Navigating the new normal: financial constraints in startups - A bibliometric analysis and roadmap for future research
Vol 9, Issue 8, 2024, Article identifier:
VIEWS - 153 (Abstract) 57 (PDF)
Abstract
Purpose – The purpose of this study is to present a comprehensive summary of the current state of research and to critically analyse the accomplishments that have been made in the field of financing constraints. Hence, the objective of this study is to analyse the research patterns in this domain by consolidating the knowledge framework.
Design/methodology/approach – A bibliographical study was conducted on 190 Scopus-indexed articles filtered from 1081 articles to analyse the literature. This dataset was generated through a systematic search executed on the Scopus database, encompassing the time frame from 2000 to 2023.
Findings – By employing the bibliographic coupling methodology, a total of eleven distinct research clusters were found. The author performed a comprehensive analysis of these clusters and gleaned potential research ideas from them. Our work strengthens the current empirical data. The study's findings indicate that enterprises need to overcome credit constraints in order to improve their performance. Afterwards, we constructed a comprehensive framework to serve as the foundation for suggesting significant areas for future research.
Research limitations/implications – The present study has certain limitations. The methodology operates under the assumption that citations serve as the sole indicator of article quality. Consequently, it is possible that the study has overlooked publications of exceptional quality that have not yet garnered any citations.
Originality/value – For this investigation, the author relied on the reliable information provided by the Scopus database. Bibliographic coupling methods was employed to examine the dynamic landscape of research encompassing this nascent knowledge domain.
Keywords
Full Text:
PDFReferences
1. L. Charfeddine and S. Zaouali, “The effects of financial inclusion and the business environment in spurring the creation of early-stage firms and supporting established firms,” J Bus Res, vol. 143, pp. 1–15, Apr. 2022, doi: 10.1016/J.JBUSRES.2022.01.014.
2. J. H. Block, C. O. Fisch, and M. van Praag, “The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behaviour and consequences of innovative entrepreneurship,” https://doi.org/10.1080/13662716.2016.1216397, vol. 24, no. 1, pp. 61–95, Jan. 2016, doi: 10.1080/13662716.2016.1216397.
3. J. Lopez-Gracia and C. Aybar-Arias, “An Empirical Approach to the Financial Behaviour of Small and Medium Sized Companies,” Small Business Economics, vol. 14, no. 1, pp. 55–63, 2000, doi: 10.1023/A:1008139518709/METRICS.
4. T. Frimanslund, G. Kwiatkowski, and O. Oklevik, “The role of finance in the literature of entrepreneurial ecosystems,” European Planning Studies, vol. 31, no. 2, pp. 372–391, Feb. 2023, doi: 10.1080/09654313.2022.2055962.
5. A. Atherton, “Cases of start-up financing: An analysis of new venture capitalisation structures and patterns,” International Journal of Entrepreneurial Behaviour and Research, vol. 18, no. 1, pp. 28–47, Jan. 2012, doi: 10.1108/13552551211201367/FULL/XML.
6. V. Mittal and T. V. Raman, “Examining the determinants and consequences of financial constraints faced by Micro, Small and Medium Enterprises’ owners,” World Journal of Entrepreneurship, Management and Sustainable Development, vol. 17, no. 3, pp. 560–581, 2021, doi: 10.1108/WJEMSD-07-2020-0089/FULL/XML.
7. J. H. Block, M. G. Colombo, D. J. Cumming, and S. Vismara, “New players in entrepreneurial finance and why they are there,” Small Business Economics, vol. 50, no. 2, pp. 239–250, Feb. 2018, doi: 10.1007/S11187-016-9826-6/TABLES/1.
8. L. T. Abdisa, “Firm Performance Under Infrastructure Constraints: Evodence from Sub-sahara African Firms,” May 2019.
9. L. T. Abdisa and A. L. Hawitibo, “Firm performance under financial constraints: evidence from sub-Saharan African countries,” J Innov Entrep, vol. 10, no. 1, pp. 1–17, Dec. 2021, doi: 10.1186/S13731-021-00177-1/TABLES/9.
10. Z. Du and Q. Wang, “The power of financial support in accelerating digital transformation and corporate innovation in China: evidence from banking and capital markets,” Financial Innovation 2024 10:1, vol. 10, no. 1, pp. 1–34, Apr. 2024, doi: 10.1186/S40854-023-00584-1.
11. F. Silva and C. Carreira, “Measuring Firms’ Financial Constraints: A Rough Guide,” GEMF Working Papers, vol. 64, no. 4, pp. 795–821, Jul. 2012, doi: 10.1086/686582.
12. C. Carreira and F. Silva, “No deep pockets: Some stylized empirical results on firms’ financial constraints,” J Econ Surv, vol. 24, no. 4, pp. 731–753, Sep. 2010, doi: 10.1111/J.1467-6419.2009.00619.X.
13. A. N. Berger and G. F. Udell, “A more complete conceptual framework for SME finance,” J Bank Financ, vol. 30, no. 11, pp. 2945–2966, Nov. 2006, doi: 10.1016/J.JBANKFIN.2006.05.008.
14. P. Musso and S. Schiavo, “The impact of financial constraints on firm survival and growth,” J Evol Econ, vol. 18, no. 2, pp. 135–149, 2008, doi: 10.1007/S00191-007-0087-Z.
