Araştırma Makalesi
BibTex RIS Kaynak Göster
Yıl 2019, Cilt: 19 Sayı: 2, 277 - 291, 30.04.2019
https://doi.org/10.21121/eab.521579

Öz

Kaynakça

  • Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and Medium-Sized Enterprises Financing: A Review of Literature. International Journal of Business and Management, 8(14), 36–54. https://doi.org/10.5539/ijbm.v8n14p36
  • Abor, J. (2008). Determinants of the Capital Structure of Ghanaian Firms (No. 176). AERC Research Paper. Nairobi.
  • Arráiz, I., Meléndez, M., & Stucchi, R. (2011). The Effect of Partial Credit Guarantees on Firm Performance: the Case of the Colombian National Guarantee Fund (Working Paper Series 0212).
  • Ayyagari, M., Demirgüç-Kunt, A., & Maksimovic, V. (2010). Formal versus Informal Finance: Evidence from China. Review of Financial Studies, 23(8), 3048–3097. https://doi.org/10.1093/rfs/hhq030
  • Balsmeier, B., & Czarnitzki, D. (2010). Ownership Concentration Institutional Development and Firm Performance in Central and Eastern Europe. ZEW Discussion Paper (Vol. 10-096). https://doi.org/10.1002/mde.2751
  • Batra, G., & Mahmood, S. (2003). Direct Support to Private Firms: Evidence on Effectiveness (No. 3170). World Bank Policy Research Working Paper.
  • Beck, T., Demirgüç-Kunt, A., Laeven, L., & Maksimovic, V. (2006). The determinants of financing obstacles. Journal of International Money and Finance, 25(6), 932–952. https://doi.org/10.1016/j.jimonfin.2006.07.005
  • Berger, A. N., & Udell, G. F. (1995). Relationship Lending and Lines of Credit in Small Firm Finance. The Journal of Business, 68(3), 351. https://doi.org/10.1086/296668
  • Bhaird, C. mac an, & Lucey, B. (2010). Determinants of Capital Structure in Irish SMEs. Small Business Economics, 35(3), 357–375.
  • Bouri, A., Breij, M., Diop, M., Kempner, R., Klinger, B., & Stevenson, K. (2011). Report on Support to SMEs in Developing Countries Through Financial Intermediaries. Dalberg Global Development Advisors, (November), 48. Retrieved from http://eudevdays.eu/sites/default/files/dalberg_sme-briefing-paper.pdf
  • Brown, G. W., Chavis, L. W., & Klapper, L. F. (2010). Institutions, External Financing, and Growth around the World: A New Lease on Life? AFA 2008 New Orleans Meetings Paper. Durham, NC: American Finance Association. https://doi.org/10.1017/CBO9781107415324.004
  • Cameron, A. C., & Tridevi, P. K. (2010). Microeconometrics Using Stata (Revised). Stata Press.
  • Cassar, G. (2004). The Financing of Business Start-ups. Journal of Business Venturing, 19(2), 261–283.
  • Cusmano, L. (2013). SME and Entrepreneurship Financing: The Role of Credit Guarantee Schemes and Mutual Guarantee Societies in supporting finance for small and medium-sized enterprises, 33(2012), 1–65. Retrieved from http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=CFE/SME(2012)1/FINAL&docLanguage=En
  • Cusmano, L. (2015). New approaches to SME and Entrepreneurial Financing: Broadening the Range of Instruments. Paris: Organisation for Economic Co-operation and Development.
  • Demirgüç-Kunt, A., & Klapper, L. (2012). Measuring Financial Inclusion: The Global Findex Database (Policy Research Working Paper No. 6025). Washington, D.C.
  • Elliehausen, G. E., & Wolken, J. D. (1993). The Demand for Trade Credit : An Investigation of Motives for Trade Credit Use by Small Businesses (Staff Studies No. 165).
  • Fatoki, O., & Odeyemi, A. (2010). The Determinants of Access to Trade Credit by New SMEs in South Africa. African Journal of Business Management, 4(13), 2763–2770.
  • Kira, A. R. (2013). Determinants of Financing Constraints in East African Countries’ SMEs. International Journal of Business and Management, 8(8), 49–68. https://doi.org/10.5539/ijbm.v8n8p49
  • Leitner, S. M., & Stehrer, R. (2013). Access to Finance and Funding Composition During the Crisis: A Firm-level analysis of Latin American Countries. Latin American Journal of Economics, 50(1), 1–47. https://doi.org/10.7764/LAJE.50.1.1
  • Powell, J. L. (2006). Zellner’s Seemingly Unrelated Regressions Model. Department of Economics, University of California-Berkeley.
  • Schumpeter, J. A., & Elliott, J. E. (1982). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Transaction Publishers.
  • Shinozaki, S. (2012). A New Regime of SME Finance in Emerging Asia: Empowering Growth-Oriented SMEs to Build Resilient National Economies (ADB Working Paper Series on Regional Economic Integration No. 104).
  • Storey, D. J. (1994). Understanding the Small Business Sector. Cengage Learning EMEA.
  • Van Auken, H. E., & Neeley, L. (1996). Evidence of Bootstrap Financing among Small Start-Up Firms. Journal of Entrepreneurial and Small Business Finance, 5(3), 235–249.
  • Wignaraja, G., & Jinjarak, Y. (2015). Why Do SMEs Not Borrow More from Banks? Evidence from the People’s Republic of China and Southeast Asia. ADBI Working Paper Series. Tokyo. Retrieved from http://www.adbi.org/working- paper/2015/01/09/6523.why.do.sme.not.borrow.from.banks/
  • World Bank. (2011). World Bank’s Enterprise Survey Understanding the Questionnaire. The World Bank. Washington, D.C. Retrieved from http://www.enterprisesurveys.org/~/media/GIAWB/EnterpriseSurveys/Documents/Methodology/Questionnaire-Manual.pdf

