中欧和东欧快速成长的中小企业的决定因素:面板数据分析(节选)外文翻译资料

DETERMINANTS OF SMALL AND MEDIUM SIZED FAST GROWING ENTERPRISES IN CENTRAL AND EASTERN EUROPE: A PANEL DATA ANALYSIS（Excerpt）

Authors: Miroslav Mateev, Yanko Anastasov
Publisher: Institute of Public Finance
Date of publication: 2010 September
Published in: Financial Theory and Practice, Vol 34, Iss 3, Pp 269-295 (2010)
ISSN(s): 1846-887X, 1845-9757

Abstract

The purpose of this paper is to explore the main determinants of growth in small and medium sized enterprises (SMEs) in central and eastern Europe. The important role played by SMEs in the economic development of central and eastern European (CEE) countries has attracted the recent attention of academics and policymakers but remains relatively unexplored. Empirical research has suggested that firm growth is determined not only by the traditional characteristics of size and age but also by other firm-specific factors such as indebtedness, internal financing, future growth opportunities, process and product innovation, and organisational changes. Although growth in manufacturing and service SMEs in transition economies is well explained by the traditional firm characteristics of size and age, there is no empirical evidence concerning what other specific factors may be associated with SME growth and performance in these countries. Using a panel dataset of 560 fast growing small and medium enterprises from six transition economies we find that firm size when measured by firm total assets can explain to a large extent the growth in SMEs in these countries. When size is proxied by a firmrsquo;s number of employees the observed effect is marginal. Firm specific characteristics such as leverage, current liquidity, future growth opportunities, internally generated funds, and factor productivity
Keywords: transition economy, small and medium enterprise, growth, panel data analysis

1 Introduction

The rapid growth of global markets observed over the last decade has stimulated competition in both developed and developing countries, forcing entrepreneurs and policy makers to adopt market-oriented policies. The fact that the share of SMEs has increased in these countries suggests that efficient SMEs have actually been able to deploy new strategies in order to maintain, or even enhance, their competitiveness in a globalised economy. SMEs account for over 95 per cent of enterprises and 60-70 per cent of employment, and generate a large share of new jobs in OECD economies. In the European Union, they account for over 99 per cent of all enterprises. Furthermore, 91 percent of these enterprises are micro-firms with fewer than 10 workers (OECD, 2009). Given their importance in all economies, the growth of SMEs is essential for economic recovery and development.

Many different theories have attempted to identify the main factors underlying firm growth. They can be divided into two main schools: the first addresses the influence of firm size and age on growth, while the second deals with the influence of variables such as strategy, organization and the characteristics of the firmrsquo;s owners/managers. In fact, a huge number of studies have been devoted to examining the relationship between growth and the firmrsquo;s size and age.For example, Evans (1987) examined the effects of firm size and age on growth using data on manufacturing firms in the United States. Although several previous studies had supported Gibratrsquo;s law that hypothesizes that growth is independent of size, Evans (1987) found that firm growth decreases with firm size and age. However, the empirical literature has suggested that firm growth is determined not only by the traditional characteristics of size and age but also by other firm-specific characteristics. For example, Heshmati (2001) found that the degree of indebtedness positively affects sales growth using data on Swedish micro and small firms, while Becchetti and Trovato (2002) documented the effect of external finance on firm growth in the Italian manufacturing industry, apart from the traditional determinants of age and size. Elston(2002) provided evidence that cash flow has an impact on the growth of firms listed in the Neuer Market of Germany, even when controlling for firm size and age. In a recent study Morone and Testa (2008) using a sample of 2,600 Italian SMEs find that, on average, young firms are more likely to experience positive growth; moreover, turnover growth is positively associated with firmsrsquo; size, process innovation, product innovation and organisational changes. In contrast, marketing innovation does not considerably affect Italian SME growth.

While a significant amount of research has been done on the determinants of growth in large firms, much less is known with respect to SMEs, especially manufacturing SMEs, given that their growth and prosperity are usually more often and potentially subjected to different constraints and contingencies related to their specificity as business organizations(Raymond, Bergeron and Blili, 2005). The specific characteristics that fundamentally distinguish SMEs from large enterprises relate to their environment, structure, strategy and decision making process, but also relate to their flexibility, proximity to markets, and quickness to react and reorient themselves.3 Some recent studies (see Markovics,2005; and Lesaacute;kovaacute;, 2009) emphasize also the role of innovations as a factor of the increased competitiveness of small and medium enterprises in transition economies on the European market.

The purpose of this paper is to analyze the main variables that allow us to explain the performance of fast growing SMEs in transition economies. Theoretically, we explain such growth through a combination of traditional (age and size) and firm specific (internal finance,capital struct

剩余内容已隐藏，支付完成后下载完整资料

资料编号：[503421]，资料为PDF文档或Word文档，PDF文档可免费转换为Word