Reference : Financing patterns of European SMEs – an empirical taxonomy
Scientific journals : Article
Business & economic sciences : Finance
Finance; Entrepreneurship and Innovation / Audit
Financing patterns of European SMEs – an empirical taxonomy
Moritz, Alexandra []
Block, Jörn []
Heinz, Andreas mailto [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Integrative Research Unit: Social and Individual Development (INSIDE) >]
Venture Capital
Yes (verified by ORBilu)
[en] SME financing in Europe ; financing patterns ; empirical taxonomy ; cluster analysis
[en] This paper develops an empirical taxonomy of SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally
financed SMEs. These SME financing types differ according to the number of financing instruments used and the combinations thereof. Furthermore, the SME financing types can be profiled according to their firm-, product-, industry- and country-specific characteristics. Our findings support policy-makers in assessing the impact of policy changes on SME financing and in designing financing programmes tailored to the specific needs of SMEs.
Researchers ; Professionals

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