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Finanzierungsentscheidungen mittelständischer Unternehmer — Einflussfaktoren der Fremdfinanzierung deutscher KMU

Author

Listed:
  • Christoph Börner

    (Heinrich-Heine-Universität Düsseldorf)

  • Dietmar Grichnik

    (WHU — Otto Beisheim School of Management)

  • Frank Reize

    (KfW Bankengruppe)

Abstract

A company’s financing decision is often termed as one of the most severe entrepreneurial decisions. This holds especially true for entrepreneurs of small and medium-sized enterprises (SME). SMEs feature some special characteristics (information transparency, diversification, ownership structure and access to capital markets) which might restrict financial decisions. Nevertheless, empirical studies focusing on SMEs financial behavior are seldom, German SMEs have never been object of an empirical study so far. Using a large dataset (10.692 companies) from the ‘KfW Mittelstandspanel’ we study the effect of different company related factors on SMEs debt financing. The most important outcome of our analysis is that debt financing of German SMEs is significantly influenced by a company’s size, age, ownership structure, level of innovativeness and profitability. The results emphasize the high relevance of an intentional capital structure policy especially for entrepreneurs of SMEs.

Suggested Citation

  • Christoph Börner & Dietmar Grichnik & Frank Reize, 2010. "Finanzierungsentscheidungen mittelständischer Unternehmer — Einflussfaktoren der Fremdfinanzierung deutscher KMU," Schmalenbach Journal of Business Research, Springer, vol. 62(2), pages 227-275, March.
    • Handle: RePEc:spr:sjobre:v:62:y:2010:i:2:d:10.1007_bf03377359
    DOI: 10.1007/BF03377359
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    References listed on IDEAS

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    More about this item

    Keywords

    G32; L26;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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