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SMEs FINANCING: PATTERNS AND INFLUENCES

Author

Listed:
  • Irina Teodora MANOLESCU

    (Department of Management, Marketing and Business Administration, Alexandru Ioan Cuza University of Iasi, Romania)

  • Sebastian TOCAR

    (Department of Management, Marketing and Business Administration, Alexandru Ioan Cuza University of Iasi, Romania)

Abstract

This study aims to shed more light on the issues of financing small and medium enterprises (SMEs), by means of the analysis of patterns and relationships that characterize SMEs, relevant sources of their financing and determinants of their financing decisions. In this respect, cluster analysis was used to investigate the existence of significant differences between European countries in terms of SMEs’ financing. Besides, the paper analyses the impact of financing sources and various determinant factors on the initiation, development and solving of financial problems of SMEs by means of fixed effects panel linear regression models. The results obtained largely confirm authors' expectations, highlighting significant differences between the clusters and the significant influence of the relevance of bank credit, internal sources of financing, government grants and internationalization of the economy on the initiation, development and solving of financial problems of SMEs.

Suggested Citation

  • Irina Teodora MANOLESCU & Sebastian TOCAR, 2022. "SMEs FINANCING: PATTERNS AND INFLUENCES," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 30, pages 135-152, December.
    • Handle: RePEc:cmj:seapas:y:2022:i:30:p:135-152
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    Citations

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    Cited by:

    1. Iulian Vieru & Irina Teodora Manolescu, 2023. "Adapting Organizational Culture Analysis Tools for SMEs: Application for Veterinary Clinics," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 838-848, August.

    More about this item

    Keywords

    SMEs; SMEs financing; Cluster analysis; Fixed effects panel linear regression model; Cross-European perspective;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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