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Advisor(s)
Abstract(s)
This chapter aims to examine the financing options of the managers/owners of SMEs (small and medium-sized companies) from a point of view that incorporates cultural values, namely, conservatism and secrecy. Data were collected with the use of a questionnaire conducted for managers/owners of a sample of 1,629 Portuguese SMEs, and with the use of accounting and financial information from the period 2009-2011. 438 managers/owners provided valid answers, corresponding to a response rate of 27%. Using multivariate regression techniques as a basis, the results showed that a significant number of managers/owners supported the negative relationship between conservatism/secrecy and the business financing options associated with a higher risk (debts with costs). The results also showed that a more significant number of managers/owners of national SMEs choose sources of financing in light of the pecking order theory.
Description
Capítulo do livro Advances in Applied Business Research: the L.A.B.S. Initiative inserido na série Business Economics in a Rapidly-Changing World
Keywords
Conservatism Financing Secrecy SMEs