مقاله انگلیسی رایگان در مورد مراحل اولیه ورشکستگی SME – اسپرینگر ۲۰۱۸

مقاله انگلیسی رایگان در مورد مراحل اولیه ورشکستگی SME – اسپرینگر ۲۰۱۸

 

مشخصات مقاله
ترجمه عنوان مقاله مراحل اولیه ورشکستگی SME: آیا بازار بانکی محلی اهمیت دارد؟
عنوان انگلیسی مقاله Early stage SME bankruptcy: does the local banking market matter?
انتشار مقاله سال ۲۰۱۸
تعداد صفحات مقاله انگلیسی ۱۶ صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
منتشر شده در نشریه اسپرینگر
نوع نگارش مقاله مقاله پژوهشی (Research article)
مقاله بیس این مقاله بیس میباشد
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
رشته های مرتبط مدیریت، اقتصاد
گرایش های مرتبط مدیریت کسب و کار، بانکداری، مدیریت مالی، اقتصاد مالی
مجله اقتصاد کسب و کار کوچک- Small Business Economics
دانشگاه Dipartimento di Scienze Aziendali e Giuridiche – Università della Calabria – Italy
کلمات کلیدی احتمال ورشکستگی، SME ها، مدل چند سطحی، ساختار بانکی محلی
کلمات کلیدی انگلیسی Probability of bankruptcy, SMEs, Multilevel model, Local banking structure
شناسه دیجیتال – doi
https://doi.org/10.1007/s11187-018-0042-4
کد محصول E9149
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Introduction

Since the work of Guiso et al. (2004), there has been a renewed interest in the differences at the local level of financial development affecting firm and entrepreneur strategies. While it appears well stated that local financial development and, in general, institutional features of the local context, shape the financial decisions of firms (Cariola et al. 2010; Deloof and La Rocca 2014; Deloof et al. 2016), with particular regard to small and medium-sized enterprises (SMEs), it is a first-order problem to investigate how the differences in the local market can affect the SMEs’ quality of life in the shortrun and their capability to access growth opportunities and operate for long-term success. In particular, local financial development can provide valuable support at the time firms are more fragile, as in their early stages. Small and young companies are the primary source of job creation in economies (Haltiwanger et al. 2013), contributing to economic dynamism by injecting competition into markets and spurring innovation (Wiens and Jackson 2015). At the same time, these firms are the most financially vulnerable in the market (Mueller and Stegmaier 2014). This weakness leads to questioning the role played by the financial system and, more precisely, by banks, in the local economic activity and as a driver of the performance of local firms. This research addresses this question focusing on young firms’survival, one among many proxies describing the robustness of the companies. The analysis is centered on the role of local financial markets as determinants of firm bankruptcy. Considering that small and young firms are mainly hit by strong difficulties in the take-off years (Ogane 2016), we consider that the postcreation period is the moment where the local financial context provides the more valuable support to SMEs. The objective of this paper is thus to investigate whether the local financial market influences SMEs bankruptcies to enhance our understanding of the drivers of this failure, to explore potential areas of interventions and to transform business failures into learning opportunities for future improvements in entrepreneurship. The novelty of this paper results from several features: the emphasis put on the relationship between insolvency and the organization of the local credit market, the sample of companies considered in the empirical analysis based on firms at the post creation period, and the estimation technique used. Examining the sources of the regional disparities in the probability of corporate bankruptcy, it rapidly appears that the structure of the local debt market matters. A strand of the literature shows that credit rationing and institutional features vary across regions (Bonnet et al. 2005; Andriani 2013 and 2015), suggesting that the regional dimension is more important when companies are small (Bonnet and Le Pape 2012).

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