15. J. Winborg and H. Landström, “Financial bootstrapping in small businesses: Examining small business managers’ resource acquisition behaviors,” J Bus Ventur, vol. 16, no. 3, 2001, doi: 10.1016/S0883-9026(99)00055-5.
16. Y. Li and M. Alvarado, “The impact of financial bootstrapping techniques on perceived performance: An empirical analysis of Costa Rican SMEs,” International Journal of Business Environment, vol. 12, no. 2, 2021, doi: 10.1504/IJBE.2021.115086.
17. J. H. Block, M. G. Colombo, D. J. Cumming, and S. Vismara, “New players in entrepreneurial finance and why they are there”, doi: 10.1007/s11187-016-9826-6.
18. Z. Du and Q. Wang, “The power of financial support in accelerating digital transformation and corporate innovation in China: evidence from banking and capital markets,” Financial Innovation 2024 10:1, vol. 10, no. 1, pp. 1–34, Apr. 2024, doi: 10.1186/S40854-023-00584-1.
19. W. Liu and Y. Suzuki, “Stock liquidity, financial constraints, and innovation in Chinese SMEs,” Financial Innovation 2024 10:1, vol. 10, no. 1, pp. 1–43, Feb. 2024, doi: 10.1186/S40854-023-00597-W.
20. Abdulaziz A, Dondi M, Rida T, and Schubert J, “Unlocking growth in small and medium enterprises | McKinsey,” McKinsey & Company. Accessed: Jul. 15, 2024. [Online]. Available: https://www.mckinsey.com/industries/public-sector/our-insights/unlocking-growth-in-small-and-medium-size-enterprises
21. L. Charfeddine, M. I. Umlai, and M. El-Masri, “Impact of financial literacy, perceived access to finance, ICT use, and digitization on credit constraints: evidence from Qatari MSME importers,” Financial Innovation, vol. 10, no. 1, pp. 1–37, Dec. 2024, doi: 10.1186/S40854-023-00557-4/TABLES/12.
22. N. Donthu, S. Kumar, D. Mukherjee, N. Pandey, and W. M. Lim, “How to conduct a bibliometric analysis: An overview and guidelines,” J Bus Res, vol. 133, pp. 285–296, 2021, doi: 10.1016/j.jbusres.2021.04.070.
23. A. Duréndez, J. Dieguez-Soto, and A. Madrid-Guijarro, “The influence of CEO’s financial literacy on SMEs technological innovation: the mediating effects of MCS and risk-taking,” Financial Innovation 2023 9:1, vol. 9, no. 1, pp. 1–26, Jan. 2023, doi: 10.1186/S40854-022-00414-W.
24. W. Kerr, R. Nanda, and W. R. Kerr, “NBER WORKING PAPER SERIES FINANCING CONSTRAINTS AND ENTREPRENEURSHIP Financing Constraints and Entrepreneurship Financing Constraints and Entrepreneurship,” 2009, Accessed: Jun. 13, 2023. [Online]. Available: http://www.nber.org/papers/w15498
25. L. Gómez-Ramírez, “Credit Constraints and Investment in Mexico, an Empirical Test,” Revista mexicana de economía y finanzas, vol. 14, no. 3, pp. 415–432, 2019, doi: 10.21919/REMEF.V14I3.311.
26. S. Fraser, S. K. Bhaumik, and M. Wright, “What do we know about entrepreneurial finance and its relationship with growth?,” http://dx.doi.org/10.1177/0266242614547827, vol. 33, no. 1, pp. 70–88, Jan. 2015, doi: 10.1177/0266242614547827.
27. R. Brown, A. Rocha, and M. Cowling, “Financing entrepreneurship in times of crisis: Exploring the impact of COVID-19 on the market for entrepreneurial finance in the United Kingdom,” International Small Business Journal: Researching Entrepreneurship, vol. 38, no. 5, p. 380, Aug. 2020, doi: 10.1177/0266242620937464.
28. S. R. Baker, N. Bloom, S. J. Davis, and S. J. Terry, “COVID-Induced Economic Uncertainty,” NBER Working Papers, 2020, Accessed: Jul. 12, 2024. [Online]. Available: https://ideas.repec.org/p/nbr/nberwo/26983.html
29. A. W. Bartik, M. Bertrand, Z. B. Cullen, E. L. Glaeser, M. Luca, and C. T. Stanton, “How Are Small Businesses Adjusting to COVID-19? Early Evidence from a Survey,” NBER Working Papers, 2020, Accessed: Jul. 11, 2024. [Online]. Available: https://ideas.repec.org/p/nbr/nberwo/26989.html
30. M. Cowling, R. Brown, and A. Rocha, “Did you save some cash for a rainy COVID-19 day? The crisis and SMEs,” https://doi.org/10.1177/0266242620945102, vol. 38, no. 7, pp. 593–604, Aug. 2020, doi: 10.1177/0266242620945102.
31. E. J. Malecki, “Entrepreneurs, networks, and economic development: A review of recent research,” Advances in Entrepreneurship, Firm Emergence and Growth, vol. 20, pp. 71–116, 2018, doi: 10.1108/S1074-754020180000020010/FULL/XML.
32. L. Zhang, X. Zhou, and E. Shirshitskaia, “Millennials’ Entrepreneurial Values, Entrepreneurial Symbiosis Network and New Ventures Growth: Evidence From China,” Front Psychol, vol. 12, p. 713280, Dec. 2021, doi: 10.3389/FPSYG.2021.713280/BIBTEX.
