Legal and Institutional Determinants of Factoring in SMEs: Empirical Analysis across 25 European Countries
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http://hdl.handle.net/10045/137971
Título: | Legal and Institutional Determinants of Factoring in SMEs: Empirical Analysis across 25 European Countries |
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Autor/es: | Mol-Gómez-Vázquez, Ana | Hernández-Cánovas, Ginés | Koëter-Kant, Johanna |
Grupo/s de investigación o GITE: | Contabilidad y Finanzas (CyF) |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Economía Financiera y Contabilidad |
Palabras clave: | SMEs | Financing | Factoring | Legal protection |
Fecha de publicación: | 28-sep-2016 |
Editor: | Wiley |
Cita bibliográfica: | Journal of Small Business Management. 2018, 56(2): 312-329. https://doi.org/10.1111/jsbm.12260 |
Resumen: | Weak protection of the rights of financiers intensifies agency problems in SME financing, inhibiting the optimal provision of credit necessary to grow and innovate. We use a survey data set of 4,348 SMEs from 25 European countries to analyze whether the use of factoring as a form of SME financing is less dependent on low quality of laws and institutions. We do so analyzing whether the use of factoring by SMEs differs across countries due to differences in the legal protection of creditors. Our findings indicate that firms operating in countries with legal environments that weakly protect the rights of creditors, with political instability or high enforcement costs, are more likely to use factoring. Managers of riskier and opaque companies operating in such inefficient environments can use the results of this study to better understand that there are suitable options to complement bank financing. Managers who seek loans can use the results to diversify their financing structure through the use of factoring. Since factoring can be used as a complement to bank loans or as a substitute for bank financing, it is important that policy makers take our results into account when revising policies concerning access to external financing. |
Patrocinador/es: | Ginés Hernández-Cánovas acknowledges financial support by Fundación Séneca (Project 15403/PHCS/10), and by Ministerio de Ciencia e Innovación (Project ECO2011-29080). |
URI: | http://hdl.handle.net/10045/137971 |
ISSN: | 0047-2778 (Print) | 1540-627X (Online) |
DOI: | 10.1111/jsbm.12260 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © 2016 International Council for Small Business |
Revisión científica: | si |
Versión del editor: | https://doi.org/10.1111/jsbm.12260 |
Aparece en las colecciones: | INV - Contabilidad y Finanzas - Artículos de Revistas |
Archivos en este ítem:
Archivo | Descripción | Tamaño | Formato | |
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Mol-Gomez-Vazquez_etal_2018_JSmallBusinessManag_final.pdf | Versión final (acceso restringido) | 171,36 kB | Adobe PDF | Abrir Solicitar una copia |
Mol-Gomez-Vazquez_etal_2018_JSmallBusinessManag_revised.pdf | Versión revisada (acceso abierto) | 456,73 kB | Adobe PDF | Abrir Vista previa |
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