A meta‐analysis of SMEs literature based on the survey on access to finance of enterprises of the European central bank

MARTINEZ, LISANA B.; GUERCIO, M. BELEN; BARIVIERA, AURELIO F.

International Journal of Finance & Economics

John Wiley & Sons Ltd

Año: 2020

1099-1158

Abstract: In this paper, we analyze the main characteristics of European Small and MediumEnterprises (SMEs), related to the demand for and access to external financial resources. We use microdata from an extensive database, elaborated by the European Central Bank and the European Commission: the Survey on the Access to Finance of Enterprises. Firstly, we consider a set of variables as determinants to the decision to apply for different financial instruments. Secondly, we use the same set of variables to analyze the actual access to these instruments. For each regression, several SMEs profiles were created, in order to detect SMEs archetypes according to their decisions. The results are thought-provoking, and highlight that differences in firms characteristics (size, innovative activities, etc.), influence not only the access to, but also the demand for external finance.