33. E. J. Malecki, “Entrepreneurs, networks, and economic development : a review of recent research,” Advances in entrepreneurship, firm emergence, and growth, vol. 3, 1997.
34. T. B. Le Ngoc and T. V. Nguyen, “The impact of networking on bank financing: The case of small and medium-sized enterprises in Vietnam,” Entrepreneurship: Theory and Practice, vol. 33, no. 4, 2009, doi: 10.1111/j.1540-6520.2009.00330.x.
35. N. Saleh, M. Ahmad, M. Ramadan, and A. A. Atniesha, “The Pecking Order Theory and Start-up Financing of Small and Medium Enterprises: Insight into Available Literature in the Libyan Context,” Financial Markets, Institutions and Risks, vol. 2, no. 4, pp. 5–12, 2018, doi: 10.21272/FMIR.2(4).5-12.2018.
36. T. Minola, L. Cassia, and G. Criaco, “Financing patterns in new technology-based firms: An extension of the pecking order theory,” International Journal of Entrepreneurship and Small Business, vol. 19, no. 2, pp. 212–233, Jan. 2013, doi: 10.1504/IJESB.2013.054964.
37. G. Kuruppu, A. A. Azeez, G. N. Kuruppu, S. Lanka, and A. A. Azeez, “Financing Preferences of Small and Medium Enterprise Owners of Sri Lanka: Does Pecking Order Theory Hold?,” 2016, Accessed: Jul. 15, 2024. [Online]. Available: https://www.researchgate.net/publication/309732140
38. P. Langa, E. I. Edoun, and V. Naidoo, “Success Factors for Creating Spin-Out Companies by South African Publicly Financed Research and Development Institutions: A Resource-Based View Perspective,” Journal of Economics and Behavioral Studies, vol. 10, no. 6(J), pp. 113–128, Dec. 2018, doi: 10.22610/jebs.v10i6(J).2603.
39. A. Egwuonwu, J. Mendy, E. Smart-Oruh, and A. Egwuonwu, “Drivers of Big Data Analytics’ Adoption and Implications of Management Decision-Making on Big Data Adoption and Firms’ Financial and Nonfinancial Performance: Evidence From Nigeria's Manufacturing and Service Industries,” IEEE Trans Eng Manag, 2023, doi: 10.1109/TEM.2023.3321426.
40. G. Cassar, “The financing of business start-ups,” J Bus Ventur, vol. 19, no. 2, pp. 261–283, Mar. 2004, doi: 10.1016/S0883-9026(03)00029-6.
41. A. Mustapha and J. Tlaty, “The Entrepreneurial Finance and the Issue of Funding Startup Companies,” vol. 14, no. 13, pp. 1857–7881, 2018, doi: 10.19044/esj.2018.v14n13p268.
42. C. Mac an Bhaird and B. Lucey, “An empirical investigation of the financial growth lifecycle,” Journal of Small Business and Enterprise Development, vol. 18, no. 4, pp. 715–731, Oct. 2011, doi: 10.1108/14626001111179767/FULL/XML.
43. M. Svetek, “Signaling in the context of early-stage equity financing: review and directions,” Venture Capital, vol. 24, no. 1, pp. 71–104, 2022, doi: 10.1080/13691066.2022.2063092.
44. K. D. Dorcas, B. N. Celestin, and S. Yunfei, “Entrepreneurs Traits/Characteristics and Innovation Performance of Waste Recycling Start-Ups in Ghana: An Application of the Upper Echelons Theory among SEED Award Winners,” Sustainability 2021, Vol. 13, Page 5794, vol. 13, no. 11, p. 5794, May 2021, doi: 10.3390/SU13115794.
45. I. W. K. Ting, N. A. B. Azizan, and Q. L. Kweh, “Upper Echelon Theory Revisited: The Relationship between CEO Personal Characteristics and Financial Leverage Decision,” Procedia Soc Behav Sci, vol. 195, pp. 686–694, Jul. 2015, doi: 10.1016/J.SBSPRO.2015.06.276.
46. B. Liu, J. Wang, K. C. Chan, and A. Fung, “The impact of entrepreneurs’s financial literacy on innovation within small and medium-sized enterprises,” https://doi.org/10.1177/0266242620959073, vol. 39, no. 3, pp. 228–246, Sep. 2020, doi: 10.1177/0266242620959073.
47. A. Molina-García, J. Diéguez-Soto, M. T. Galache-Laza, and M. Campos-Valenzuela, “Financial literacy in SMEs: a bibliometric analysis and a systematic literature review of an emerging research field,” Review of Managerial Science 2022 17:3, vol. 17, no. 3, pp. 787–826, May 2022, doi: 10.1007/S11846-022-00556-2.
48. K. M. M. C. B. Kulathunga, J. Ye, S. Sharma, and P. R. Weerathunga, “How Does Technological and Financial Literacy Influence SME Performance: Mediating Role of ERM Practices,” Information 2020, Vol. 11, Page 297, vol. 11, no. 6, p. 297, Jun. 2020, doi: 10.3390/INFO11060297.
49. S. Carbó, E. P. M. Gardener, and P. Molyneux, “Financial Exclusion,” Financial Exclusion, 2005, doi: 10.1057/9780230508743.
