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Journal of Business Economics

Erschienen in:

01.07.2013 | Original Paper

The financial structure of innovative SMEs in Germany

verfasst von: Detlev Hummel, Boris Karcher, Christian Schultz

Erschienen in: Journal of Business Economics | Ausgabe 5/2013

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Abstract

In politics and business the special role of innovative businesses whose research and development activities expedite technological progress has received steady attention. Especially small and medium sized businesses (SMEs) have initiated promising innovation projects. However, when analysing these projects our research must take into account that SMEs cannot be viewed as a homogeneous business category. Moreover, financing their innovations, SMEs are subject to unique issues. To shed light on these problems, this study will develop an index measuring degrees of innovation. It allows the 171 sample companies to be categorised into three groups: non-innovative, moderately innovative or highly innovative. A multinomial logistic regression is used to examine the quality of this typology. In addition, group-specific differences in the financing mix are demonstrated. Finally, from a theoretical point of view, the implications of the pecking order theory are basically validated. On the other hand, the concept of the financial growth cycle does not deliver satisfactory results.

Vorheriger Artikel Income determination for corporate tax purposes using IFRS as a starting point: evidence for listed companies within Austria, Germany, and The Netherlands

Nächster Artikel Dynamic pricing with strategic customers

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Titel: The financial structure of innovative SMEs in Germany
verfasst von: Detlev Hummel
Boris Karcher
Christian Schultz
Publikationsdatum: 01.07.2013
Verlag: Springer-Verlag
Erschienen in: Journal of Business Economics / Ausgabe 5/2013
Print ISSN: 0044-2372
Elektronische ISSN: 1861-8928
DOI: https://doi.org/10.1007/s11573-013-0662-8

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