Academic literature on the topic 'SME’s financial constraints'
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Journal articles on the topic "SME’s financial constraints"
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Pu, Ganlin, Md Qamruzzaman, Ahmed Muneeb Mehta, Farah Naz Naqvi, and Salma Karim. "Innovative Finance, Technological Adaptation and SMEs Sustainability: The Mediating Role of Government Support during COVID-19 Pandemic." Sustainability 13, no. 16 (August 17, 2021): 9218. http://dx.doi.org/10.3390/su13169218.
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Small and medium enterprises (SMEs) survival is critical for economic sustainability due to the multifaceted role of the economy. Thus, halting SMEs operation hurts the aggregate economy. During the present pandemic, SMEs’ sustainability in Bangladesh is under-challenged because of limited market demand, supply constraints, financial incapacity, and capital restrictions. However, with the concerted effort from firms and the government, SME’s have been trying to reestablish from the unforeseen consequence by capitalizing on innovation, skills, and economic resources. The motivation of the study is to gauge the impact of innovative finance, technological adaptation, and the government’s role on SMEs’ sustainability during the COVID-19 pandemic in Bangladesh. As a study sample, 2000 SMEs were considered for data collection through a structured questionnaire from 10 December 2020, to 28 January 2021. A sample of 1895 SMEs was returned with their responses. However, after a careful data cleaning procedure, only a sample of 1395 (69.75%) responses was found suitable for study. The study applied structural equation modelling to explore causal effects and test the proposed hypothesis for the hypnotized model, i.e., more precisely, to explore the direct effects of technology adaptation and innovative finance and indirect effects through government support on SMEs. Study findings revealed that SMEs’ sustainability positively accelerates by applying innovative finance and integration of technological adaptation. In contrast, the mediating role of government was also established with indirect assessment. Study findings suggest that policy formulation and implementation must be initiated, focusing on effective online financial services, settling business transactions, and integrating IT advancements in operation.
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Ivashchenko, Alla, Igor Britchenko, Mykhailo Dyba, Yevheniia Polishchuk, Yuliia Sybirianska, and Yurii Vasylyshen. "Fintech platforms in SME’s financing: EU experience and ways of their application in Ukraine." Investment Management and Financial Innovations 15, no. 3 (July 18, 2018): 83–96. http://dx.doi.org/10.21511/imfi.15(3).2018.07.
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The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance.
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Owusu-Mensah, Daniel, Evans K. Quaye, and Lydia Brako. "Firm productivity, profit and business goal satisfaction: an assessment of maintenance decision effects on small and medium scale enterprises (SME’s)." Journal of Applied Research in Technology & Engineering 2, no. 1 (January 26, 2021): 23. http://dx.doi.org/10.4995/jarte.2021.14615.
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<p>This study was carried out to identify which factors are most relevant to managers of SMEs in maintenance decision making, and to investigate how these factors influence the realization of business goals satisfactorily, using structural equation modelling, partial least square design (PLS-SEM) to establish significant relationships between manifest and latent variables. A study of maintenance cost vis a vis the number of maintenance works carried out and profits realized was conducted to ascertain correlations and identify which factors played key roles in profit maximization. Results showed that with increasing level of maintenance for SMEs, profit margins reduced significantly. Also, an R<sup>2</sup> value of 0.83 showed that the latent variable, business goal satisfaction was explained to a high degree (83%) by the manifest variables. Rentals of equipment from third parties (0.27), halting production (0.11) and outsourcing (0.39) were less considered for business sustainability per correlation coefficients than funds (0.79), and the possibilities to carry out both corrective (0.64) and preventive (0.58) maintenance works. F-square value greater than zero was realized (0.387) and this showed reliability of the both inner and outer models. These findings can be used in building a decision tool or framework that will best suit SMEs with high financial budget constraints.</p>
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Saeed, Abubakr, and Muhammad Sameer. "Financial constraints, bank concentration and SMEs: evidence from Pakistan." Studies in Economics and Finance 32, no. 4 (October 5, 2015): 503–24. http://dx.doi.org/10.1108/sef-02-2014-0046.
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Purpose – This paper aims to empirically investigate the impact of bank market concentration of financial constraints on firm investment. Design/methodology/approach – This analysis is based on cross-industries panel of 368 listed Pakistani non-financial firms over the period of 2001-2009. Further, the Generalized Method of Moments estimation technique has been used to estimate the dynamic panel data model. Findings – By applying a dynamic panel analysis, it was found that small- and medium-sized enterprises (SMEs) are financially constrained in the credit market. The main finding indicates that reduction in bank concentration eases financing constraints, and this effect is more pronounced for SMEs. In addition, while testing the firm opacity in this context, results reveal that opaque firms are more financially constrained, and bank market competition is less favourable to the firms with greater opacity. Originality/value – The results, first, assess the efficacy of ongoing financial reforms in Pakistan and, second, offer implications for other economies that exhibit financial development similar to that of Pakistan.
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Flaminiano, John Paul, and Jamil Paolo Francisco. "Firm characteristics and credit constraints among SMEs in the Philippines." Small Business International Review 5, no. 1 (May 31, 2021): e332. http://dx.doi.org/10.26784/sbir.v5i1.332.
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Access to finance is critical to support the growth of small and medium-sized enterprises (SMEs). However, lack of access to adequate financing is one of the biggest obstacles that SMEs face. This paper analyzed the relationship between firm characteristics and credit constraints among SMEs in the Philippines. We determined which firm characteristics are correlated to the predicted probability of being credit-constrained or “quasi-constrained” — i.e., able to borrow from informal sources. Estimates of marginal effects at the means (MEMs) from logistic regressions provide some suggestive evidence that increased firm size, previous purchase of fixed assets, and increased use of digital technologies for accounting and financial management are associated with a lower predicted probability of being credit-constrained. The use of digital technologies in accounting and financial management is also associated with a lower probability of credit constraint in informal financial markets.
