Yes / This study investigates bank financing to small and medium-size enterprises (SMEs) and evaluates whether the difficulties of SMEs in accessing bank financing during a period of financial crisis are due to a reduction in the supply of credit, or to a decrease in the demand for credit. The results show that the macroeconomic setting matters: demand effects are unlikely to drive the decline in the stock of bank loans, while the supply of credit causes SMEs difficulties in accessing bank credit. During a crisis period, in particular, an increase in the risk of lenders leads to the reduced supply of credit and credit rationing (i.e. the bank lending channel). In a post-crisis period, SMEs with increased risk and decreased profits have great difficulties in securing bank loans (i.e. the borrower balance sheet channel). Taken together, these results suggest that supply effects initially emerge through the bank-lending channel and then shift to the borrower balance sheet channel over a period of financial crisis.

It has been empirically established that the differences in the lending rates charged by traditional and large lenders to large versus small creditors can be largely attributed to differences in information opacity (Dietrich, 2012; Holmes et. al. 1994). The greater the information possessed by the creditor, the lower the rate charged to the borrower, suggesting again that a risk premium is being charged for information opacity. Securitizing debt with collateral can reduce the lending rate charged, however differences in the rates charged cannot be fully explained by information opacity or availability of collateral. This dual study approach aims at increasing the understanding of loan pricing determinants. The first study uses data from the UK Survey of SME Finances, 2007 to explore factors internal and external to the firm that are significant in influencing credit prices, providing insight on why credit prices fluctuate from firm to firm. The second study uses interviews with firm owners in the Toronto computer animation and visual effects (CA&VFX) industries to effectively capture the intricacies and gain insight on the nuances involved in the pricing of credit for firms in these industries. The results of the first study suggest that the use of collateral, loan amount, loan duration, and firm size are significant credit pricing influencers while a firm’s strategic orientation, specifically product innovation and propensity to export, are of little importance. Results from the second study suggest that firm owner perceptions generally align with the extant literature on collateralization and relationships with lenders.

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.

Small and medium-sized enterprises (SMEs) are the main drivers of economic growth and employment. African SMEs are constrained by a lack of access to finance. In line with the pecking order theory, capital-constrained SMEs are expected to seek external finance. However, due to credit rationing, African SMEs have limited success raising finance. Factoring could enable African SMEs to gain access to finance, as underwriters mainly place the risk on the receivables as opposed to the firm itself. Despite its benefits, factoring has not taken root in sub-Saharan Africa. The purpose of this phenomenological study was to explore the obstacles and prospects to stimulating awareness, availability, acceptance, and utilization of factoring in Africa. Data on the lived experiences of 22 executives providing or promoting factoring in 16 African countries were collected through semistructured interviews; these data were analyzed using the Braun and Clarke thematic approach. Four themes emerged: supply-side conditions, demand-side conditions, business environment conditions, and facilitating institutions and industries. Results suggest high factoring prospects, legal and regulatory impediments, low awareness levels, reluctance of banks to avail factoring, high entry barriers for nonbank factors, a lack of credit insurance, and a lack of an open account trade culture. A framework was recommended, based on these findings, along with actions for factoring development in Africa. Implications for positive social change include increased awareness which may boost factoring availability, acceptance, and utilization. Improved financing options may yield improved African SME competitiveness, which in turn, may result in improved job opportunities, household incomes, quality of life, and more broadly, Africa's economic growth.

Ju fler skakiga rapporter som levereras angående den svenska marknaden, desto fler blickar riktasmot öst. Den finska fastighetsmarknaden är idag hetare än någonsin och många svenska aktörerväljer att resa över Östersjön för att ta del av tillväxten. Den här uppsatsen syftar dock till attundersöka de mindre fastighetsutvecklarna som sedan tidigare befinner sig på finsk mark. Fokuskommer att ligga på hur små och medelstora privata utvecklare finansierar sina projekt och vilkeninställning de har till de eventuella alternativa finansieringsalternativ som finns tillgängliga idagsläget.Information har hämtats från fem stycken intervjuer, varav fyra har genomförts med representanterfrån olika små och medelstora bolag vars huvudverksamhet är fastighetsutveckling. Den femteintervjun genomfördes med en marknadsanalytiker för att få en helhetsbild av marknaden.Undersökningen har givit ett varierat resultat där den gemensamma nämnaren för samtliga bolag ärbankfinansiering. Bankens generositet som finansiär gentemot de olika bolagen varierar och detfinansiella gap som uppstår tvingar bolagen att hitta egna kreativa lösningar när det egna kapitaletinte räcker till för att täcka gapet. De egna modellerna innefattar ofta externa investerare med dyravillkor. Utöver de finansieringslösningar som nu nyttjas finns det i dagsläget inga tillgängligaattraktiva alternativ. Inställningen till nya lösningar är dock mycket positiv och majoriteten tror attbankens roll kommer att minska i framtiden. / As the Swedish real estate market is getting shakier, investors tend to look east to find betteralternatives. Many investors travel across the Baltic sea to get into the blooming Finnish real estatemarket. The purpose of this thesis is to investigate how the local Finnish small and medium sized realestate developers raise funds for development projects and their perception of alternatives totraditional sources of funds.The information has been gathered from five interviews, four of them with representatives fromsmall to medium-sized companies with real estate development as their core business and the fifthinterview with a market analyst to get a comprehensive picture of the Finnish real estate market. Theresults are varied but one common denominator for the companies which participated in theinterview is that they receive most of their funding from the bank sector. The size of funding thecompanies receive from banks differs and is not always sufficient to cover the funding requirementsfor a project. The companies are expected to use equity to cover the financial gap but in somesituations this is not possible. This fosters companies to invent creative solutions to cover thefinancial gap that often involve external investors and expensive terms. There are sparse alternativesapart from the methods used today and this is probably why the common perception amongst thecompanies is to welcome new forms of funding as they all expect that the banks will play a smallerrole when raising funds in the future.