50. S. U. Khan, “Financing constraints and firm-level responses to the COVID-19 pandemic: International evidence,” Res Int Bus Finance, vol. 59, p. 101545, Jan. 2022, doi: 10.1016/J.RIBAF.2021.101545.
51. O. Dvouletý, S. Srhoj, and S. Pantea, “Public SME grants and firm performance in European Union: A systematic review of empirical evidence,” Small Business Economics, vol. 57, no. 1, pp. 243–263, Jun. 2021, doi: 10.1007/S11187-019-00306-X/TABLES/1.
52. S. N. Kaplan and L. Zingales, “Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?,” Quarterly Journal of Economics, vol. 112, pp. 169–216, Sep. 1995, doi: 10.3386/W5267.
53. T. M. Whited and G. Wu, “Financial Constraints Risk,” Rev Financ Stud, vol. 19, no. 2, pp. 531–559, Jul. 2006, doi: 10.1093/RFS/HHJ012.
54. E. I. Altman, M. Balzano, A. Giannozzi, and S. Srhoj, “The Omega Score: An improved tool for SME default predictions,” Journal of the International Council for Small Business, vol. 4, no. 4, pp. 362–373, 2023, doi: 10.1080/26437015.2023.2186284.
55. E. I. Altman, M. Balzano, A. Giannozzi, and S. Srhoj, “Revisiting SME default predictors: The Omega Score,” Journal of Small Business Management, vol. 61, no. 6, pp. 2383–2417, Nov. 2023, doi: 10.1080/00472778.2022.2135718.
56. M. Varenkamp, “Money’s Too Tight: Dealing with financial constraints | LinkedIn.” Accessed: Jul. 14, 2024. [Online]. Available: https://www.linkedin.com/pulse/copy-moneys-too-tight-dealing-financial-constraints-cobase-jfnce/
57. N. Donthu, S. Kumar, D. Mukherjee, N. Pandey, and W. M. Lim, “How to conduct a bibliometric analysis: An overview and guidelines,” J Bus Res, vol. 133, pp. 285–296, 2021, doi: 10.1016/j.jbusres.2021.04.070.
58. S. Büyükkidik, “Eğitimde ve Psikolojide Ölçme ve Değerlendirme Dergisi Journal of Measurement and Evaluation in Education and Psychology Research Article,” Journal of Measurement and Evaluation in Education and Psychology, vol. 13, no. 3, pp. 164–193, 2022, doi: 10.21031/epod.1069307.
59. P. Mongeon and A. Paul-Hus, “The journal coverage of Web of Science and Scopus: a comparative analysis,” Scientometrics, vol. 106, no. 1, pp. 213–228, Jan. 2016, doi: 10.1007/S11192-015-1765-5/METRICS.
60. S. Dolhey, “A bibliometric analysis of research on entrepreneurial intentions from 2000 to 2018,” Journal of Research in Marketing and Entrepreneurship, vol. 21, no. 2, pp. 180–199, Dec. 2019, doi: 10.1108/JRME-02-2019-0015.
61. H. Cheraghali and P. Molnár, “SME default prediction: A systematic methodology-focused review,” Journal of Small Business Management, Dec. 2023, doi: 10.1080/00472778.2023.2277426.
62. R. M. Batista-Canino, L. Santana-Hernández, and P. Medina-Brito, “A scientometric analysis on entrepreneurial intention literature: Delving deeper into local citation,” Heliyon, vol. 9, no. 2, p. e13046, Feb. 2023, doi: 10.1016/J.HELIYON.2023.E13046.
63. G. Cassar and S. Holmes, “Capital structure and financing of SMEs: Australian evidence,” Accounting & Finance, vol. 43, no. 2, pp. 123–147, Jul. 2003, doi: 10.1111/1467-629X.T01-1-00085.
64. S. Paul, G. Whittam, and J. Wyper, “The pecking order hypothesis: Does it apply to start-up firms?,” Journal of Small Business and Enterprise Development, vol. 14, no. 1, pp. 8–21, Feb. 2007, doi: 10.1108/14626000710727854/FULL/XML.
65. J. Watson, R. Newby, and A. Mahuka, “Gender and the SME ‘finance gap,’” International Journal of Gender and Entrepreneurship, vol. 1, no. 1, pp. 42–56, Mar. 2009, doi: 10.1108/17566260910942336/FULL/XML.
66. “Abor, J. and Biekpe, N. (2006) Small Business Financing Initiatives in Ghana. Difficulties and Perspectives in Management, 4, 69-77. - References - Scientific Research Publishing.” Accessed: Sep. 19, 2023. [Online]. Available: https://www.scirp.org/%28S%28351jmbntvnsjt1aadkposzje%29%29/reference/referencespapers.aspx?referenceid=1755965
67. S. Coleman, C. Cotei, and J. Farhat, “The debt-equity financing decisions of U.S. startup firms,” Journal of Economics and Finance, vol. 40, no. 1, pp. 105–126, Jan. 2016, doi: 10.1007/S12197-014-9293-3/TABLES/6.
68. E. Osei-Assibey, G. A. Bokpin, and D. K. Twerefou, “Microenterprise financing preference: Testing POH within the context of Ghana’s rural financial market,” Journal of Economic Studies, vol. 39, no. 1, pp. 84–105, Jan. 2012, doi: 10.1108/01443581211192125/FULL/PDF.
