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Definitions of Small and Medium Enterprise in Global Economics and the European Union – Some Theoretical and Practical Aspects


  • Orlin Todorov


Examined are the main criteria which are used to define small and medium enterprises (SME) in different countries. They are subdivided into quantitative and qualitative. To the quantitative refer: number of employees, sales turnover, balance number, size of assets and market share. In the analysis of the main qualitative characteristics of small business a confirmation about them is sought in the works of researchers or studies of a broad time perimeter – from Schumpeter, Kondratieff ant the Bolton Committee to the contemporary research of the European Commission. Conclusions have been reached about common and specific peculiarities typical for the different definitions. Some conclusions have been made about the changes in the contemporary European common view on small and medium enterprises.

Suggested Citation

  • Orlin Todorov, 2008. "Definitions of Small and Medium Enterprise in Global Economics and the European Union – Some Theoretical and Practical Aspects," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 49-61.
  • Handle: RePEc:bas:econth:y:2008:i:1:p:49-61

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    References listed on IDEAS

    1. Egeln, Jurgen & Licht, Georg & Steil, Fabian, 1997. "Firm Foundations and the Role of Financial Constraints," Small Business Economics, Springer, vol. 9(2), pages 137-150, April.
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    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General


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