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Koráb, Petr, and Jitka Poměnková. "Access to Credit of SMEs in the Czech Republic During the Financial Crisis and in the Post-crisis Period." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 4 (2015): 1297–302. http://dx.doi.org/10.11118/actaun201563041297.
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We investigate the impact of the financial crisis on the access of small and medium-sized enterprises in the Czech Republic to external financing. We apply the non-parametric kernel density estimation on a firm-level measure of financing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on financing constraints related to financial health of companies since they determine the commercial banks’ lending behaviour. Our results reveal that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that enterprises were financially constrained during the crisis because of reduced cash-flow and cash holdings.
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Hoang, Huan Cong, Qin Xiao, and Saeed Akbar. "Trade credit, firm profitability, and financial constraints." International Journal of Managerial Finance 15, no. 5 (April 17, 2019): 744–70. http://dx.doi.org/10.1108/ijmf-09-2018-0258.
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Purpose The purpose of this paper is to investigate the non-linear association between trade credit and profitability of small and medium-sized enterprises (SMEs). Moreover, this paper analyses whether the above relationship varies according to financial constraints of SMEs. Design/methodology/approach The authors use panel data methodology to conduct investigations for a sample of 1,509 non-financial listed SMEs from nine countries or territories located in the East Asia and Pacific region, namely, China, Vietnam, Malaysia, Thailand, Japan, South Korea, Taiwan, Singapore and Hong Kong, over the period from 2010 to 2016. Findings This study indicates that trade credit receivable (TCR) and trade credit payable (TCP) have an inverted U-shaped relationship with SMEs’ profitability, which implies the existence of an optimal trade credit level that balances between costs and benefits to maximize their profitability. This result suggests that managers should try to keep the level of trade credit investment as close to the optimal point as possible to avoid the case that their profitability reduces when they move away from this point. Moreover, this study also finds that the optimal trade credit level is sensitive to the financial constraints of SMEs. In particular, optimal level of more financially constrained firms is lower than that of less financially constrained firms. Originality/value A number of contributions that this study makes to the existing literature are presented as follows. First, the paper takes account of the possible presence of a concave relationship between trade credit and SMEs’ profitability, largely ignored by the existing empirical literature. Second, it demonstrates this association in terms of both aspects of trade credit, including TCR and TCP. Third, the study investigates the effect of the different level of financial constraints faced by SMEs on the relationship between trade credit and their profitability.
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Zhang, Qi. "SMEs, Borrowing Constrains and Financial Innovation In China." Advanced Materials Research 108-111 (May 2010): 303–10. http://dx.doi.org/10.4028/www.scientific.net/amr.108-111.303.
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Three new cluster bonds have been isseued in China as the financial innovation to conquer the SME’s borrowing constrains. SMEs issued the cluster bonds as a group to the outside investors have gained great success. However the pricing mechanism of this new financial technology is still under the research. We made the logical pricing model of credit spread by a geometrical attenuation function reflecting the unexpected default of intensities. Then, we designed a pricing model of small-medium corporate cluster bonds with the spot interest rate assumed to follow Vasicek model. Finally, we tested the pricing model with one thousand times Monte Carlo methods and offered theoretical background and empirical evidence for financial innovation as well.
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NIZAEVA, Mirgul, and Ali COSKUN. "Determinants of the Financial Constraint and Its Effects on the SME Growth in Central Asia?" Eurasian Journal of Business and Economics 14, no. 27 (May 30, 2021): 1–28. http://dx.doi.org/10.17015/ejbe.2021.027.01.
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This study investigates the firm- and country-specific factors that affect SMEs’ access to finance and the relationship between financial constraint and firm growth in emerging economies of Central Asia. To address the research questions, a two-stage empirical analysis including ordered probit, probit, and feasible generalized least squares (FGLS) specifications were conducted. Firm-level data used in the analysis is obtained from the fifth round of the Business Environment and Enterprise Survey (BEEPS V) and country-level data acquired from national and international datasets. The study's findings implied that in the Central Asian economies, country-specific factors are more likely to affect access to external finance of SMEs than firm-specific determinants. Among firm-specific factors, only foreign ownership is significantly related to financing constraint perception of SMEs; where, the interest rate is positively, and domestic credit market, inflation, and log of GDP per capita are negatively related to financing constraint level. In Central Asia, an insignificant relationship between growth and financing constraints was found. The determinants of financing constraints and access to finance–growth relations, which address the issue of great significance for SME growth in the selected countries, were interpreted with region-specific factors.
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Brownhilder Ngek, Neneh. "Performance implications of financial capital availability on the financial literacy – performance nexus in South Africa." Investment Management and Financial Innovations 13, no. 2 (July 14, 2016): 354–62. http://dx.doi.org/10.21511/imfi.13(2-2).2016.10.
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The need for making optimal financial decisions is very important in small and medium enterprises (SMEs) especially as most SMEs are always financially constrained. Consequently, there has been an increasing interest from researchers to determine how well financial literacy skills can enable entrepreneurs to make decisions that result in optimal financial outcomes and possible enhance the performance and growth of their businesses. This study had as objectives to find out the impact of financial literacy on firm performance, as well as to examine the moderating effect of financial capital availability on the financial literacy – performance relationship, amongst SME in the Free State province of South Africa. The results showed that on average SME have low levels of financial literacy and financial capital availability. It was also observed that financial literacy positively influenced SME performance, and that the relationship is positively moderated by financial capital availability. It is, therefore, necessary for SME owners to develop financial literacy skills as an essential part of entrepreneurial activities. Likewise, since businesses rely on financial capital to invest, develop and grow, policy makers should put in place measures on how to bridge the access to finance gap, and, thus, ensure that entrepreneurs are relieved from financing constraints
Dissertations / Theses on the topic "SME’s financial constraints"
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Yuan, Dian. "Essays on local banking market structure : Impacts on SME’s financing and activity and on bank efficiency." Thesis, Limoges, 2019. http://www.theses.fr/2019LIMO0002.
