التفاصيل البيبلوغرافية
| العنوان: |
Determinants of small and medium enterprises’ (SMEs) Access to debt finance: Case of Egypt. |
| المصدر: |
Financial & Business Studies Journal / Maǧallaẗ Al-Dirāsāt Al-Māliyyaẗ wa Al-Tiǧāriyyaẗ. Dec2024, Vol. 34 Issue 3, p184-226. 43p. |
| مصطلحات موضوعية: |
*CORPORATE debt financing, *CONVENIENCE sampling (Statistics), *BUSINESS size, *SMALL business, *CASH flow, *CASH position of corporations |
| مستخلص: |
Purpose: This research aims to investigate the influence of various explanatory factors, such as collateral of assets (TANG), cash-holding, cash flow from operations (OCF), liquidity, firm size, and fixed asset turnover (FAT), on the Access to Debt Finance (ADF) variable. This variable reflects the ability of Egyptian small and medium-sized enterprises (SMEs) to obtain fund. Design/methodology: The authors adopted a comparative design to depict a comparative examination between listed and un-listed SMEs. A convenience sample size of 55 firms (26 listed and 29 un-listed SMEs) has been selected for analysis over the period from 2015 to 2020. The OLS regression, fixed and random effects, and robust regression models were used to analyze the panel data of the sample. Moreover, a pilot study was conducted to shed light on SMEs' access to debt finance challenges. Findings: The study revealed that SMEs struggle to obtain adequate fund to bridge their financing gap. The findings show an insignificant relationship between OCF and ADF. Moreover, the results demonstrate a significant influence of liquidity on ADF for both listed and un-listed SMEs. In the case of un-listed SMEs, factors such as size, and cash-holding play a crucial role in determining their ability to access debt finance. Conversely, listed SMEs indicate that TANG and FAT are key determinants affecting their access to debt finance. After conducting a thorough analysis, the authors recommend that financial institutions should adopt a consultative approach toward SMEs. Contribution: This research focuses on detecting the obstacles that hinder SMEs from obtaining debt finance. It shows the reality of the way SMEs in Egypt work. Moreover, this study is one of the few that examines the same issue using both quantitative and qualitative data. [ABSTRACT FROM AUTHOR] |
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| قاعدة البيانات: |
Business Source Index |