Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries
Small and medium enterprises (SME) are key in creation of new jobs and they significantly involved on GDP, innovations and economic growth. These firms very often rely on financial extraneous sources, but acces to these finance is significant business barrier. It means that SME face to financial con...
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| Format: | Article |
| Language: | English |
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Mendel University Press
2018-01-01
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| Series: | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
| Subjects: | |
| Online Access: | https://acta.mendelu.cz/66/2/0583/ |
| _version_ | 1818266148436705280 |
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| author | Lucie Szczeponková |
| author_facet | Lucie Szczeponková |
| author_sort | Lucie Szczeponková |
| collection | DOAJ |
| description | Small and medium enterprises (SME) are key in creation of new jobs and they significantly involved on GDP, innovations and economic growth. These firms very often rely on financial extraneous sources, but acces to these finance is significant business barrier. It means that SME face to financial constraint. This financial constraint is exacerbated by the financial crisis. The goal of this article is to clarify influence of the systemic banking crisis on use own and external sources of finance within small and medium enterprises in the selected european countries. The influence of global financial crisis on firm’s finance in selected european countries is estimated by the method Difference-in-Difference (DiD) in combination with panel data. The results show, that companies in regions hit by the systemic banking crisis had a lower share of long-term investments funded by share issues in 2009 or 2012, compared with companies in regions not affected by this crisis in 2005, 2009 or 2012, and companies in regions affected by the systemic crisis in 2005 and higher share of long-term investments financed from ekvity capital. During the financial crisis the conditions for providing extraneous sources to private entities are diminishing, and especially small and medium-sized businesses are forced to use other sources of funds. |
| first_indexed | 2024-12-12T20:02:06Z |
| format | Article |
| id | doaj.art-22cfbcbe7dc141c8a4723560f903caef |
| institution | Directory Open Access Journal |
| issn | 1211-8516 2464-8310 |
| language | English |
| last_indexed | 2024-12-12T20:02:06Z |
| publishDate | 2018-01-01 |
| publisher | Mendel University Press |
| record_format | Article |
| series | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis |
| spelling | doaj.art-22cfbcbe7dc141c8a4723560f903caef2022-12-22T00:13:43ZengMendel University PressActa Universitatis Agriculturae et Silviculturae Mendelianae Brunensis1211-85162464-83102018-01-0166258359310.11118/actaun201866020583Firm’s Finance and Influence of Global Financial Crisis in the Selected European CountriesLucie Szczeponková0Department of National Economy, Faculty of Economics, VŠB-TU Ostrava, 17. listopadu 15/2172, 708 33 Ostrava‑Poruba, Czech RepublicSmall and medium enterprises (SME) are key in creation of new jobs and they significantly involved on GDP, innovations and economic growth. These firms very often rely on financial extraneous sources, but acces to these finance is significant business barrier. It means that SME face to financial constraint. This financial constraint is exacerbated by the financial crisis. The goal of this article is to clarify influence of the systemic banking crisis on use own and external sources of finance within small and medium enterprises in the selected european countries. The influence of global financial crisis on firm’s finance in selected european countries is estimated by the method Difference-in-Difference (DiD) in combination with panel data. The results show, that companies in regions hit by the systemic banking crisis had a lower share of long-term investments funded by share issues in 2009 or 2012, compared with companies in regions not affected by this crisis in 2005, 2009 or 2012, and companies in regions affected by the systemic crisis in 2005 and higher share of long-term investments financed from ekvity capital. During the financial crisis the conditions for providing extraneous sources to private entities are diminishing, and especially small and medium-sized businesses are forced to use other sources of funds.https://acta.mendelu.cz/66/2/0583/small and medium enterprisesacces to financeglobal financial crisisdifference in differencepanel datafirm’s finance |
| spellingShingle | Lucie Szczeponková Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis small and medium enterprises acces to finance global financial crisis difference in difference panel data firm’s finance |
| title | Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries |
| title_full | Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries |
| title_fullStr | Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries |
| title_full_unstemmed | Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries |
| title_short | Firm’s Finance and Influence of Global Financial Crisis in the Selected European Countries |
| title_sort | firm s finance and influence of global financial crisis in the selected european countries |
| topic | small and medium enterprises acces to finance global financial crisis difference in difference panel data firm’s finance |
| url | https://acta.mendelu.cz/66/2/0583/ |
| work_keys_str_mv | AT lucieszczeponkova firmsfinanceandinfluenceofglobalfinancialcrisisintheselectedeuropeancountries |