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Cette thèse examine l'impact de la structure du marché bancaire sur l’activité économique et les contraintes financières des petites et moyennes entreprises (PME) et l'efficacité des banques au niveau local. Il comprend trois chapitres empiriques. Le premier chapitre s’intéresse à l’impact du relationship banking sur les contraintes financières des PME et s'appuie sur deux indicateurs alternatifs pour saisir différentes dimensions de ces contraintes. Les résultats soulignent le rôle ambigu de la proximité bancaire et de la relation client face aux contraintes financières des PME. Sur la période 2005-2013, la présence accrue de banques régionales ou géographiquement concentrées contribue à atténuer les contraintes de crédit à court terme des PME françaises mais accroît leur sensibilité aux flux de trésorerie liés aux investissements. En outre, dans les deux cas, les contraintes financières des PME sont renforcées sur des marchés distants sur le plan fonctionnel. De plus, en période de crise, les avantages de la relation bancaire sur la contrainte de crédit à court terme demeurent et, dans certains cas, sont renforcés. Nous constatons également que la présence accrue des banques régionales facilite l'accès au crédit à court terme pour les entreprises plus rentables avant la crise financière mondiale et particulièrement pour celles qui ont connu une forte baisse de leur rentabilité en période de crise. Le deuxième chapitre analyse l’impact des relations de crédit via une plus grande proximité bancaire sur l’activité économique réelle, en s’appuyant à la fois sur des données individuelles de firmes et sur des données macroénomiques au niveau des départements. Il s’intéresse également à l’impact différencié de cette proximité en fonction du degré de dépendance au financement externe des PME françaises sur la période 2005-2013. Nos résultats révèlent que la relation de crédit via une plus grande proximité bancaire est bénéfique pour l'activité économique des PME en temps normal et en période de crise. De plus, parmi ces PME, les avantages de la proximité bancaire sont les plus importants pour les micro-entreprises. De plus, nos résultats montrent une forte hétérogénéité dans l’impact de la structure du marché bancaire local en fonction du degré de dépendance vis-à-vis du financement extérieur. Notre analyse macroéconomique montre également que une plus forte proximité bancaire a un impact positif sur l’emploi et stimule la croissance de l’activité économique. Le troisième chapitre analyse l’impact l'impact des caractéristiques des banques et des marchés locaux sur l'efficacité des succursales bancaires. Cette analyse s’appuie sur un ensemble données détaillé au niveau des succursales en Chine sur la période 2008-2011. Nos résultats suggèrent que les caractéristiques des marchés tant locaux que bancaires affectent l’efficacité des succursales bancaires. Les succursales de banques appartenant à l'État ont l’efficience-profit la plus forte mais l’efficience-coût la plus faible, tandis que les succursales de banques étrangères ont l’efficience-profit la plus élevée. En outre, la concurrence des banques et le développement économique sur le marché local contribuent à promouvoir l'efficacité des succursales. De plus, l’efficacité des banques et l’efficacité du marché bancaire local peuvent influer sur l’efficacité des succursales, l’impact de l’efficacité des banques étant économiquement plus important. Nos résultats suggèrent que la structure du marché bancaire local a un impact statistiquement et économiquement significatif sur l’activité économique et les contraintes financières des PME, l'activité économique réelle et l'efficacité des banques. Les superviseurs bancaires et les régulateurs doivent veiller à maintenir un environnement bancaire diversifié, garantissant la présence de banques locales et géographiquement concentrées, et à renforcer la concurrence des banques afin de stimuler la croissance économiqueThis dissertation examines the impact of banking mar ket structure on SMEs financial constraints, real economic activity and bank efficiency at a local level. It comprises three empirical essays as three chapters, the first two chapters are on French banking market and the third one is on Chinese banking mar ket. The first chapter investigates the relevance of relationship lending for SMEs and continuation lending during crisisrelying on two alternative indicators to capture different dimensions of SMEs financial constraints. The findings emphasize the ambiguous role of banking proximity and of relationship banking on SMEs financial constraints. Over the 2005-2013 period, for French manufacturing SME s, higher presence of regional banks or of geographically-focused banks help to alle viate their short-term credit constraint, while lar germarket share of national banks or stronger presence of geographically-diversified banks is beneficial to reduce their investment cash-flow sensitivity. Moreover, in both cases, SMEs’ financial constraints are strengthened in functionally-distant mar kets. In addition, during crisis times, the benefits of relationship banking on short-term credit constraint remains and, insome cases, are reinforced. We also find that these benefits differ according to SMEs pre-crisis financial health, in line with pre vious findings of continuation lending during crisis.The second chapter analyzes the impact of relationship lending through a stronger banking proximity on real economic activity at both firm le vel and county (department) level and the heterogeneity of this impact based on SMEs external financial dependence in France over the 2005-2013 period. Our results confirm the benefits of elationship banking for SMEs as highlighted in the pre vious chapter. A stronger banking proximity is beneficial to SMEs’ economic activity in both ormal and crisis times, even after controlling for times, county, industry and firm level characteristics, and these benefits are stronger for micro firms, the smallest and more informationally-opaque SMEs. In addition, our results show a significant heterogeneity in the impact of local banking market structure among small firms depending on the le vel of dependence on external finance. Further, our macroeconomic analysis also provide evidence that local banking market structure has statistically and economically significant impact on economic activity. The third chapter analyzes the finance-growth nexus from a different perspective by investigating what drives bank branch efficiency. Three efficiency measures are adopted to estimate the impact of bank and local market characteristics on bank branch efficiency using a detailed branch-level dataset in China over the 2008-2011 period. Our findings suggest that both bank and local market characteristics affect bank branch efficiency. Branches of state-own banks are the most profit efficient and least cost efficient, while branches of foreign banks are the most cost efficient. In addition, bank competition and economic development in local market help promote branch efficiency. In addition, both bank efficiency and local banking market efficiency can affect branch efficiency, and the impact of bank efficiency is econ omically more significant. Our findings suggest that local banking market structure has a statistically and economically significant impact on small business lending, real economic activity and bank efficiency, bank supervisors and regulators should pay at tention to maintain a diversified banking environment, guaranty the presence of local and geographically-focused banks, and enhance bank competition to stimulate growth
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Helmersson, Andreas. "Overcoming Capital Constraints and Challanges of Fast Growth as an IT SME." Thesis, Jönköping University, JIBS, Business Administration, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12769.