69. P. Quartey, “Financing Small and Medium Enterprises (SMEs) in Ghana,” Journal of African Business, vol. 4, no. 1, pp. 37–55, 2003, doi: 10.1300/J156V04N01_03.
70. H. El-Said, M. Al-Said, and C. Zaki, “Access to finance and financial problems of SMEs: evidence from Egypt,” International Journal of Entrepreneurship and Small Business, vol. 20, no. 3, pp. 286–309, 2013, Accessed: Sep. 19, 2023. [Online]. Available: https://ideas.repec.org/a/ids/ijesbu/v20y2013i3p286-309.html
71. C. Mac an Bhaird, “Demand for debt and equity before and after the financial crisis,” Res Int Bus Finance, vol. 28, no. 1, pp. 105–117, May 2013, doi: 10.1016/J.RIBAF.2012.10.001.
72. D. Domeher, G. Musah, and N. Hassan, “Inter-sectoral Differences in the SME Financing Gap: Evidence from Selected Sectors in Ghana,” Journal of African Business, vol. 18, no. 2, pp. 194–220, Apr. 2017, doi: 10.1080/15228916.2017.1265056.
73. G. H. Gebru, “Financing preferences of micro and small enterprise owners in Tigray: Does POH hold?,” Journal of Small Business and Enterprise Development, vol. 16, no. 2, pp. 322–334, May 2009, doi: 10.1108/14626000910956083/FULL/XML.
74. H. S. Yildirim, Y. Akci, and I. H. Eksi, “The effect of firm characteristics in accessing credit for SMEs,” Journal of Financial Services Marketing, vol. 18, no. 1, pp. 40–52, Mar. 2013, doi: 10.1057/FSM.2012.28/METRICS.
75. H. T. Trinh, M. Kakinaka, D. Kim, and T. Y. Jung, “Capital Structure and Investment Financing of Small and Medium-Sized Enterprises in Vietnam,” Global Economic Review, vol. 46, no. 3, pp. 325–349, 2017, doi: 10.1080/1226508X.2017.1340184.
76. A. Tolba, I. Seoudi, and K. Fahmy, “Factors influencing intentions of Egyptian MSME owners in taking commercial bank loans,” Journal of Small Business & Entrepreneurship, vol. 27, no. 6, pp. 497–518, Nov. 2014, doi: 10.1080/08276331.2015.1102478.
77. J. R. Nofsinger and W. Wang, “Determinants of start-up firm external financing worldwide,” J Bank Financ, vol. 35, no. 9, pp. 2282–2294, Sep. 2011, doi: 10.1016/J.JBANKFIN.2011.01.024.
78. J. Wu, J. Song, and C. Zeng, “An empirical evidence of small business financing in China,” Management Research News, vol. 31, no. 12, pp. 959–975, Oct. 2008, doi: 10.1108/01409170810920666/FULL/XML.
79. J. Du, A. Guariglia, and A. Newman, “Do Social Capital Building Strategies Influence the Financing Behavior of Chinese Private Small and Medium–Sized Enterprises?,” https://doi.org/10.1111/etap.12051, vol. 39, no. 3, pp. 601–631, May 2015, doi: 10.1111/ETAP.12051.
80. T. Beck and R. Cull, “SME Finance in Africa,” Sep. 2014, doi: 10.1596/1813-9450-7018.
81. L. Xiao, “Financing high-tech SMEs in China: A three-stage model of business development,” Entrepreneurship and Regional Development, vol. 23, no. 3–4, pp. 217–234, Apr. 2011, doi: 10.1080/08985620903233937.
82. T. Wattanapruttipaisan, “FOUR PROPOSALS FOR IMPROVED FINANCING OF SME DEVELOPMENT IN ASEAN*,” Asian Dev Rev, vol. 20, no. 2, 2003.
83. M. L. Stefani and V. Vacca, “Small Firms’ Credit Access in the Euro Area: Does Gender Matter?,” CESifo Econ Stud, vol. 61, no. 1, pp. 165–201, Mar. 2015, doi: 10.1093/CESIFO/IFU031.
84. H. Kasseeah and R. Thoplan, “Access to Financing in a Small Island Economy: Evidence From Mauritius,” Journal of African Business, vol. 13, no. 3, pp. 221–231, Nov. 2012, doi: 10.1080/15228916.2012.727753.
85. P. Gamage, “DETERMINANTS OF ACCESS TO BANK FINANCE FOR SMALL AND MEDIUM-SIZED ENTERPRISES: THE CASE OF SRI LANKA”.
86. R. Prijadi, P. Wulandari, P. M. Desiana, F. A. Pinagara, and M. Novita, “Financing needs of micro-enterprises along their evolution,” International Journal of Ethics and Systems, vol. 36, no. 2, pp. 263–284, Apr. 2020, doi: 10.1108/IJOES-05-2018-0071/FULL/XML.
87. S. Singh and H. Janor, “Determinants of SMEs Financing Pattern in India-A Rotated Factor Analysis Approach,” Journal of Economics and Management, vol. 7, no. 2, pp. 314–334, 2013.
88. J. T. Scott and T. J. Scott, “The entrepreneur’s idea and outside finance: Theory and evidence about entrepreneurial roles,” Eur Econ Rev, vol. 86, pp. 118–130, Jul. 2016, doi: 10.1016/J.EUROECOREV.2015.08.005.
