WHICH ARE THE FACTORS INFLUENCING FINANCING DECISIONS IN SMEs?
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
Volume (Year): 10 (2011)
Issue (Month): 1 (December)
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- Timo Baas & Mechthild Schrooten, 2005.
"Relationship Banking and SMEs: A Theoretical Analysis,"
Discussion Papers of DIW Berlin
469, DIW Berlin, German Institute for Economic Research.
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- Allen N. Berger & W. Scott Frame, 2005. "Small business credit scoring and credit availability," FRB Atlanta Working Paper 2005-10, Federal Reserve Bank of Atlanta.
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- 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.
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