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Problem: High wage countries depend on SME's to lower unemployment, to trigger economic growth and to utilize the 'knowledge waste' created by large investments in human capital. However, due to their limited access to capital markets SME's are seen as unfavourably dependent on their own generation of internal funds to grow. Among SME's, IT firms are seen as most representative for this struggle, since they have i) a bad reputation within the public and institutional sector due to the dot-com era, and ii) assets with low collateral value (e.g. immaterial assets, human capital, knowledge, prototypes and ideas that all have unknown, unsecure and hard to predict second-hand or future values). Despite these unfavorable characteristics, some IT firms are growing considerably fast. What can we learn from them?
Purpose: Describe the financial situation of IT SME's. Investigate how those IT firms that are fast growing have grown and financed their growth, and how they have managed the effects of growth.
Method: Due to the nature of the purpose a mixed method research approach was adopted. The quantitative investigation aimed at describing their fi-nancial situation and took the form of a statistical analysis of the entire IT firm population, using data from the Swedish database 'Affärsdata'. The qualitative approach took the form of telephone interviews with a sample of fast growing IT firms, to get closer to the reasoning behind their growth and it’s financing. This research approach enabled cross referencing, strengthening some of the empirical evidence found.
Conclusion: Evidence was found on IT firms growing with assets of less collateral value resulting in low amounts of long term debt. Indications were found on the traditional life cycle perspective regarding SME finance has to be changed to fit IT firms; after surviving the first years of internal funding and years of overdependence on short term debt, they reach a stage (e.g. in a financial crisis, facing international expansion, or substantial R&D costs) when financial assistance is needed. Indications were also found on IT firms operating in a highly unpredictable environment demanding advanced cash management routines that today are not prioritized in favor of growth. To handle this, and to reach financial assistance when needed (most likely by involving a risk capitalist in exchange for firm ownership), those firms showing stability (i.e. through low personnel turnover, high profitability or a large cash buffer) seem to have been more successful.
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Netzén, Örn Marcel, and Grim Moström. "Young SMEs' Financial Constraints and Collectivism : An International Evidence." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124090.
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Small and medium size enterprises (SMEs, hereafter) are important drivers of the global economic development. For the SMEs, to establish and growth, having access to the sources of finance is of great importance. Anecdotal evidence suggeststhat while the importance of having access for the SMEs is apparent, they have been disadvantageous in many different ways. The disadvantage position of the SMEs can even be worse when they are younger (e.g., The World bank, 2001, p. 6-7). Prior research documents many factors that affect the financial constraints of SMEs. In this study, we investigate the association between SMEs age and financial constraints. In addition, we test the moderating effect of collectivism on SMEs’ financial constraints, as collectivism is documented to have an effect on bank corruption. We first hypothesize that there is a negative association between SMEs’ age and financial constraints. We further propose that the negative association between SMEs’ age and financial constraints decreases as collectivism (at the country level) increases. Using a World Bank’s sample of 31422 firms across 38 countries, we find that younger firms, compared to the older firms, experience higher level of financial constraints.Further, we observe an insignificant results regarding the moderating effect of collectivism on the proposed association.We offer contribution to the existing empirical evidence onfactors that affect financial constraints. Providing such an evidence may be found relevant to the economic institutions such as the World Bank and regulatory bodies, as they are allocating resources and making macro level decisions regarding the economicdevelopment through SMEs around the world.
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Lumbala, Malasa. "Private Equity Financing in Zambia: Determinants and Constraints." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30577.
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Growth and development of small and medium-sized enterprises (SMEs) are the key drivers of economic growth and development in Africa. While this has become a widely accepted idea, access to financing for growth remains a stumbling block for many enterprises in Zambia. Traditional lenders (i.e. banks) are risk averse because they may not understand the SME market and have been negatively impacted by information asymmetry that is often associated with these ventures. As a result, they tend to charge exorbitant interest rates that are unsustainable for long-term growth. The existing focus of many microfinance institutions in Zambia is typically directed towards salaried employees which crowds out lending to SMEs. Private equity financing, on the other hand, presents an alternative solution to the long-term financing dilemma faced by enterprises. The Zambian private equity market is itself in a nascent space but shows much potential. This dissertation seeks to determine what drives private equity financing in Zambia and what constrains it. The dissertation adopts a qualitative research approach relying on the interviews of various Fund Managers who are familiar with investing in Zambia. The paper finds that private equity investment in Zambia is determined and catalysed broadly by business attractiveness and the business environment. Business attractiveness is underpinned by management capacity, the business track record, exits and returns, impact potential and business scalability. The business environment is driven by political stability, GDP growth and population growth. The sector is however, constrained by a less developed private equity culture, limited opportunities to invest and currency risk.
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Dastory, Linda. "Financing of Innovation in SMEs." Licentiate thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-220923.
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This licentiate thesis consist of two essays. Both essays deal with corporate finance and its impact on innovation investment. In the first essay we use German Community Innovation Survey to identify financially constrained firms. Contrary to previous studies we find that the relationship between financial constraints and firm size is inverted u-shaped and that it is the group of medium sized firms which has the largest funding gaps. This is explained by the fact that these firms have high innovation capabilities but at the same time face high cost of capital. Furthermore, we test if financial constraints have an impact on firm productivity growth. We find negative effects from funding gaps on productivity, but only for investment in tangible capital and not for innovation investments. The second essay investigates whether there has been a change in the productivity and funding mix of innovative SMEs post stricter bank regulations. Our result shows that the likelihood of using bank loans as a funding source has not changed for innovation investments nor for tangible investments after stricter capital regulations have been announced. On the other hand, sources such as subsidies have increased due to regulatory programs that have been implemented in the aftermath of the recent financial crisis. Furthermore, SMEs productivity has not changed post stricter bank regulations. Overall, the impact from different sources of funding on productivity is rather limited.QC 20180110
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Fang, Yingying. "Banking Reform,Financial Development and Performance of SMEs----Evidence from China." Kyoto University, 2017. http://hdl.handle.net/2433/227576.