89. Y. Dong and C. Men, “SME Financing in Emerging Markets: Firm Characteristics, Banking Structure and Institutions,” Emerging Markets Finance and Trade, vol. 50, no. 1, pp. 120–149, Jan. 2014, doi: 10.2753/REE1540-496X500107.
90. M. Cowling, W. Liu, M. Minniti, and N. Zhang, “UK credit and discouragement during the GFC,” Small Business Economics, vol. 47, no. 4, pp. 1049–1074, Dec. 2016, doi: 10.1007/S11187-016-9745-6/TABLES/5.
91. D. Xiang, A. C. Worthington, and H. Higgs, “Discouraged finance seekers: An analysis of Australian small and medium-sized enterprises,” http://dx.doi.org/10.1177/0266242613516138, vol. 33, no. 7, pp. 689–707, Jan. 2014, doi: 10.1177/0266242613516138.
92. D. Xiang and A. C. Worthington, “The impact of government financial assistance on the performance and financing of Australian SMEs,” Accounting Research Journal, vol. 30, no. 4, pp. 447–464, 2017, doi: 10.1108/ARJ-04-2014-0034/FULL/PDF.
93. A. I. Erdogan, “Factors affecting SME access to bank financing: an interview study with Turkish bankers,” Small Enterprise Research, vol. 25, no. 1, pp. 23–35, 2018, doi: 10.1080/13215906.2018.1428911.
94. G. A. Aga and B. Reilly, “Access to credit and informality among micro and small enterprises in Ethiopia,” Int Rev Appl Econ, vol. 25, no. 3, pp. 313–329, May 2011, doi: 10.1080/02692171.2010.498417.
95. Z. Brixiová, T. Kangoye, and T. U. Yogo, “Access to finance among small and medium-sized enterprises and job creation in Africa,” Structural Change and Economic Dynamics, vol. 55, pp. 177–189, Dec. 2020, doi: 10.1016/J.STRUECO.2020.08.008.
96. M. H. Giang, B. H. Trung, Y. Yoshida, T. D. Xuan, and M. T. Que, “The Causal Effect of Access to Finance on Productivity of Small and Medium Enterprises in Vietnam,” Sustainability 2019, Vol. 11, Page 5451, vol. 11, no. 19, p. 5451, Oct. 2019, doi: 10.3390/SU11195451.
97. A. Lin, Y. Peng, and X. Wu, “Digital finance and investment of micro and small enterprises: Evidence from China,” China Economic Review, vol. 75, p. 101846, Oct. 2022, doi: 10.1016/J.CHIECO.2022.101846.
98. N. Ndiaye, L. Abdul Razak, R. Nagayev, and A. Ng, “Demystifying small and medium enterprises’ (SMEs) performance in emerging and developing economies,” Borsa Istanbul Review, vol. 18, no. 4, pp. 269–281, Dec. 2018, doi: 10.1016/J.BIR.2018.04.003.
99. A. Moritz, J. H. Block, and A. Heinz, “Financing patterns of European SMEs – an empirical taxonomy,” Venture Capital, vol. 18, no. 2, pp. 115–148, Apr. 2016, doi: 10.1080/13691066.2016.1145900.
100. S. Kumar and P. Rao, “Financing patterns of SMEs in India during 2006 to 2013 – an empirical analysis,” Journal of Small Business & Entrepreneurship, vol. 28, no. 2, pp. 97–131, Mar. 2016, doi: 10.1080/08276331.2015.1132513.
101. R. U. Khan, Y. Salamzadeh, H. Kawamorita, and G. Rethi, “Entrepreneurial Orientation and Small and Medium-sized Enterprises’ Performance; Does ‘Access to Finance’ Moderate the Relation in Emerging Economies?,” Vision, vol. 25, no. 1, pp. 88–102, Mar. 2021, doi: 10.1177/0972262920954604/ASSET/IMAGES/LARGE/10.1177_0972262920954604-FIG3.JPEG.
102. M. Anwar, K. Tajeddini, and R. Ullah, “Entrepreneurial finance and new venture success - the moderating role of government support,” Business Strategy & Development, vol. 3, no. 4, pp. 408–421, Dec. 2020, doi: 10.1002/BSD2.105.
103. J. R. Barth, D. Lin, and K. Yost, “Small and Medium Enterprise Financing in Transition Economies,” Atlantic Economic Journal, vol. 39, no. 1, pp. 19–38, Mar. 2011, doi: 10.1007/S11293-010-9260-0/METRICS.
104. W. R. Lam and Y. Liu, “Tackling Small and Medium-Sized Enterprises (SMEs) Financing in China,” Annals of Economics and Finance, vol. 21, no. 1, pp. 209–239, 2020, Accessed: Sep. 22, 2023. [Online]. Available: https://ideas.repec.org/a/cuf/journl/y2020v21i1lamliu.html
105. N. Morozko, N. Morozko, and V. Didenko, “Modeling the Process of Financing Small Organizations,” Journal of Reviews on Global Economics, vol. 7, pp. 774–783, 2018, Accessed: Sep. 22, 2023. [Online]. Available: https://ideas.repec.org/a/lif/jrgelg/v7y2018p774-783.html
106. E. Murzacheva and J. Levie, “Entrepreneurial finance journeys: embeddedness and the finance escalator,” Venture Capital, vol. 22, no. 2, pp. 185–214, Apr. 2020, doi: 10.1080/13691066.2020.1767756.
