The impact of financing on the investments of SMEs: evidence from the recent financial crisis

Sirazul Zubair

The impact of financing on the investments of SMEs: evidence from the recent financial crisis

Sirazul Zubair

Faculty of Behavioural, Management and Social Sciences

Research output: Contribution to conference › Paper

Abstract

This paper examines how the recent financial crisis has affected the investments of Small and Medium-sized Enterprises (SMEs). We use a novel dataset of private firms from the Netherlands covering a long time-period (2004-2012). The results show that the financial crisis has no significant impact on the investments of SMEs. When we distinguish between the influences of internal financing (cash flows) and external financing (bank debt), we find that investment of SMEs are constrained by the availability of the cash flows and more determined by bank debt irrespective of the financial crisis.

Original language	English
Pages	-
Publication status	Published - 5 May 2014
Event	The Global Business and Finance Research Conference, Melbourne, Australia, 5-6 May 2014 - Melbourne, Australia Duration: 5 May 2014 → 6 May 2014

Conference

Conference	The Global Business and Finance Research Conference, Melbourne, Australia, 5-6 May 2014
Period	5/05/14 → 6/05/14
Other	05-05-2014 - 06-05-2014

Keywords

IR-90656
METIS-303545

Cite this

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title = "The impact of financing on the investments of SMEs: evidence from the recent financial crisis",

abstract = "This paper examines how the recent financial crisis has affected the investments of Small and Medium-sized Enterprises (SMEs). We use a novel dataset of private firms from the Netherlands covering a long time-period (2004-2012). The results show that the financial crisis has no significant impact on the investments of SMEs. When we distinguish between the influences of internal financing (cash flows) and external financing (bank debt), we find that investment of SMEs are constrained by the availability of the cash flows and more determined by bank debt irrespective of the financial crisis.",

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AB - This paper examines how the recent financial crisis has affected the investments of Small and Medium-sized Enterprises (SMEs). We use a novel dataset of private firms from the Netherlands covering a long time-period (2004-2012). The results show that the financial crisis has no significant impact on the investments of SMEs. When we distinguish between the influences of internal financing (cash flows) and external financing (bank debt), we find that investment of SMEs are constrained by the availability of the cash flows and more determined by bank debt irrespective of the financial crisis.

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T2 - The Global Business and Finance Research Conference, Melbourne, Australia, 5-6 May 2014

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