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Financing Responsible Small- and Medium-Sized Enterprises (SMEs)
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Financing Responsible Small- and Medium-Sized Enterprises (SMEs)

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (31 May 2021) | Viewed by 24678

Special Issue Editors

Prof. Dr. Wolfgang Gerstlberger

E-Mail Website
Guest Editor
Department of Business Administration, Tallinn University of Technology, 19086 Tallinn, Estonia
Interests: renewable energy systems; circular economy; sustainable product and service development
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Susanne Durst

E-Mail Website
Guest Editor
Department of Business Administration, Tallinn University of Technology, 12616 Tallinn, Estonia
Interests: human resource management and knowledge management
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the topic of “Financing Responsible Small- and Medium-Sized Enterprises” and includes novel research and discussion on financing measures, instruments, and actions aimed at supporting SMEs having a clear and dedicated focus on being or becoming a responsible actor of society. More precisely, the focus is on SMEs committed to making an active contribution to reaching the UN Sustainable Development Goals. Thereby, this Special Issue covers all types of smaller firms, i.e., newly founded and mature ones as well as small firms that are preparing succession/business transfers.

Considering that small firms encounter more difficulties in collecting external finance compared to their larger counterparts, theoretical, conceptual, and empirical articles on new and innovative approaches to financing different stages of a small firm’s efforts to remain or become a responsible company are welcome.

Contributions focusing on novel financing measures and instruments dedicated to responsible activities in SMEs as well as other issues related to financing responsible small firms are encouraged.

Prof. Dr. Susanne Durst
Prof. Dr. Wolfgang Gerstlberger
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Small and medium enterprises (SMEs)
  • Responsible financing
  • Financing sustainable businesses
  • Innovative financing measures and instruments
  • Financing business transfer

Published Papers (4 papers)