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Watse, Dije Umaru. "Sources of Financing for Small and Medium Enterprises in Nigeria." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4690.
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Small and medium enterprises (SMEs), which account for 96% of businesses in Nigeria are often forced to close because they lack access to funds. The purpose of this multiple case study was to explore the sources of funds available for the development and growth of SMEs in Nigeria. The conceptual framework guiding this study was the pecking order theory. Data were gathered from company documents and through semistructured interviews of a target population of 3 leaders of 3 SMEs from the oil and gas industry in Abuja, Kano, and Lagos in Nigeria, with a capitalization of between N5 million to N500 million. Data were compiled and organized, disassembled into fragments, reassembled into a sequence of groups, and interpreted for meaning. Member checking and triangulation of sources between the interviews and company documents added to the trustworthiness of the findings. Two themes morphed from the study: sources of business finance for SMEs and constraints of sourcing of finance for business. The implications for positive social change include the potential to create employment opportunities for youths in the communities by enabling SMEs in Nigeria to succeed and expand through the identification of sources of funding.
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Bui, Thi Thanh Xuan. "The effects of financing constraints on firms' use of trade credit and other alternative financing sources." Thesis, Rennes 1, 2015. http://www.theses.fr/2015REN1G015/document.
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Cette thèse se compose de quatre essais portant sur les effets des contraintes de financement sur l'utilisation du crédit commercial (TC) et d'autres sources alternatives de financement des entreprises. Dans le premier essai, nous étudions les effets des contraintes sur l'emprunt bancaire (BL) sur l'utilisation du TC par les entreprises vietnamiennes. Nous étudions plus particulièrement l’effet de la taille sur le choix entre les deux types de financement. Nous constatons que les grandes entreprises lorsqu’elles sont rationnées sur les BL comptent plus sur le TC que les petites et moyennes entreprises (PME). En particulier, nous constatons que les grandes entreprises dont la demande de crédit a été refusée utilisent plus de TC tandis que les PME dans la même situation en utilisent moins. Dans le deuxième essai, nous étudions les effets des contraintes sur les BL sur l’utilisation du TC en fonction de la taille et de l'âge des entreprises ainsi que du développement institutionnel des différents pays. Nos résultats suggèrent que le TC et le BL ont tendance à être des substituts pour les entreprises les plus grandes, les plus âgés et lesquelles situées dans les pays développés (développement institutionnel plus fort). En revanche, le TC et le BL sont complémentaires pour les entreprises les plus jeunes, les plus petites et lesquelles situées dans les pays en développement (développement institutionnel faible). Ce résultat est particulièrement net dans le cas où la demande de crédit est refusée. Dans notre troisième essai, nous étudions les effets des contraintes sur les BL sur l'utilisation de six sources alternatives de financement par les PME dans le monde entier. Les formes de financement étudiées sont: le TC, le crédit-bail, les cartes de crédit, la finance informelle, les fonds provenant de la famille et des amis et les capitaux propres. Nos résultats suggèrent généralement que les PME rationnées par les banques ont tendance à compter davantage sur les fonds de la famille et des amis et sur les prêts des usuriers. Nous trouvons aussi qu'elles utilisent les modes de financement alternatifs plutôt pour financer le fonds de roulement que pour financer de nouveaux investissements. Dans le dernier essai, à partir d’un échantillon d'entreprises non financières du S&P 500, nous examinons l'interaction entre l'utilisation du papier commercial (CP), des lignes de crédit bancaire (CL) et du TC sur la période 2003 à 2014. Nos résultats suggèrent que les entreprises avec le risque de refinancement le plus élevé empruntent plus sous la forme de CL et de TC que sous la forme de CP. Cet effet est plus fort pour les CL. Nous constatons également que plus le niveau d'asymétrie d’information est fort, plus les entreprises utilisent les CL et le TC par rapport à CP. En revanche, plus les problèmes d'aléa moral sont graves, plus les entreprises favorisent les CP par rapport aux CL et TCThis thesis consists of four essays investigating the effects of financing constraints on firms' use of trade credit (TC) and other alternative financing sources. In the first essay, we investigate the effects of bank loan (BL) constraints on the use of TC by Vietnamese firms across size. We find that bank-constrained large firms rely on TC more than bank-constrained Small and Medium-sized Enterprises (SMEs). Particularly, we find that denied large firms use more TC whereas denied SMEs use less of it. In the second essay, we study the effects of BL constraints on firm's use of TC across size, age and institutional development by using an international sample. Our results suggest that TC and BL tend to be substitutes for larger, older firms and those in developed countries with stronger institutional development; and complements for smaller, younger firms and those in developing countries with weaker institutional development, especially when constraints relate to credit denial. In our third essay, we investigate the effects of BL constraints on the use of six alternative financing sources by SMEs worldwide, i.e. TC, leasing, credit cards, informal finance, sources from family and friends and equity. Our results generally suggest that bank-constrained SMEs tend to rely more on sources from family and friends and those from money lenders. We also find that they use alternative financing to finance working capital requirement to a greater extent as compared to new investments. In the last essay, by using a sample of nonfinancial S&P 500 firms, we examine the interplay between the use of commercial paper (CP), bank credit lines (CL) and TC for the period 2003-2014. Our results suggest that firms with higher rollover risk borrow more from CL and TC relative to CP with a stronger effect for CL. We also find that higher level of asymmetric information is associated with more usage of CL and TC relative to CP while more severe moral hazard problems are associated with more usage of CP relative to CL and TC
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Diop, Sagaye. "La problématique du financement des petites et moyennes entreprises au Sénégal." Thesis, Pau, 2019. http://www.theses.fr/2019PAUU2051/document.
