The financial structure of Technology-Based Firms
ABSTRACT This study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in Technology-Based MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through.
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Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, Departamento de Contabilidade e Atuária
2020
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oai:scielo:S1519-707720200003004442020-08-04The financial structure of Technology-Based FirmsGuercio,María BelénBriozzo,Anahí EugeniaVigier,Hernán PedroMartinez,Lisana Belén Micro Small and Medium-Sized Enterprises (MSMEs) access to funding financial diversification emerging economies innovation ABSTRACT This study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in Technology-Based MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through.info:eu-repo/semantics/openAccessUniversidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, Departamento de Contabilidade e AtuáriaRevista Contabilidade & Finanças v.31 n.84 20202020-12-01info:eu-repo/semantics/articletext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S1519-70772020000300444en10.1590/1808-057x201909580 |
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Guercio,María Belén Briozzo,Anahí Eugenia Vigier,Hernán Pedro Martinez,Lisana Belén |
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Guercio,María Belén Briozzo,Anahí Eugenia Vigier,Hernán Pedro Martinez,Lisana Belén The financial structure of Technology-Based Firms |
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Guercio,María Belén Briozzo,Anahí Eugenia Vigier,Hernán Pedro Martinez,Lisana Belén |
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Guercio,María Belén |
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The financial structure of Technology-Based Firms |
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The financial structure of Technology-Based Firms |
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The financial structure of Technology-Based Firms |
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The financial structure of Technology-Based Firms |
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The financial structure of Technology-Based Firms |
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financial structure of technology-based firms |
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ABSTRACT This study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in Technology-Based MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through. |
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Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, Departamento de Contabilidade e Atuária |
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2020 |
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http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1519-70772020000300444 |
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