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

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dc.title Financial Constraints on Innovative SMEs: Empirical Evidence from the Visegrad Countries en Belás, Jaroslav Rahman, Ashiqur Rahman, Mosiqure Twyeafur Schonfeld, Jaroslav
dc.relation.ispartof Engineering Economics
dc.identifier.issn 1392-2785 OCLC, Ulrich, Sherpa/RoMEO, JCR 2017
utb.relation.volume 28
utb.relation.issue 5
dc.citation.spage 552
dc.citation.epage 563
dc.type article
dc.language.iso en
dc.publisher Kauno Technologijos Universitetas
dc.identifier.doi 10.5755/
dc.subject Financial constraints en
dc.subject Innovation en
dc.subject Process innovation en
dc.subject Product innovation en
dc.subject SMEs en
dc.subject Visegrad countries en
dc.description.abstract 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. © 2017, Kauno Technologijos Universitetas. All rights reserved. en
utb.faculty Faculty of Management and Economics
utb.identifier.obdid 43877195
utb.identifier.scopus 2-s2.0-85041104547
utb.identifier.wok 000422839700008
utb.source j-scopus 2018-02-26T10:20:07Z 2018-02-26T10:20:07Z
dc.description.sponsorship Internal Grant Agency of FaME TBU [IGA/FaME/2017/010]
utb.contributor.internalauthor Belás, Jaroslav
utb.contributor.internalauthor Rahman, Ashiqur
utb.wos.affiliation [Belas, Jaroslav; Rahman, Ashiqur] Tomas Bata Univ Zlin, Mostni 5139, Zlin 76001, Czech Republic; [Rahman, M. Twyeafur] Univ Strathclyde, 130 Rottenrow, Glasgow G4 0QU, Lanark, Scotland; [Schonfeld, Jaroslav] Univ Econ Prague, Winstona Churchilla 4, Prague 13067 3, Czech Republic
utb.scopus.affiliation Tomas Bata University, Zlin Mostni 5139, Zlin, Czech Republic; University of Strathclyde, 130 Rottenrow, Glasgow, United Kingdom; University of Economics Prague, Winstona Churchilla 4, Praha 3, Czech Republic
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