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La question du financement des Petites et Moyennes entreprises est récurrente partout dans le monde. Elle est encore plus préoccupante en Afrique subsaharienne, alors même que les PME apparaissent comme des acteurs clés pour sortir du sous-développement. Au Sénégal les pouvoirs publics cherchent depuis plusieurs années des solutions pour améliorer l’accès des PME au financement bancaire. Cependant, le problème de financement bancaire demeure le principal obstacle au développement des PME. C’est dans ce sens que nous nous sommes demandé pourquoi les PME sénégalaises rencontrent autant de difficultés à accéder au financement bancaire. L’objectif de notre recherche est d’identifier les facteurs susceptibles d’influencer l’obtention de financement bancaire pour une PME sénégalaise. Notre première phase de recherche a été de faire un état des lieux de la littérature et des études empiriques sur le financement des PME. Sur cette base, nous avons élaboré nos hypothèses de recherche que nous avons testées selon une méthode de recherche mixte. D’une part nous avons adopté une démarche quantitative en élaborant un questionnaire soumis à des dirigeants de PME ; d’autre part nous avons adopté une démarche qualitative en menant des entretiens avec 10 agents de banque et 10 dirigeants de PME. L’analyse de nos hypothèses donne les résultats principaux suivants : l’existence de liens forts positifs entre la disponibilité de garantie, la qualité des documents comptables, la taille de la PME d’une part, et l’obtention de financement bancaire d’autre part ; l’adoption du financement relationnel ainsi que l’existence de relations interpersonnelles favorisent l’accès au financement bancaire. Nos résultats confortent des études antérieures effectuées dans d’autres contextes et peuvent faire l’objet de recommandations aux dirigeants de PME, aux banques et aux pouvoirs publicsThe issue of financing small and medium-sized enterprises is recurrent all over the world. It is even more worrying in sub-Saharan Africa where the SME sector is the chance to get out of underdevelopment. In Senegal, public authorities have been seeking solutions for several years to improve SMEs' access to bank financing. However, the problem of bank financing remains the main obstacle to the development of SMEs. So, we wondered why Senegalese SMEs encounter so many difficulties in accessing bank financing. The objective of our research is to identify the factors likely to influence the obtaining of bank financing for a Senegalese SME. On the basis of a review the literature, we developed our research hypotheses that we tested using a mixed search method. On the one hand we adopted a quantitative approach by developing a questionnaire submitted to SME managers; on the other hand, we have adopted a qualitative approach by conducting interviews with 10 bank agents and 10 SME managers. The analysis of our assumptions shows the following main results: the existence of strong positive links between the availability of guarantee, the quality of the book-keeping, the size of the SME on the one hand, and the obtaining of bank financing; the adoption of relational financing and the existence of interpersonal relationships favor access to bank financing. Our results support previous studies in other contexts and can be the subject of recommendations to SME managers, banks and the public authorities
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Naidoo, Krean. "Borrower-specific financial constraints to black youth entrepreneurs in the Tshwane metropolitan area." Diss., 2012. http://hdl.handle.net/2263/26780.
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This research aims to explore the borrower-specific financial constraints that prevent black youth entrepreneurs in Tshwane from accessing finance to for their own start-ups. To achieve its goal, the research seeks to explore whether there are significant differences between black youth entrepreneurs in Tshwane in terms of their personal demographics, business information and personal factors towards business. The empirical results and theoretical literature are examined to facilitate a better understanding of the borrower-specific financial constraints preventing access to finance for start-ups by youth entrepreneurs. These learnings contributed to the body of knowledge relating to entrepreneurship development in South Africa. The literature review revealed that although youth entrepreneurial activity is vital to sustained economic growth, access to finance is the challenge that negatively impacts youth entrepreneurial activity globally. More specifically, the literature indicates that borrower-specific factors to a large extent prevent youth entrepreneurs from accessing finance for their start-ups. The borrower-specific financial constraints are described. During this research, data was obtained by way of a judgment sample using a structured questionnaire consisting of 40 questions. A total of 110 useable questionnaires were returned. The findings of the study reveal that there are no significant differences for respondents in relation to factors for personal savings, business acumen and credibility differences. There are significant differences to certain factors for borrower-specific financial constraints, such as the intention to commence business start-up, gender and the educational level of respondents in relation to their attempt to access finance. Finally, significant learnings from the research are that the poor attitude of black youth towards saving are similar to youth reviewed in the literature, and the culture of South African black youth towards entrepreneurship has improved.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
Books on the topic "SME’s financial constraints"
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Pötschke, Karsten. Rediscovering the Forgotten Article of the WTO Anti-Dumping Agreement. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780198795650.003.0004.
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The negotiating parties to the World Trade Organization (WTO) Anti-Dumping Agreement (ADA) acknowledged that small and medium-sized enterprises (SMEs) face substantial financial, organizational, and personnel constraints when participating in anti-dumping (AD) investigations. They therefore decided to include Article 6.13 ADA in the revised agreement in 1994. The provision requires national authorities to take the special circumstances of SMEs into account and provide them with any assistance practicable when conducting AD investigations. Despite the obligatory language used, the provision has not received much attention in practice and is hardly discussed in academia. This chapter argues that the value of Article 6.13 ADA should be reconsidered. It discusses in depth the effect and meaning of this undervalued provision. Article 6.13 ADA sets a framework for the participation of SMEs in AD proceedings and modifies the effect of other, more specific provisions of the ADA on SMEs.
Book chapters on the topic "SME’s financial constraints"
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Munro, David. "How May Banks Address the Constraints and Perceived Drawbacks to Financing SMEs?" In A Guide to SME Financing, 18–31. New York: Palgrave Macmillan US, 2013. http://dx.doi.org/10.1057/9781137373786_4.
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Prędkiewicz, Katarzyna, and Paweł Prędkiewicz. "Are R&D-Active SMEs in the Emerging Markets Financially Constrained? Self-Evaluation Approach." In The Impact of Globalization on International Finance and Accounting, 27–34. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-68762-9_3.
