Determinants of SME financing across selected European countries

This study examines the impact on small and medium-sized enterprise (SME) financing in nine selected European countries. In addition to the use of external financing instruments, access restrictions were taken into account. The relevance which represents the actual or potential use of different types of financing is mainly influenced by company-related factors such as size, age and innovation activities, as well as the SMEs' ownership and management structures. While the financial and economic framework conditions of the respective country still have a considerable influence on using financing, restrictions are almost exclusively influ-enced by company-related factors. However, the access to financial instruments differs in European comparison, with German SMEs being affected below average. Micro-enterprises and innovative SMEs in particular are affected by financing restrictions across borders.

Butkowski, O. K.; Hoffmann, M.; Nielen, S.; Schröder, C. (2019): Einflüsse auf die KMU Finanzierung - Ein Vergleich ausgewählter Euroländer, IfM-Materialien Nr. 275, Bonn.

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