in the Greek entrepreneurial reality. This paper examines the significance of secondary capital markets, as an alternative source of financing small-medium enterprises’ new entrepreneurial plans. Cointegration technique is applied to test the relationship between the secondary capital market and the dominant sectors in Athens Stock Exchange (ASE). Causality tests are also used to provide evidence on the existence of interdependence between the cointegrated series. The results indicate that there is significant uni-directional causality between primary and secondary capital market in Greece, enhancing us to suggest valuable policy implications. Copyright Springer 2006
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Bibliographic InfoArticle provided by Springer in its journal Small Business Economics.
Volume (Year): 27 (2006)
Issue (Month): 4 (December)
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Web page: http://www.springerlink.com/link.asp?id=100338
causality; cointegration; entrepreneurship; small busisness capital markets; C12; G15;
Find related papers by JEL classification:
- C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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