107. M. S. Lin, H. J. Song, A. Sharma, and S. Lee, “Formal and informal SME financing in the restaurant industry: The impact of macroenvironment,” Journal of Hospitality and Tourism Management, vol. 45, pp. 276–284, Dec. 2020, doi: 10.1016/J.JHTM.2020.08.017.
108. J. Hussain, C. Millman, and H. Matlay, “SME financing in the UK and in China: A comparative perspective,” Journal of Small Business and Enterprise Development, vol. 13, no. 4, pp. 584–599, 2006, doi: 10.1108/14626000610705769/FULL/XML.
109. J. Hussain and H. Matlay, “Financing preferences of ethnic minority owner/managers in the UK,” Journal of Small Business and Enterprise Development, vol. 14, no. 3, pp. 487–500, 2007, doi: 10.1108/14626000710773565/FULL/XML.
110. A. Gill and N. Biger, “Barriers to small business growth in Canada,” Journal of Small Business and Enterprise Development, vol. 19, no. 4, pp. 656–668, Oct. 2012, doi: 10.1108/14626001211277451/FULL/XML.
111. M. G. Colombo and L. Grilli, “Start-up size: The role of external financing,” Econ Lett, vol. 88, no. 2, pp. 243–250, Aug. 2005, doi: 10.1016/J.ECONLET.2005.02.018.
112. S. Park, I. H. Lee, and J. E. Kim, “Government support and small- and medium-sized enterprise (SME) performance: the moderating effects of diagnostic and support services,” Asian Business & Management, vol. 19, no. 2, pp. 213–238, Apr. 2020, doi: 10.1057/S41291-019-00061-7.
113. H. Kachlami and D. Yazdanfar, “Determinants of SME growth: The influence of financing pattern. An empirical study based on Swedish data,” Management Research Review, vol. 39, no. 9, pp. 966–986, 2016, doi: 10.1108/MRR-04-2015-0093/FULL/XML.
114. A. A. Eniola, “SME firm characteristics impact on the choice of sources of financing in South-West, Nigeria,” International Journal of Business and Globalisation, vol. 21, no. 3, pp. 344–366, 2018, doi: 10.1504/IJBG.2018.095482.
115. R. R. Meisenzahl, “Can Financing Constraints Explain the Evolution of the Firm Size Distribution?,” Rev Ind Organ, vol. 48, no. 2, pp. 123–147, Mar. 2016, doi: 10.1007/S11151-015-9498-4/METRICS.
116. D. Yazdanfar and S. Turner, “The impact of internal finance on growth empirical evidence from Swedish firm level data,” International Journal of Entrepreneurship and Small Business, vol. 19, no. 1, pp. 51–63, 2013, Accessed: Sep. 22, 2023. [Online]. Available: https://ideas.repec.org/a/ids/ijesbu/v19y2013i1p51-63.html
117. N. H. Wellalage and V. Fernandez, “Innovation and SME finance: Evidence from developing countries,” International Review of Financial Analysis, vol. 66, p. 101370, Nov. 2019, doi: 10.1016/J.IRFA.2019.06.009.
118. A. Madrid-Guijarro, D. García-Pérez-de-Lema, and H. Van Auken, “Financing constraints and SME innovation during economic crises,” Academia Revista Latinoamericana de Administracion, vol. 29, no. 1, pp. 84–106, 2016, doi: 10.1108/ARLA-04-2015-0067/FULL/XML.
119. B. Nguyen and N. P. Canh, “Formal and informal financing decisions of small businesses,” Small Business Economics, vol. 57, no. 3, pp. 1545–1567, Oct. 2021, doi: 10.1007/S11187-020-00361-9/TABLES/6.
120. O. Fatoki, “The financing options for new small and medium enterprises in South Africa,” Mediterr J Soc Sci, vol. 5, no. 20, pp. 748–755, Sep. 2014, doi: 10.5901/MJSS.2014.V5N20P748.
121. H. Indrawati, H. Caska, and H. Suarman, “Barriers to technological innovations of SMEs: how to solve them?,” International Journal of Innovation Science, vol. 12, no. 5, pp. 545–564, Dec. 2020, doi: 10.1108/IJIS-04-2020-0049.
122. A. Briozzo, H. Vigier, and L. B. Martinez, “Firm-Level Determinants of the Financing Decisions of Small and Medium Enterprises: Evidence from Argentina,” Latin American Business Review, vol. 17, no. 3, pp. 245–268, Jul. 2016, doi: 10.1080/10978526.2016.1209081.
123. V. Fernandez, “The role of trust and social commitment in start-up financing,” International Review of Financial Analysis, vol. 75, p. 101722, May 2021, doi: 10.1016/J.IRFA.2021.101722.