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Carreira, Carlos, João Eira, and Filipe Silva. "Measuring Firms' Financial Constraints." In Handbook of Research on Accounting and Financial Studies, 276–98. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-2136-6.ch013.
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Measuring firms' financial constraints can prove to be a difficult task for researchers because it is not possible to directly observe whether a firm is financially constrained. This chapter surveys the existing methodologies to measure such constraints at firm level, discussing the advantages and disadvantages of each one. In doing so, firstly, the authors review the direct and indirect measures of firms' financial constraints. Then they test the validity of the most commonly used indices using a large panel of (unlisted) Portuguese firms (2010-2017). The FCP index seems to outperform the other indices in capturing financial constraints of unlisted SMEs. This is not a surprising result, as most of the existing empirical literature on the field deals with listed (US) firms. It is not reasonable to expect that the coefficients of indices remain unchanged across countries and over time. Therefore, the authors propose their (re)estimation to apply them to different economies.
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Han, Liang, Xin Xiang, and Xingquan Yang. "Emerging Economies and Financing of SMEs." In Research Anthology on Small Business Strategies for Success and Survival, 16–39. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-9155-0.ch002.
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Existing evidence has shown that SMEs make great contributions to innovation, job creation and economic growth. This chapter reviews recent literature on (1) the important roles played by SMEs in emerging markets and (2) the impacts of financial development on SME finance in such markets. It also uses a unique database form World Bank Enterprise Survey (WBES) to document the financing patterns, constraints and other financial issues of SMEs in emerging markets. The descriptive statistics derived from WBES show clear variations of SME financing patterns between emerging and developed markets and shed light on the important role played by financial development in financing SMEs.
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Randa, Isaac Okoth, and Sulaiman Olusegun Atiku. "SME Financial Inclusivity for Sustainable Entrepreneurship in Namibia During COVID-19." In Advances in Business Strategy and Competitive Advantage, 373–96. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-6632-9.ch018.
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The general reduction in the supply of labor, disruptions of supply chains, sudden loss of demand, and revenue by COVID-19 pandemic have negatively affected SMEs leading to their inability to operate normally causing liquidity constraints. Presumably, financial systems that reduce information asymmetry, transaction costs, ease external financial constraints, moderate market frictions, and ameliorate structural impediments limiting entrepreneurs and economic agents are instrumental. This chapter adopts an interpretive research perspective mainly employing documentary and secondary data analysis to explore descriptively the state of financial inclusivity and sustainable entrepreneurship in Namibia. Financial inclusivity explains entrepreneurship resilience through reduction of credit constraints embedded in irrecoverable start-up costs, limits operational innovations, hinders building production facilities and constructing distribution networks. Adopting SMEs' financial health framework, this study concludes that a multi-sectoral approach to SMEs' financial inclusivity is promising.
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Shevchenko, Dmitry, and Harry Kingsley Arku. "State Institutions of Financial Support for Small Business in Volatile Economies." In Strategy and Superior Performance of Micro and Small Businesses in Volatile Economies, 1–17. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-7888-8.ch001.
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Financing of small and medium-sized enterprises (SMEs) today is one of the major areas of state support in volatile economies, as it is recognized as the most pressing problem affecting the activities of small businesses. The scale of development of SMEs in Russia today and its contribution to the economic recovery is clearly insufficient and impossible to expand without special measures of state support. This chapter will analyze the current state, dynamics, and financial constraints of SMEs in Russia; classify state supporting institutions; suggest basic methods to curb the situation; and disclose prospective financial supporting tools for SMEs development. The authors established the possibility of applying the Russian experience in supporting SMEs in the Republic of Ghana. This is due to the similarities in economic issues in these countries such as depreciation of currency and fall in oil prices. The authors analyzed the volumes and results of major government activities of the Russian Federal State and identified prospects for their development and implementation in Ghana.
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Shevchenko, Dmitry, and Harry Kingsley Arku. "State Institutions of Financial Support for Small Business in Volatile Economies." In Research Anthology on Small Business Strategies for Success and Survival, 1417–34. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-9155-0.ch069.
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Financing of small and medium-sized enterprises (SMEs) today is one of the major areas of state support in volatile economies, as it is recognized as the most pressing problem affecting the activities of small businesses. The scale of development of SMEs in Russia today and its contribution to the economic recovery is clearly insufficient and impossible to expand without special measures of state support. This chapter will analyze the current state, dynamics, and financial constraints of SMEs in Russia; classify state supporting institutions; suggest basic methods to curb the situation; and disclose prospective financial supporting tools for SMEs development. The authors established the possibility of applying the Russian experience in supporting SMEs in the Republic of Ghana. This is due to the similarities in economic issues in these countries such as depreciation of currency and fall in oil prices. The authors analyzed the volumes and results of major government activities of the Russian Federal State and identified prospects for their development and implementation in Ghana.
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Woldie, Atsede, John C. Nzekwu, and Brychan C. Thomas. "Access to Micro Enterprise Financing in Nigeria." In Enterprise Development in SMEs and Entrepreneurial Firms, 318–29. IGI Global, 2013. http://dx.doi.org/10.4018/978-1-4666-2952-3.ch017.
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This study outlines a preliminary survey into access to finance, as experienced by micro enterprises (MEs) in Nigeria. It also aims to gain insight into the financing behaviour of ME enterprise owner/managers in Nigeria and factors that constrain access and create a lack of co-operation between firms and banks.
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Oba, Beyza. "Can Crowdfunding Provide a Solution for the Financial Problems of SMEs in Turkey?" In Crowdsourcing, 1536–50. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-8362-2.ch077.
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This chapter aims to study crowdfunding in an emerging economy, Turkey. Crowdfunding is a comparatively new funding practice in Turkey and platforms involved in crowdfunding are very few. In an economic system where entrepreneurs of small sized companies have limited possibilities for securing financial resources crowdfunding could have been a viable tool for the provision of financial resources. However, due to legal constraints, limited usage of social media, lack of computer literacy and lack of knowledge about the issue, crowdfunding in Turkey is a novice micro-funding mechanism where people with similar concerns, lifestyles and values give support. The chapter is based on an analysis of primary (semi-structured interviews) and secondary data about the Turkish crowdfunding arena and discusses the business models, governance mechanisms utilized by crowdfunding platforms.
