Naslov
The Small and Medium-sized Enterprises in the Republic of Croatia: A Review of their Importance, Determinants and Access to Finance

Autori
Stojanović, Slobodan

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

Izvornik
Interdisciplinary Management Research XIII / Bacher, Urban ; Barković, Dražen ; Dernoscheg, Karl-Heinz ; Lamza-Maronić, Maja ; Matić, Branko ; Pap, Norbert ; Runzheimer, Bodo - Osijek : Josip Juraj Strossmayer University of Osijek, Faculty of Economics in Osijek, Croatia ; Postgraduate Doctoral Study Program in Management ; Hochschule Pforzheim University, 2017, 521-534

Skup
Interdisciplinary Management Research XIII

Mjesto i datum
Opatija, Hrvatska, 19.05.2017. - 21.05.2017

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
small and medium-sized enterprises ; regulatory framework ; access to finance for SMEs ; SMEs in EU and Croatia

Sažetak
The sector of small and medium-sized enterprises (SMEs) has very important role in today’s economic activities at both national and international level. According to available data, the small and medium-sized enterprises represent 99% of all businesses in the European Union. Additionally, the sector of SMEs is a key generator of new employment, economic growth, innovation and social integration across the EU and its member states. In order to provide adequate support for development and growth of the SMEs, the EU has created a number of policies and business support programs targeted specifically at these enterprises. Member states are implementing respective EU policies on a national level, as well as they are creating additional regulations, programs and instruments targeting SMEs. The adopted policies and measures are primarily aimed at simplifying the administrative and regulatory framework regarding the establishment and operations of SMEs, as well as at creating financing schemes that provide needed sources of funding for SMEs operations and development. Available data on SMEs in the EU and its member states show that insufficient financing and complex administrative procedures are the main barriers to SMEs business operations. In order to improve access to finance, the European Commission cooperates with local, regional and national authorities and local financial institutions in member states, thus securing needed funding through different financial instruments. Additionally, direct funding for SMEs is available through different funds and funding programs administered by the EU or its member states. Similar as in the EU, the sector of SMEs is of great importance for economic activities in the Republic of Croatia. It is also suffering from similar problems such as complex administrative procedures and inadequate access to sources of financing. In the same time, the sector has an opportunity to participate in many business-support and financing programs for SMEs both on the EU and national level, as well as to benefit from experiences shared by others. Therefore, the main objective of the paper is to present importance and determinants of the SMEs in the Republic of Croatia in relation to the EU. In the first part, the basic regulatory and institutional framework of SMEs will be presented. Also, the structure of SMEs and its importance with regard to main economic variables on the EU, national and regional level will be introduced. In the second part of the paper, the overall access to finance for SMEs and the main sources of financing aimed at SMEs in Croatia will be explained and presented. The main findings and conclusion remarks will be given in the last part of the paper.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA