The financial structure of innovative SMEs in Germany

被引：5
作者：
Hummel D. [1 ]
Karcher B. [1 ]
Schultz C. [2 ]
机构：
[1] Lehrstuhl für Betriebswirtschaftslehre mit Schwerpunkt Finanzierung und Banken, Universität Potsdam, August-Bebel-Straße 89, Potsdam
[2] Lehrstuhl für Innovationsmanagement und Entrepreneurship, Universität Potsdam, August-Bebel-Straße 89, Potsdam
来源：
Journal of Business Economics | 2013年 / 83卷 / 5期
关键词：
Degree of innovation; Financing of innovative businesses; Innovation financing; Small and medium-sized business financing; SMEs;
D O I：
10.1007/s11573-013-0662-8
中图分类号：
学科分类号：
摘要：
In politics and business the special role of innovative businesses whose research and development activities expedite technological progress has received steady attention. Especially small and medium sized businesses (SMEs) have initiated promising innovation projects. However, when analysing these projects our research must take into account that SMEs cannot be viewed as a homogeneous business category. Moreover, financing their innovations, SMEs are subject to unique issues. To shed light on these problems, this study will develop an index measuring degrees of innovation. It allows the 171 sample companies to be categorised into three groups: non-innovative, moderately innovative or highly innovative. A multinomial logistic regression is used to examine the quality of this typology. In addition, group-specific differences in the financing mix are demonstrated. Finally, from a theoretical point of view, the implications of the pecking order theory are basically validated. On the other hand, the concept of the financial growth cycle does not deliver satisfactory results. © 2013, Springer-Verlag Berlin Heidelberg.
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收藏
页码：471 / 503
页数：32
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