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Research

19 pages, 805 KiB  
Article
Determinants of Financial Inclusion in Small and Medium Enterprises: Evidence from Ethiopia
by Betgilu Oshora, Goshu Desalegn, Eva Gorgenyi-Hegyes, Maria Fekete-Farkas and Zoltan Zeman
J. Risk Financial Manag. 2021, 14(7), 286; https://doi.org/10.3390/jrfm14070286 - 23 Jun 2021
Cited by 15 | Viewed by 8004
Abstract
The study examines the determinant factors that influence financial inclusion among small and medium enterprises (SMEs) in Ethiopia. The study uses an explanatory research design and a mixed research approach with both primary and secondary sources of data. More specifically, the study adopts [...] Read more.
The study examines the determinant factors that influence financial inclusion among small and medium enterprises (SMEs) in Ethiopia. The study uses an explanatory research design and a mixed research approach with both primary and secondary sources of data. More specifically, the study adopts a multiple linear regression model. The finding of the study reveals that; supply-side factors, demand-side factors, market opportunity, and collateral requirements have a positive effect on the firm’s access to finance. On the other hand, institutional framework factors, and the costs of borrowing negatively affect the firm’s access to finance. This study suggests concerned bodies sustain rapid and inclusive economic growth and hence eradicate extreme poverty and hunger, the policymakers must build an efficient, strong, and well-functioning financial market system that provides affordable and sustainable financial service to SMEs. Full article
(This article belongs to the Special Issue Financing Responsible Small- and Medium-Sized Enterprises (SMEs))
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22 pages, 529 KiB  
Article
Sustainable Investments in Responsible SMEs: That’s What’s Distinguish Government VCs from Private VCs
by Jeaneth Johansson, Malin Malmström and Joakim Wincent
J. Risk Financial Manag. 2021, 14(1), 25; https://doi.org/10.3390/jrfm14010025 - 6 Jan 2021
Cited by 8 | Viewed by 2678
Abstract
Researchers question the impact of governmental venture capitalists (GVC) compared to private venture capitalists (PVC), but we know little about why this difference occurs and if this criticism is justified. We observed a group of GVCs and developed a new model that describes [...] Read more.
Researchers question the impact of governmental venture capitalists (GVC) compared to private venture capitalists (PVC), but we know little about why this difference occurs and if this criticism is justified. We observed a group of GVCs and developed a new model that describes the way that GVCs process signals pre- and post-decisions. Certain macro level factors severely undermine micro level performance, causing GVCs to financially underperform with respect to PVCs. This helped us to understand that GVCs do not make investment decisions in the same way as PVCs, and what undermines the performance of GVCs’ decision-making processes. The main goals of GVCs are to promote investments in responsible SMEs, mobilizing societal impact. We discuss that the criticism of GVC needs to be more nuanced, as they have a different role than PVC in the financial system as providers of sustainable investments in responsible SMEs. Full article
(This article belongs to the Special Issue Financing Responsible Small- and Medium-Sized Enterprises (SMEs))
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23 pages, 363 KiB  
Article
Financing Responsible Small- and Medium-Sized Enterprises: An International Overview of Policies and Support Programmes
by Susanne Durst and Wolfgang Gerstlberger
J. Risk Financial Manag. 2021, 14(1), 10; https://doi.org/10.3390/jrfm14010010 - 27 Dec 2020
Cited by 15 | Viewed by 6540
Abstract
In the last few years, the financing of responsibly operating small and medium-sized enterprises (SMEs) has become the focus of attention of several national and international bodies. Consequently, a number of policies and support programmes have been established aimed at supporting SMEs that [...] Read more.
In the last few years, the financing of responsibly operating small and medium-sized enterprises (SMEs) has become the focus of attention of several national and international bodies. Consequently, a number of policies and support programmes have been established aimed at supporting SMEs that take a responsible approach concerning the company and its operations. Against this background, this article presents a comprehensive international overview of support programmes for financing responsible SMEs. Based on systematic desk research, documents of national governments as well as supranational and international organisations have been investigated. The findings reveal that there are strong regional differences in terms of support policy approaches, intensity, and criteria. The largest part of the identified programmes has been launched by the European Union and/or its member states. Additionally, the findings clarify that the primary focus of extant programmes is on the environmental dimension of sustainability, mainly energy-related questions. The social dimension has been neglected so far in the programmes. Full article
(This article belongs to the Special Issue Financing Responsible Small- and Medium-Sized Enterprises (SMEs))
16 pages, 260 KiB  
Article
Funding Access and Innovation in Small Businesses
by Ronen Harel, Dafna Schwartz and Dan Kaufmann
J. Risk Financial Manag. 2020, 13(9), 209; https://doi.org/10.3390/jrfm13090209 - 15 Sep 2020
Cited by 4 | Viewed by 6345
Abstract
The study examined the extent to which lack of access to external funding constitutes a barrier to innovation for small businesses operating in traditional industries. The findings indicate that, these businesses do not view lack of access to funding as a barrier to [...] Read more.
The study examined the extent to which lack of access to external funding constitutes a barrier to innovation for small businesses operating in traditional industries. The findings indicate that, these businesses do not view lack of access to funding as a barrier to innovation for any of the four types of innovation: product, process, marketing, or organizational. However, for most of the innovations they promoted, the levels of innovation were relatively low, and which naturally entails relatively low risk to businesses. The findings also indicate that, there is a relationship between product and marketing levels of innovation and lack of access to external funding. The study’s contribution lies in its focus on small businesses operating in traditional industries—businesses which though, essential to economic growth, have garnered less separate attention in the innovation sphere. The study points to a vicious circle in which these businesses do not promote innovation at high levels that would advance their own competitive advantage and require external funding. Because this funding is not within their reach, they continue promoting low-level innovation, and so on and so forth. The study may practically contribute by assisting policymakers as they draw plans dedicated to supporting innovation in small businesses. Full article
(This article belongs to the Special Issue Financing Responsible Small- and Medium-Sized Enterprises (SMEs))
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