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Oba, Beyza. "Can Crowdfunding Provide a Solution for the Financial Problems of SMEs in Turkey?" In Advances in Business Strategy and Competitive Advantage, 270–84. IGI Global, 2016. http://dx.doi.org/10.4018/978-1-4666-9604-4.ch013.
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This chapter aims to study crowdfunding in an emerging economy, Turkey. Crowdfunding is a comparatively new funding practice in Turkey and platforms involved in crowdfunding are very few. In an economic system where entrepreneurs of small sized companies have limited possibilities for securing financial resources crowdfunding could have been a viable tool for the provision of financial resources. However, due to legal constraints, limited usage of social media, lack of computer literacy and lack of knowledge about the issue, crowdfunding in Turkey is a novice micro-funding mechanism where people with similar concerns, lifestyles and values give support. The chapter is based on an analysis of primary (semi-structured interviews) and secondary data about the Turkish crowdfunding arena and discusses the business models, governance mechanisms utilized by crowdfunding platforms.
Conference papers on the topic "SME’s financial constraints"
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"A Literature Review of Financing Constraints of SMEs." In 2020 International Conference on Social Sciences and Social Phenomena. Scholar Publishing Group, 2020. http://dx.doi.org/10.38007/proceedings.0001163.
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"Could Commercial Credit Alleviate the Financing Constraints of SMEs?" In 2018 International Conference on Economics, Finance, Business, and Development. Francis Academic Press, 2018. http://dx.doi.org/10.25236/icefbd.18.009.
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Xiao-hong, Chen, and Gao Yang-jie. "Impact of demographic traits of entrepreneurs on financing constraints of SMEs." In 2013 International Conference on Management Science and Engineering (ICMSE). IEEE, 2013. http://dx.doi.org/10.1109/icmse.2013.6586512.
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Zhu, Qiuhua, and Yi Yang. "Study on Supply Chain Finance, Internal Control and SMEs Financing Constraints." In Proceedings of the 1st International Symposium on Economic Development and Management Innovation (EDMI 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/edmi-19.2019.73.
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Huang, Bo. "A Research on the Influence of Digital Inclusive Finance on Financing Constraints of SMEs." In Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/aebmr.k.191217.098.
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Crayford, Andrew P., Franck Lacan, Jon Runyon, Philip J. Bowen, Shrinivas Balwadkar, Joseph Harper, and Daniel G. Pugh. "Manufacture, Characterization and Stability Limits of an AM Prefilming Air-Blast Atomizer." In ASME Turbo Expo 2019: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/gt2019-91624.
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Abstract With the recent advancement of metallic additive manufacturing (AM), it is perceived that future gas turbines will be manufactured with significantly fewer parts, leading to both financial and safety improvements achieved from reductions in weight, assembly processes and failure modes associated with welded parts. In addition the design and manufacture of highly intricate parts such as fuel atomizers become free from the constraints of tooling, facilitating more complex internal flow geometries to be conceived which afford improved atomization, flame stability and hence combustion efficiency. However, it is noted that increased dimensional tolerances and surface roughness resulting from this manufacturing technique can detrimentally impact internal air and fuel flow paths and hence warrant further investigation. In this study a small-scale (200kW) pre-filming airblast atomizer, based on the Parker Hannifin commercial concept, and typical of injectors utilized in RQL aviation combustors, was manufactured by Cardiff School of Engineering’s High Value Manufacturing Laboratories. Direct metal laser sintering, was utilized to produce a fully operational single component part, manufactured in 316-grade stainless steel using a Renishaw AM250 system, providing a part with measured surface roughness (Ra) values of 12–26 μm in agreement with expected values reported in the literature. Operation of the injector as a single fluid atomizer demonstrated that the fuel channel and integrated swirlers were sufficiently accurate and concentric to result in a uniform spray pattern, displaying global liquid sheet structures which were in agreement with those previously reported. However, the effective area of the atomizer’s air-flow path, when evaluated using differential pressure measurements, was shown to be smaller than predicted, resulting in an increased pressure drop. Laser diffraction droplet sizing was utilized to evaluate the global SMD of the prefilming airblast water spray at atmospheric conditions, across a range of air to liquid ratios. SMD’s between 4.2–115μm were measured at corresponding air-flow rates of 3–25 g/s, with droplet sizes observed to decrease exponentially at higher air-flow rates. This data is again in excellent agreement with SMD correlations previously proposed. Flame stability experiments conducted at ambient pressure and elevated air temperature, demonstrated the stability of a conventional (JET A-1) fuel flame across a range of air and fuel flow rates, representative of pressure drops and AFRs in commercial operation. Further post-processing of the internal flow path walls and swirl vanes to reduce surface roughness is anticipated to result in a lower pressure drop across the air-path geometry, highlighting the potential for further improvements in AM injector performance.
Reports on the topic "SME’s financial constraints"
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Morais, Bernardo, Gaizka Ormazabal, José-Luis Peydró, Mónica Roa, and Miguel Sarmiento. Forward Looking Loan Provisions: Credit Supply and Risk-Taking. Banco de la República, April 2021. http://dx.doi.org/10.32468/be.1159.
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We show corporate-level real, financial, and (bank) risk-taking effects associated with calculating loan provisions based on expected—rather than incurred—credit losses. For identification, we exploit unique features of a Colombian reform and supervisory, matched loan-level data. The regulatory change induces a dramatic increase in provisions. Banks tighten all new lending conditions, adversely affecting borrowing-firms, with stronger effects for risky-firms. Moreover, to minimize provisioning, more affected (less-capitalized) banks cut credit supply to risky-firms— SMEs with shorter credit history, less tangible assets or more defaulted loans—but engage in “search-for-yield” within regulatory constraints and increase portfolio concentration, thereby decreasing risk diversification.