Small and Medium Enterprises (SMEs) represent a huge portion of the firm tissue of the European Union (EU), but they do not receive sufficient attention. Although it is of major concern to SMEs in the EU, there is little information available concerning financing options for small firms. In fact, various scholars have focused their attention on larger and listed firms. This special issue aims to investigate the access to finance of SMEs. Access to finance is a key for business start-up, development and growth for SMEs, and they have very different needs and face different challenges with regard to financing compared to large companies.
The lack of equity invested in small companies makes these firms more dependent on other sources (e.g. bank lending). This special issue aims to investigate the financial choices of SMEs and to fill the gap in information regarding financial choices of smaller firms.
European Commission (2013), “2013 SMEs’ Access to Finance survey”
López-Gracia, J. and Sogorb-Mira, F. (2008), “Testing trade-off and pecking order theories financing SMEs”, Small Business Economics , Vol. 31 No. 2, pp. 117-136.
Michaelas, N. , Chittenden, F. and Poutziouris, P. (1998), “A model of capital structure decision making in small firms”, Journal of Small Business and Enterprise Development , Vol. 5 No. 3, pp. 246-260.
Modigliani, Franco and Miller, Merton H. (1958), “The cost of capital, corporation finance and the theory of investment”, The American Economic Review, Vol. 68, No. 3, pp. 261-297.
Myers, S.C. (1984), “The capital structure puzzle”, The Journal of Finance , Vol. 39 No. 3, pp. 575-592.
Venanzi D. (2010), Il puzzle della struttura finanziaria, Pearson
Suitable topics include, but are not limited to, the following:
- Financial characteristics of SMEs
- Internal and external financial sources of micro firms
- The capital structure of smaller companies
- Financing problems of SMEs
- New financial sources for micro enterprises
Submission of Manuscripts: 18 November, 2015