SMEs’ Access to Finance and Choice of Capital Structure in Turkey

Yıl 2019, Cilt: 19 Sayı: 2, 277 - 291, 30.04.2019
https://doi.org/10.21121/eab.521579

Öz

The paper
analyzes behavior of SMEs in financing their working and fixed capital
requirements. The cross-sectional sample employed in this paper is based on the
comprehensive World Bank Enterprise Survey (WBES) database. Seemingly unrelated
regression (SUR) method has been employed to estimate two separate models for
working capital and fixed capital, respectively. The model(s) not only focuses
on the behavior of SMEs but also analyzes the behavior of SMEs reporting
‘access to finance’ as a major impediment in their growth in the survey. The
regression results indicate that SMEs in Turkey, despite reporting problems in
accessing finance are more dependent on bank financing for working capital. The
result is in contrast to the full sample findings where similar SMEs depend
less on bank financing and more on internal funds. The result may suggest
dominant role of Turkish banking sector compared to the sample at large and
policies to support bank financing for the SMEs in Turkey. Furthermore, the
results for fixed capital financing for the overall sample shows higher
dependence on non-banking modes of finance, supporting the conclusion that
equity market(s) may offer viable solution in addressing the fixed capital
financing constraints.

Kaynakça

  • Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and Medium-Sized Enterprises Financing: A Review of Literature. International Journal of Business and Management, 8(14), 36–54. https://doi.org/10.5539/ijbm.v8n14p36
  • Abor, J. (2008). Determinants of the Capital Structure of Ghanaian Firms (No. 176). AERC Research Paper. Nairobi.
  • Arráiz, I., Meléndez, M., & Stucchi, R. (2011). The Effect of Partial Credit Guarantees on Firm Performance: the Case of the Colombian National Guarantee Fund (Working Paper Series 0212).
  • Ayyagari, M., Demirgüç-Kunt, A., & Maksimovic, V. (2010). Formal versus Informal Finance: Evidence from China. Review of Financial Studies, 23(8), 3048–3097. https://doi.org/10.1093/rfs/hhq030
  • Balsmeier, B., & Czarnitzki, D. (2010). Ownership Concentration Institutional Development and Firm Performance in Central and Eastern Europe. ZEW Discussion Paper (Vol. 10-096). https://doi.org/10.1002/mde.2751
  • Batra, G., & Mahmood, S. (2003). Direct Support to Private Firms: Evidence on Effectiveness (No. 3170). World Bank Policy Research Working Paper.
  • Beck, T., Demirgüç-Kunt, A., Laeven, L., & Maksimovic, V. (2006). The determinants of financing obstacles. Journal of International Money and Finance, 25(6), 932–952. https://doi.org/10.1016/j.jimonfin.2006.07.005
  • Berger, A. N., & Udell, G. F. (1995). Relationship Lending and Lines of Credit in Small Firm Finance. The Journal of Business, 68(3), 351. https://doi.org/10.1086/296668
  • Bhaird, C. mac an, & Lucey, B. (2010). Determinants of Capital Structure in Irish SMEs. Small Business Economics, 35(3), 357–375.
  • Bouri, A., Breij, M., Diop, M., Kempner, R., Klinger, B., & Stevenson, K. (2011). Report on Support to SMEs in Developing Countries Through Financial Intermediaries. Dalberg Global Development Advisors, (November), 48. Retrieved from http://eudevdays.eu/sites/default/files/dalberg_sme-briefing-paper.pdf
  • Brown, G. W., Chavis, L. W., & Klapper, L. F. (2010). Institutions, External Financing, and Growth around the World: A New Lease on Life? AFA 2008 New Orleans Meetings Paper. Durham, NC: American Finance Association. https://doi.org/10.1017/CBO9781107415324.004
  • Cameron, A. C., & Tridevi, P. K. (2010). Microeconometrics Using Stata (Revised). Stata Press.
  • Cassar, G. (2004). The Financing of Business Start-ups. Journal of Business Venturing, 19(2), 261–283.
  • Cusmano, L. (2013). SME and Entrepreneurship Financing: The Role of Credit Guarantee Schemes and Mutual Guarantee Societies in supporting finance for small and medium-sized enterprises, 33(2012), 1–65. Retrieved from http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=CFE/SME(2012)1/FINAL&docLanguage=En
  • Cusmano, L. (2015). New approaches to SME and Entrepreneurial Financing: Broadening the Range of Instruments. Paris: Organisation for Economic Co-operation and Development.
  • Demirgüç-Kunt, A., & Klapper, L. (2012). Measuring Financial Inclusion: The Global Findex Database (Policy Research Working Paper No. 6025). Washington, D.C.
  • Elliehausen, G. E., & Wolken, J. D. (1993). The Demand for Trade Credit : An Investigation of Motives for Trade Credit Use by Small Businesses (Staff Studies No. 165).
  • Fatoki, O., & Odeyemi, A. (2010). The Determinants of Access to Trade Credit by New SMEs in South Africa. African Journal of Business Management, 4(13), 2763–2770.
  • Kira, A. R. (2013). Determinants of Financing Constraints in East African Countries’ SMEs. International Journal of Business and Management, 8(8), 49–68. https://doi.org/10.5539/ijbm.v8n8p49
  • Leitner, S. M., & Stehrer, R. (2013). Access to Finance and Funding Composition During the Crisis: A Firm-level analysis of Latin American Countries. Latin American Journal of Economics, 50(1), 1–47. https://doi.org/10.7764/LAJE.50.1.1
  • Powell, J. L. (2006). Zellner’s Seemingly Unrelated Regressions Model. Department of Economics, University of California-Berkeley.
  • Schumpeter, J. A., & Elliott, J. E. (1982). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Transaction Publishers.
  • Shinozaki, S. (2012). A New Regime of SME Finance in Emerging Asia: Empowering Growth-Oriented SMEs to Build Resilient National Economies (ADB Working Paper Series on Regional Economic Integration No. 104).
  • Storey, D. J. (1994). Understanding the Small Business Sector. Cengage Learning EMEA.
  • Van Auken, H. E., & Neeley, L. (1996). Evidence of Bootstrap Financing among Small Start-Up Firms. Journal of Entrepreneurial and Small Business Finance, 5(3), 235–249.
  • Wignaraja, G., & Jinjarak, Y. (2015). Why Do SMEs Not Borrow More from Banks? Evidence from the People’s Republic of China and Southeast Asia. ADBI Working Paper Series. Tokyo. Retrieved from http://www.adbi.org/working- paper/2015/01/09/6523.why.do.sme.not.borrow.from.banks/
  • World Bank. (2011). World Bank’s Enterprise Survey Understanding the Questionnaire. The World Bank. Washington, D.C. Retrieved from http://www.enterprisesurveys.org/~/media/GIAWB/EnterpriseSurveys/Documents/Methodology/Questionnaire-Manual.pdf
Toplam 27 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Araştırma Makalesi
Yazarlar

