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The Small Business Capital Market Behavior in Athens Stock Exchange


  • Aristeidis Samitas


  • Dimitris Kenourgios


  • Nick Konstantopoulos



Financing 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

Suggested Citation

  • Aristeidis Samitas & Dimitris Kenourgios & Nick Konstantopoulos, 2006. "The Small Business Capital Market Behavior in Athens Stock Exchange," Small Business Economics, Springer, vol. 27(4), pages 409-417, December.
  • Handle: RePEc:kap:sbusec:v:27:y:2006:i:4:p:409-417
    DOI: 10.1007/s11187-005-5254-8

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    More about this item


    causality; cointegration; entrepreneurship; small busisness capital markets; C12; G15;

    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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