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WHICH ARE THE FACTORS INFLUENCING FINANCING DECISIONS IN SMEs?

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  • Flavia-Diana NISTOR

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    (The Bucharest Academy of Economic Studies, Romania)

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    Abstract

    In this paper I review the literature in search of the factors that influence financing decisions in SMEs. Financial theories suggest that the only goal of a company is value maximization, but empirical studies have shown that small companies’ owners can have other goals than profit maximization, this being reflected in their financing decisions. Also the personal characteristics of SMEs’ founders are relevant in establishing the companies financing strategy

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    File URL: http://ccasp.ase.ro/EFINV/2011/5.pdf
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    Bibliographic Info

    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal Proceedings of the International Conference INVESTMENTS AND ECONOMIC RECOVERY.

    Volume (Year): 10 (2011)
    Issue (Month): 1 (December)
    Pages: 32-36

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    Handle: RePEc:rom:efinvm:v:10:y:2011:i:1:p:32-36

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    Keywords: decisions; financing; medium sized firms; profit maximization; small sized firms.;

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    1. Timo Baas & Mechthild Schrooten, 2006. "‘Relationship Banking and SMEs: A Theoretical Analysis’," Small Business Economics, Springer, vol. 27(2), pages 127-137, October.
    2. Henry Chen & Paul Gompers & Anna Kovner & Josh Lerner, 2009. "Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion," NBER Working Papers 15102, National Bureau of Economic Research, Inc.
    3. Allen N. Berger & W. Scott Frame, 2005. "Small business credit scoring and credit availability," Working Paper 2005-10, Federal Reserve Bank of Atlanta.
    4. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
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