Submitted by Gabriela Andrade Góes (gabriela.a.goes@gmail.com) on 2018-06-04T17:10:09Z No. of bitstreams: 1 Dissertação - Gabriela - Final.pdf: 1817121 bytes, checksum: 97c948c8a56b828c1e4a1fbb2d631927 (MD5) / Rejected by Katia Menezes de Souza (katia.menezes@fgv.br), reason: Prezada Gabriela boa tarde, Acusamos a postagem do seu trabalho na biblioteca digital, porém será necessário realizar um pequeno ajuste, dessa forma seu trabalho foi rejeitado. Na folha que corresponde a ficha catalográfica deverá colocar exatamente como a biblioteca lhe enviou, como por exemplo, a informação que consta que a ficha catalográfica foi elaborada por Raphael. Assim que for realizada a correção favor postar novamente seu trabalho. Atenciosamente, Katia Menezes on 2018-06-04T18:02:02Z (GMT) / Submitted by Gabriela Andrade Góes (gabriela.a.goes@gmail.com) on 2018-06-04T18:38:16Z No. of bitstreams: 1 Dissertação - Gabriela - Final.pdf: 1847570 bytes, checksum: 1c0ca405ebfb9ed073a0f784e4751154 (MD5) / Approved for entry into archive by Katia Menezes de Souza (katia.menezes@fgv.br) on 2018-06-04T18:41:24Z (GMT) No. of bitstreams: 1 Dissertação - Gabriela - Final.pdf: 1847570 bytes, checksum: 1c0ca405ebfb9ed073a0f784e4751154 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-06-05T13:01:06Z (GMT) No. of bitstreams: 1 Dissertação - Gabriela - Final.pdf: 1847570 bytes, checksum: 1c0ca405ebfb9ed073a0f784e4751154 (MD5) / Made available in DSpace on 2018-06-05T13:01:06Z (GMT). No. of bitstreams: 1 Dissertação - Gabriela - Final.pdf: 1847570 bytes, checksum: 1c0ca405ebfb9ed073a0f784e4751154 (MD5) Previous issue date: 2018-05-03 / Para o desenvolvimento econômico é crucial que as empresas tenham acesso suficiente a fontes de financiamento. Porém, as pequenas e médias empresas brasileiras, assim como ocorre em outros países, enfrentam dificuldades relacionadas à obtenção de fontes de financiamento para a realização de suas operações e investimentos. O mercado de ações é uma das alternativas de financiamento especialmente pouco acessada por empresas desse porte. No Brasil, verifica-se uma grande concentração da atividade do mercado de capitais em torno de grandes empresas. Ou seja, o acesso de empresas de pequeno e médio porte ao mercado de ações é, ainda, incipiente. Este trabalho tem como objetivo identificar os fatores que explicam a participação inexpressiva de empresas de pequeno e médio porte no mercado de ações brasileiro, a fim de entender o papel do Direito no desenvolvimento do mercado de capitais. Para tanto, foram adotados dois métodos de pesquisa, quais sejam, a análise documental e a realização de entrevistas com sócios majoritários ou acionistas controladores de pequenas e médias empresas, bem como com gestores de fundos de investimento. A partir das entrevistas, foram identificados diversos fatores que desestimulam a abertura de capital por empresas de menor porte e a realização de investimentos nessas empresas. Esses fatores corroboram os resultados verificados em outros estudos sobre o tema e também demonstram novos elementos que influenciam o problema de pesquisa estudado. Assim, a conclusão do trabalho é a de que os principais fatores que explicam a participação inexpressiva de pequenas e médias empresas no mercado de ações, da perspectiva dos potenciais emissores de ações, são: (i) custos de abertura de capital e de manutenção de uma companhia aberta; (ii) receio de perda de controle da companhia; (iii) resistência à entrada de novos sócios; (iv) resistência ao cumprimento de obrigações de divulgação de informações; (v) resistência à implementação de práticas de gestão profissionalizada. Da perspectiva dos potenciais investidores, as principais dificuldades mapeadas são: (i) baixa liquidez no mercado secundário; (ii) resistência à implementação de práticas de governança; (iii) falta de informação a respeito das pequenas e médias empresas; (iv) alta taxa de juros; (v) maior risco de investimento. / For economic development it is crucial that companies have sufficient access to financing options. However, in Brazil small and medium enterprises (SMEs), as in other countries, face difficulties in accessing financing supporting investment and growth. The stock market is one of the financing alternatives that is particularly less accessed by small and medium enterprises. In Brazil, there is a great concentration of capital market activity around large companies. Therefore, the access of SMEs to the stock market is still incipient. This study aims to identify the factors that explain the inexpressive participation of small and medium enterprises in the Brazilian stock market, in order to understand the role of law in the development of the capital market. In order to do so, two research methods were adopted: documentary analysis and interviews with majority partners or controlling shareholders, as well as investment fund managers. From the interviews, there were observed many factors that hinder the process of going public by SMEs and the investment in those companies. These factors confirm the results verified in other studies on the subject and also show new elements that influence the studied research question. Thus, the conclusion of the research is that the main factors that explain the inexpressive participation of small and medium enterprises in the stock market, from the perspective of issuers are: (i) costs of listing and maintenance (ii) fear of losing the control of the company; (ii) resistance to the entry of new shareholders; (iv) resistance to comply with disclosure rules; (v) resistance to adopt practices of professional management. From the perspective of investors, the main difficulties are: (i) low liquidity in the secondary market; (ii) resistance to the implementation of governance practices; (iii) lack of information on small and medium enterprises; (iv) high interest rates; (v) higher investment risk.