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dc.contributor.authorXiang, Dong
dc.contributor.authorWorthington, Andrew C.
dc.contributor.authorHiggs, Helen
dc.contributor.editorAkimov, Alexandr
dc.date.accessioned2020-01-16T08:03:37Z
dc.date.available2020-01-16T08:03:37Z
dc.date.issued2011
dc.identifier.issn1836-8123
dc.identifier.otherRePEc:gri:fpaper:finance:201115
dc.identifier.urihttp://hdl.handle.net/10072/390335
dc.description.abstractThis paper uses firm-level data from the Business Longitudinal Database compiled by the Australian Bureau of Statistics to examine finance-seeking behaviour and outcomes by Australian small and medium-sized enterprises (SMEs). By modelling the determinants of SME financing behaviour and outcomes using discrete choice techniques and more than two thousand firm cases, we throw useful light on the firm-level factors involved in both debt and equity financing decisions, the availability or lack of availability of finance, and the impact of these outcomes on future firm behaviour. Our findings indicate that a large number of SME characteristics, including firm age, size, industry and sales and the declared strategies for operations, profits, growth and exports, significantly affect both finance-seeking behaviour and outcomes. Putting aside any supply-side circumstances, we conclude that Australian SMEs suffer from severe financial constraints and this significantly affects their strategizing and decision-making across a number of areas.
dc.format.extent36 pages
dc.languageEnglish
dc.publisherGriffith University
dc.publisher.placeBrisbane, Australia
dc.relation.ispartofpagefrom1
dc.relation.ispartofpageto36
dc.subject.keywordsC25 - Single Equation Models; Single Variables: Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
dc.subject.keywordsL21 - Business Objectives of the Firm
dc.subject.keywordsG32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
dc.subject.keywordsSmall and medium-sized enterprises
dc.subject.keywordsFinancing decisions
dc.subject.keywordsDebt and equity
dc.subject.keywordsDiscouraged borrowers
dc.title2011-15: Firm-level determinants and impacts of finance-seeking behaviour and outcomes for small and medium-sized enterprises (SMEs) in Australia (Working paper)
dc.typeReport
dc.type.descriptionDiscussion Paper
gro.facultyGriffith Business School
gro.description.notepublicFinance
gro.rights.copyrightCopyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).
gro.date.issued2011
gro.hasfulltextFull Text
gro.griffith.authorWorthington, Andrew C.
gro.griffith.authorHiggs, Helen


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