دانلود رایگان مقاله انگلیسی عدم دسترسی به منابع مالی خارجی و بهره وری کار SME - اشپرینگر 2018

عنوان فارسی
عدم دسترسی به منابع مالی خارجی و بهره وری کار SME: کیفیت پروژه مهم است؟
عنوان انگلیسی
Lack of access to external finance and SME labor productivity: does project quality matter?
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
16
سال انتشار
2018
نشریه
اشپرینگر - Springer
فرمت مقاله انگلیسی
PDF
نوع مقاله
ISI
پایگاه
اسکوپوس
کد محصول
E9148
رشته های مرتبط با این مقاله
مدیریت
گرایش های مرتبط با این مقاله
مدیریت کسب و کار
مجله
اقتصاد کسب و کار کوچک - Small Business Economics
دانشگاه
Business Administration School of São Paulo - Getulio Vargas Foundation - Brazil
کلمات کلیدی
کیفیت پروژه، صادرات فروش، دسترسی به سرمایه، بهره وری کار، SME
doi یا شناسه دیجیتال
https://doi.org/10.1007/s11187-018-0082-9
چکیده

Abstract


Small and medium-sized enterprises (SMEs) are the main engine of local economic development. However, SME growth remains an issue as labor productivity is low in emerging economies. Due to information asymmetries, constraints in access to external finance prevent a larger participation in the economy, hindering SMEs from expanding their business operations. In the absence of collateral requirements, small and medium-sized firms may rely on exporting activities to signal lenders project quality since this may indicate that firms have good projects to invest. The main purpose of this study was to investigate the impact of project quality on both SME labor productivity and on the relationship between lack of adequate access to external finance and labor productivity. Our results indicate a positive relationship between project quality and labor productivity. We also found that SMEs that applied for bank loans but were rejected have lower levels of labor productivity than SMEs that obtained financing. In addition, constrained SMEs that export internationally were found to have higher labor productivity than constrained firms with lower access to export markets, although the role of project quality in explaining labor productivity for constrained SMEs may be due to direct export sales in most part.

نتیجه گیری

6 Conclusion


Although SMEs contribute to local economic development, they face a set of challenges that prevents greater participation in the economy. Among them, SME growth remains an issue as levels of labor productivity in low- and middle-income countries are much lower than in more developed economies. In addition, lack of adequate access to external finance hinders SMEs from expanding their business operations due to information asymmetries between SMEs and financial intermediaries. Since SMEs may not have adequate access to lending technologies in order to mitigate asymmetric information, they may rely on exporting activities to mitigate the effects of credit constraint.


This study investigated the impact of both lack of access to external finance and project quality, measured as the percentage of export sales, on SME labor productivity. Our results indicate a positive relationship between project quality and labor productivity. We also found that SMEs that applied for bank loans but were rejected have lower levels of labor productivity than SMEs that obtained financing. In addition, constrained SMEs that export internationally were found to have higher labor productivity than constrained firms with lower access to export markets, although the role of project quality in explaining labor productivity for constrained SMEs may be due to direct export sales in most part.


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