Financial Constraints on Innovative SMEs: Empirical Evidence from the Visegrad Countries

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F17%3A63517205" target="_blank" >RIV/70883521:28120/17:63517205 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/61384399:31130/17:00051405

Výsledek na webu

<a href="http://dx.doi.org/10.5755/j01.ee.28.5.18204" target="_blank" >http://dx.doi.org/10.5755/j01.ee.28.5.18204</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.5755/j01.ee.28.5.18204" target="_blank" >10.5755/j01.ee.28.5.18204</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Financial Constraints on Innovative SMEs: Empirical Evidence from the Visegrad Countries

Popis výsledku v původním jazyce

This paper empirically investigates financial constraints experienced by innovative small and medium enterprises (SMEs) in the context of Visegrad countries: Czech Republic, Slovak Republic, Hungary, and Poland. At first, we examine whether innovative (product and process innovation) SMEs seek more external finance than the non-innovative firms and then we examine the likelihood of being successful with a loan application. This study uses the dataset from the Business Environment and Enterprise Performance Survey (BEEPS V), which was conducted by the World Bank and the European Bank for Reconstruction and Development (EBRD) during the period of 2012–2014. With respect to firm-level analysis, we find that innovative SMEs are likely to seek external finance to support their innovative ideas but the results are not statistically significant. We also did not find any evidence that innovative SMEs experience more credit constraints as compared to noninnovative firms. However, a country-level analysis suggests that firms in the Slovak Republic and Hungary are more likely to seek external finance for process and product innovation. Further, we find that mature firms, firms having audited financial statements, and risky borrowers are highly likely to apply for external finance while service-oriented firms are less likely to apply for bank finance. Finally, we find that loan application of the experienced borrowers and service firms are more likely to be accepted.

Název v anglickém jazyce

Financial Constraints on Innovative SMEs: Empirical Evidence from the Visegrad Countries

Popis výsledku anglicky

This paper empirically investigates financial constraints experienced by innovative small and medium enterprises (SMEs) in the context of Visegrad countries: Czech Republic, Slovak Republic, Hungary, and Poland. At first, we examine whether innovative (product and process innovation) SMEs seek more external finance than the non-innovative firms and then we examine the likelihood of being successful with a loan application. This study uses the dataset from the Business Environment and Enterprise Performance Survey (BEEPS V), which was conducted by the World Bank and the European Bank for Reconstruction and Development (EBRD) during the period of 2012–2014. With respect to firm-level analysis, we find that innovative SMEs are likely to seek external finance to support their innovative ideas but the results are not statistically significant. We also did not find any evidence that innovative SMEs experience more credit constraints as compared to noninnovative firms. However, a country-level analysis suggests that firms in the Slovak Republic and Hungary are more likely to seek external finance for process and product innovation. Further, we find that mature firms, firms having audited financial statements, and risky borrowers are highly likely to apply for external finance while service-oriented firms are less likely to apply for bank finance. Finally, we find that loan application of the experienced borrowers and service firms are more likely to be accepted.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50204 - Business and management

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Inzinerine Ekonomika-Engineering Economics

ISSN

1392-2785

e-ISSN

—

Svazek periodika

28

Číslo periodika v rámci svazku

5

Stát vydavatele periodika

LT - Litevská republika

Počet stran výsledku

12

Strana od-do

552-563

Kód UT WoS článku

000422839700008

EID výsledku v databázi Scopus

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