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Financial Models of Small Innovative Firms: An Empirical Investigation

In: The Economics of Small Businesses

Author

Listed:
  • Giorgio Calcagnini

    (Università di Urbino “Carlo Bo”)

  • Ilario Favaretto

    (Università di Urbino “Carlo Bo”)

  • Germana Giombini

    (Università di Urbino “Carlo Bo”)

Abstract

This paper aims at analysing financial models of innovative firms in Italy by means of a sample of firms located in the Marche region. While it is well known that innovative firms have different financial needs and more severe problems in accessing funds than traditional firms, our analysis shows that only a small number of the interviewed firms have faced problems in raising external funds for innovation, even during the current economic and financial crisis. Policy recommendations point towards the improvement of firms’ levels of financial culture and the dilution of firms’ ownership by means of external private equity.

Suggested Citation

  • Giorgio Calcagnini & Ilario Favaretto & Germana Giombini, 2011. "Financial Models of Small Innovative Firms: An Empirical Investigation," Contributions to Economics, in: Giorgio Calcagnini & Ilario Favaretto (ed.), The Economics of Small Businesses, chapter 0, pages 151-171, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2623-4_9
    DOI: 10.1007/978-3-7908-2623-4_9
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    Citations

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    Cited by:

    1. Giorgio Calcagnini & Germana Giombini & Elisa Lenti, 2012. "Gender differences in bank loan access," Working Papers 1212, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2012.
    2. Annalisa Ferrando & Carsten Preuss, 2018. "What finance for what investment? Survey-based evidence for European companies," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 1015-1053, December.
    3. Neville, Conor & Lucey, Brian M., 2022. "Financing Irish high-tech SMEs: The analysis of capital structure," International Review of Financial Analysis, Elsevier, vol. 83(C).
    4. Ploypailin Kijkasiwat & Pongsutti Phuensane, 2020. "Innovation and Firm Performance: The Moderating and Mediating Roles of Firm Size and Small and Medium Enterprise Finance," JRFM, MDPI, vol. 13(5), pages 1-15, May.
    5. Andrea Bellucci & Ilario Favaretto & Germana Giombini, 2014. "Does Innovation Affect Credit Access? New Empirical Evidence from Italian Small Business Lending," IAW Discussion Papers 104, Institut für Angewandte Wirtschaftsforschung (IAW).

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