124. H. T. T. Dao, N. T. Mai, and N. T. Kim, “Accessibility to credit of small medium enterprises in Vietnam,” Afro-Asian Journal of Finance and Accounting, vol. 6, no. 3, pp. 241–257, 2016, Accessed: Sep. 25, 2023. [Online]. Available: https://ideas.repec.org/a/ids/afasfa/v6y2016i3p241-257.html
125. K. Padachi, C. Howorth, and M. S. Narasimhan, “Working Capital Financing Preferences: The Case of Mauritian Manufacturing Small and Medium Sized Enterprises (SMEs),” Asian Academy of Management Journal of Accounting and Finance (AAMJAF), vol. 8, no. 1, pp. 125–157, 2012, Accessed: Sep. 25, 2023. [Online]. Available: https://ideas.repec.org/a/usm/journl/aamjaf00801_125-157.html
126. S. Naidu and A. Chand, “A comparative study of the financial problems faced by micro, small and medium enterprises in the manufacturing sector of Fiji and Tonga,” International Journal of Emerging Markets, vol. 7, no. 3, pp. 245–262, Jun. 2012, doi: 10.1108/17468801211236974/FULL/XML.
127. D. Smith, “Financial bootstrapping and social capital: how technology-based start-ups fund innovation,” Int J Entrep Innov Manag, vol. 10, no. 2, pp. 199–209, 2009, Accessed: Sep. 25, 2023. [Online]. Available: https://ideas.repec.org/a/ids/ijeima/v10y2009i2p199-209.html
128. P. A. Zaleski, “Start-ups and external equity: The role of entrepreneurial experience,” Business Economics, vol. 46, no. 1, pp. 43–50, Jan. 2011, doi: 10.1057/BE.2010.41/METRICS.
129. H. M. Osano and H. Languitone, “Factors influencing access to finance by SMEs in Mozambique: case of SMEs in Maputo central business district,” J Innov Entrep, vol. 5, no. 1, pp. 1–16, Dec. 2015, doi: 10.1186/S13731-016-0041-0/TABLES/6.
130. P. Rao, S. Kumar, M. Chavan, and W. M. Lim, “A systematic literature review on SME financing: Trends and future directions,” Journal of Small Business Management, vol. 61, no. 3, pp. 1247–1277, May 2023, doi: 10.1080/00472778.2021.1955123.
131. S. Wasiuzzaman and N. Nurdin, “Debt financing decisions of SMEs in emerging markets: empirical evidence from Malaysia,” International Journal of Bank Marketing, vol. 37, no. 1, pp. 258–277, Feb. 2019, doi: 10.1108/IJBM-12-2017-0263/FULL/XML.
132. S. Wasiuzzaman, N. Nurdin, A. H. Abdullah, and G. Vinayan, “Creditworthiness and access to finance: a study of SMEs in the Malaysian manufacturing industry,” Management Research Review, vol. 43, no. 3, pp. 293–310, Mar. 2020, doi: 10.1108/MRR-05-2019-0221/FULL/PDF.
133. H. Bamata, K. K. Govender, and Z. Fields, “An empirical study of optimal access to external finance by small and medium enterprise start-ups,” Problems and Perspectives in Management, vol. 17, no. 3, pp. 242–258, 2019, doi: 10.21511/PPM.17(3).2019.20.
134. V. Charaia, A. Chochia, and M. Lashkhi, “Promoting fintech financing for SME in S. Caucasian and Baltic States, during the Covid-19 global pandemic,” Business, Management and Economics Engineering, vol. 19, no. 2, pp. 358–372, Dec. 2021, doi: 10.3846/BMEE.2021.14755.
135. P. Łasak, “The role of financial technology and entrepreneurial finance practices in funding small and medium-sized enterprises,” Journal of Entrepreneurship, Management and Innovation, vol. 18, no. 1, pp. 7–34, 2022, doi: 10.7341/20221811.
136. S. Shinozaki, “A new regime of SME finance in emerging Asia: Enhancing access to growth capital and policy implications,” Foreign Direct Investment and Small and Medium Enterprises: Productivity and Access to Finance, pp. 77–104, Jan. 2015, doi: 10.1142/9789814678810_0005.
137. A. Thampy, “Financing of SME firms in India: Interview with Ranjana Kumar, Former CMD, Indian Bank; Vigilance Commissioner, Central Vigilance Commission,” IIMB Management Review, vol. 22, no. 3, pp. 93–101, Sep. 2010, doi: 10.1016/J.IIMB.2010.04.011.
138. M. Maiti, “Scope for alternative avenues to promote financial access to MSMEs in developing nation evidence from India,” International Journal of Law and Management, vol. 60, no. 5, pp. 1210–1222, Sep. 2018, doi: 10.1108/IJLMA-06-2017-0141/FULL/XML.
139. M. Rossi, “Capital structure of small and medium enterprises: the Italian case,” International Journal of Globalisation and Small Business, vol. 6, no. 2, pp. 130–144, 2014, Accessed: Sep. 26, 2023. [Online]. Available: https://ideas.repec.org/a/ids/ijgsbu/v6y2014i2p130-144.html
140. G. Cassar and S. Holmes, “Capital structure and financing of SMEs: Australian evidence,” Accounting & Finance, vol. 43, no. 2, pp. 123–147, Jul. 2003, doi: 10.1111/1467-629X.T01-1-00085.
141. OECD, “New Approaches to SME and Entrepreneurship Financing,” New Approaches to SME and Entrepreneurship Financing, Oct. 2015, doi: 10.1787/9789264240957-EN.
DOI: https://doi.org/10.59429/esp.v9i8.2840
(153 Abstract Views, 57 PDF Downloads)
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Preeti Singh, Bhawna Agarwal, Gurmeet Kaur, Ritesh Dwivedi
This work is licensed under a Creative Commons Attribution 4.0 International License.