Naslov
Financial Resource Availability and Financing Needs of SMEs in EU28 and Croatia

Autori
Harc, Martina ; Basarac Sertić, Martina ; Andabaka, Ana

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
The Paradoxes of Leadership and Governance in the Postmodern Society / Tipurić, Darko ; Galetić, Fran - Zagreb : CIRU - Governanace Research and Development Centre, 2017, 494-510

Skup
5th International OFEL Conference on Govrenance, Management and Entrepreneurship

Mjesto i datum
Dubrovnik, Hrvatska, 07.04.2017. - 08.04.2017

Vrsta sudjelovanja
Demonstracija

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Access to finance, European Union, Financing, Small and medium sized enterprises (SMEs)

Sažetak
This paper is closely linked to the survey of the European Commission and the European Central Bank and their initiatives to better understanding of the specific financial needs of SMEs. Using newly gathered data from the SAFE this paper outlines the main features of a broad range of financial resources and explains how SMEs' financial needs were affected by the changes in the general economic and financial environment. The results of this study reveal that financial resource availability and financing needs of SMEs in Croatia differ substantially from SMEs at the EU level but they also share the strong reliance on external sources of finance. The importance of access to finance and financing conditions for the production of SMEs is analysed by panel estimation models using one-step system GMM estimator with robust standard errors. The results of the analysis based on model including 19 EU countries indicate that lower borrowing costs have positive impact on the production value of SMEs. A more comprehensive model including all EU countries proved that better access to finance has a stimulating effect on the production of SMEs.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA