Innovation and SME finance: Evidence from developing countries

被引：96

作者：

Wellalage, Nirosha Hewa ^{[1
]}

Fernandez, Viviana ^{[2
]}

机构：

[1] Univ Waikato, Management Sch, Hamilton, New Zealand

[2] Univ Adolfo Ibanez, Sch Business, Santiago, Chile

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2019年 / 66卷

关键词：

Developing countries; External finance; Innovation; SMEs; Propensity score matching methods; INFORMAL FINANCE; ENTREPRENEURIAL FINANCE; MATCHING ESTIMATORS; CREDIT CONSTRAINTS; PROPENSITY SCORE; ECONOMIC-GROWTH; SMALL FIRMS; IMPACT; MATTER; MARKETS;

D O I：

10.1016/j.irfa.2019.06.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper explores the relationship between firm-level innovation and external finance for small and medium enterprises (SMEs). Our sample consists of 13,430 firms from Eastern Europe and Central Asian countries. A propensity score matching approach reports a positive relationship between formal finance and product and process innovation, which is greater for early-stage SMEs than for mature counterparts. However, informal finance has more significant impact on mature firms' product innovation. Our empirical evidence highlights policy implications for countries desiring to enhance the innovation of their SMEs by improving the external finance of these SMEs.

引用

页数：14

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