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10. Financing Growth: Recent Developments in the European Scene

Rik Donckels

Subject Business and Management » Entrepreneurship

DOI: 10.1111/b.9780631215738.1999.00014.x


Two publications by Brophy (1997) and Freear et al. (1997) focus on what should be given primary attention when investigating the financing of small and medium-sized enterprises (SMEs). Cressy and Olofsson (1997a) , as guest editors of Small Business Economics on the theme of European SME financing, present an overview of the current situation in Europe. The conclusions of these three papers are: 1  The specific characteristics of small-scale operations must be given full attention. 2  The decision-making processes of the various stakeholders who are directly or indirectly involved with the financing of growing SMEs must be analyzed. 3  Many recent developments in both theory and research methodology have confirmed the importance of charting the most noteworthy changes. 4  The funding of growth requires a closer examination of the relationship between the financial structure and the development phase of the company. 5  The familial nature of most SMEs is a subject rarely discussed in the literature on financing growth-oriented SMEs. 6  What is currently taking place in Europe with financing growth-oriented SMEs also needs examination. This chapter first examines recent theoretical and methodological work then provides an overview of the current thinking on the role of the different stakeholders in the financing of SME growth. The third section examines current happenings ... log in or subscribe to read full text

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