{"title":"European SMEs’ growth: the role of market-based finance and public financial support","authors":"Simone Boccaletti, Annalisa Ferrando, Emanuele Rossi, Monica Rossolini","doi":"10.1007/s11187-024-00918-y","DOIUrl":null,"url":null,"abstract":"<p>The study investigates the role of market-based finance and public financial support in aiding scaling up by European SMEs. First, we analyse the impact of public loan guarantee schemes on firms’ access to market-based instruments. Second, we study whether firms’ access to market-based finance and the use of public grants boost a firm’s (ex post) growth. The analysis is based on a unique and original dataset of about 31,000 Eurozone firms in the 2009–2020 period. The study finds that firms’ access to market-based finance is (i) driven positively by the previous use of public financial support schemes and (ii) has a positive effect on subsequent growth. In particular, SMEs display relatively higher growth in fixed assets, while for large firms, growth is mainly driven by current assets. Moreover, SME issuers using public grants achieve significantly stronger growth than comparable firms.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"50 1","pages":""},"PeriodicalIF":6.5000,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Small Business Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s11187-024-00918-y","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
The study investigates the role of market-based finance and public financial support in aiding scaling up by European SMEs. First, we analyse the impact of public loan guarantee schemes on firms’ access to market-based instruments. Second, we study whether firms’ access to market-based finance and the use of public grants boost a firm’s (ex post) growth. The analysis is based on a unique and original dataset of about 31,000 Eurozone firms in the 2009–2020 period. The study finds that firms’ access to market-based finance is (i) driven positively by the previous use of public financial support schemes and (ii) has a positive effect on subsequent growth. In particular, SMEs display relatively higher growth in fixed assets, while for large firms, growth is mainly driven by current assets. Moreover, SME issuers using public grants achieve significantly stronger growth than comparable firms.
期刊介绍：
Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers.
SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics.
As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research.
Officially cited as: Small Bus Econ
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
