Trust and SME attitudes towards equity financing across Europe

被引:39
|
作者
Dowling, Michael [1 ]
O'Gorman, Colm [2 ]
Puncheva, Petya [1 ]
Vanwalleghem, Dieter [1 ]
机构
[1] Rennes Sch Business, Rennes, France
[2] Dublin City Univ, DCU Business Sch, Dublin, Ireland
关键词
SME; Interpersonal trust; Institutional trust; Equity financing; Social capital; MEDIUM-SIZED ENTERPRISES; NATIONAL CULTURE; VENTURE CAPITALIST; LEGAL DETERMINANTS; EMPIRICAL-ANALYSIS; UNITED-STATES; FIRMS; GROWTH; CONTEXT; RADIUS;
D O I
10.1016/j.jwb.2019.101003
中图分类号
F [经济];
学科分类号
02 ;
摘要
The decision by a small and medium-sized enterprise (SME) to take on equity requires trust, due to reliance on the good intentions of the parties involved. Drawing on a social capital perspective, we argue that national interpersonal and institutional trust positively influences SME attitudes towards equity financing. We also hypothesize a substitution effect between interpersonal and institutional trust. Through a large survey of European SMEs in 26 countries, we confirm the presence of these direct and interaction effects. By making explicit the link between trust and attitudes to equity financing we extend the theory on institutional drivers of SME financing.
引用
收藏
页数:16
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