Seyid Mahmud 0000-0003-2239-7830

Tarik Akin Bu kişi benim 0000-0001-7874-6943

Yayımlanma Tarihi 30 Nisan 2019
Kabul Tarihi 21 Mart 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 19 Sayı: 2

Kaynak Göster

APA Mahmud, S., & Akin, T. (2019). SMEs’ Access to Finance and Choice of Capital Structure in Turkey. Ege Academic Review, 19(2), 277-291. https://doi.org/10.21121/eab.521579
AMA Mahmud S, Akin T. SMEs’ Access to Finance and Choice of Capital Structure in Turkey. eab. Nisan 2019;19(2):277-291. doi:10.21121/eab.521579
Chicago Mahmud, Seyid, ve Tarik Akin. “SMEs’ Access to Finance and Choice of Capital Structure in Turkey”. Ege Academic Review 19, sy. 2 (Nisan 2019): 277-91. https://doi.org/10.21121/eab.521579.
EndNote Mahmud S, Akin T (01 Nisan 2019) SMEs’ Access to Finance and Choice of Capital Structure in Turkey. Ege Academic Review 19 2 277–291.
IEEE S. Mahmud ve T. Akin, “SMEs’ Access to Finance and Choice of Capital Structure in Turkey”, eab, c. 19, sy. 2, ss. 277–291, 2019, doi: 10.21121/eab.521579.
ISNAD Mahmud, Seyid - Akin, Tarik. “SMEs’ Access to Finance and Choice of Capital Structure in Turkey”. Ege Academic Review 19/2 (Nisan 2019), 277-291. https://doi.org/10.21121/eab.521579.
JAMA Mahmud S, Akin T. SMEs’ Access to Finance and Choice of Capital Structure in Turkey. eab. 2019;19:277–291.
MLA Mahmud, Seyid ve Tarik Akin. “SMEs’ Access to Finance and Choice of Capital Structure in Turkey”. Ege Academic Review, c. 19, sy. 2, 2019, ss. 277-91, doi:10.21121/eab.521579.
Vancouver Mahmud S, Akin T. SMEs’ Access to Finance and Choice of Capital Structure in Turkey. eab. 2019;19(2):277-91.