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1、Journal of Competitiveness The Effect of Business Environment and Entre- preneurs’ Gender on Perception of Financial Risk in The Smes SectorKozubíková Ludmila, Homolka Lubor, Kristalas DimitrisAbstractSmal

2、l and medium-sized enterprises (SMEs) are crucial, and not only for the Czech economy. Their sustainable growth is important for the economy of most European countries. Because of this, the issues surrounding their finan

3、cing, government support and public perception are widely discussed. The problems connected with external financing of SMEs are closely related to effective management of financial risk, which can minimize competition, c

4、reate better finan-cial structure and increase the firm’s competitiveness. Our results of the questionnaire survey in the Czech Republic in 2015 were obtained using Structural Equation Modelling (SEM) and revealed a fact

5、or which the male sample believed to be an important influence on the perception of financial risk is a bank’s approach to business. This factor is significantly influenced by knowl-edge, rules and principles including t

6、he knowledge of banks’ credit conditions, their transpar-ency and the ability of entrepreneurs to manage financial risks. In the female sample, state and public perception showed to be much more important in the percepti

7、on of financial risk. Male entrepreneurs mitigate financial risks through a bank’s assistance whereas female entrepreneurs emphasize the role of society.Keywords: small and medium-sized enterprises, financial risk, gover

8、nment support, social environment, banks’ approach, Czech Republic JEL Classification: L26, L531. INTRODUCTIONFilser, Eggers, Kraus and Málovics (2014) state that the increasing pressure from globalization on today’

9、s firms makes it hard to develop enduring competitive advantages, and improve busi-ness performance or create sustainable competitive advantage, which are cornerstones of any firm’s viability. The results of their study

10、comparing SMEs in Austria and Hungary show that availability of financial resources promote entrepreneurial orientation and SME growth as a re-sult. Furthermore, financial resource availability in general has a significa

11、ntly positive effect on firm growth. Their study shows that the more financial resources an SME possesses, the more likely it is to be “entrepreneurially oriented,” and the more it grows as a result. Therefore, any firm

12、that intends to grow will require entrepreneurial orientation.Small and medium-sized enterprises (SMEs) are the backbone of the Czech economy, as evi-denced by the statistics. For the successful development of small and

13、medium-sized enterprises it is important to create a suitable strategic and institutional framework to support the successful development of appropriate business conditions (Sobotovi?ová & Blechová, 2016).

14、According to ?Vol. 9, Issue 1, pp. 36 - 50, March 2017 pp. 36 - 50, March 2017 March 2017 ISSN 1804-171X (Print), ISSN 1804-1728 (On-line), DOI: 10.7441/joc.2017.01.03joc1-2017-v2.indd 36 29.3.2017 18:28:43Journal of

15、 Competitiveness pre-crisis period of 2006-2007 to 2008-2009. However, the changes in Poland and Hungary are insignificant. It shows that these countries were affected more than Poland and Hungary during the period o

16、f financial crisis. It is also possible to say that banks in these countries were even more conservative in providing loans to SMEs after the financial crisis. Hence, SMEs face greater financial constraints in these coun

17、tries to raising funds for their growth.An entrepreneur must be a person who is able to accept risk and understand the possibility of failure of his/her decision. In general, women are more risk averse than men. For exam

18、ple, For-lani (2013) indicates that women believe less in their abilities to make financially risky business development-type decisions than men do, and that these beliefs are unsubstantiated. Further, women who receiv

19、e negatively valued information about the outcomes of their prior decisions´ outcomes have lower risk-taking self-efficacies than either men or women received positively valued outcome information. The analysis of K

20、epler and Shane (2007) shows that male entre-preneurs were significantly less likely than female entrepreneurs to prefer low-risk/low-return businesses.For most small and medium-sized enterprises, bank credit is the most

21、 common and often the only external source of funds. The results of a Bsiness Environment and Enterprise perfomance Survey of Muravyev, Talavera and Schafer (2007), which included 34 countries mostly in Central and Easte

22、rn Europe, show that women entrepreneurs are more credit- rationed than the male entrepreneurs. Banks are discriminating based on gender: women received nearly 5 % lower credits than males in the examined countries. Simi

23、larly, the results show that banks charged 0,5 percentage points more on interest rates and demanded higher collateral from the women en-trepreneurs. However, they also found that financial development of the market can

24、reduce the discrimination in bank financing, due to more information transparency and increased competi-tion in the market. Overall, it is found that women face more credit constraints than their male counterparts and th

25、at banks´ approaches to financing is still too rigid for female entrepreneurs.The results of Belluchi, Borisov and Zazzaro (2010), who examined the gender-based discrimi-nation in bank financing in the Italian marke

26、t using credit fie data from 7 800 small businesses, show that female entrepreneurs are faced with some strict conditions in the loan contract: higher collateral, lower credit limits and quicker maturity of the loan. The

27、y did not find any discrimina-tion in the pricing of the loans and it suggests that similar interest rates are available for both men and women entrepreneurs. It suggests that a bank´s approach to financing female-o

28、wned firms is more conservative than the male-owned firms because women entrepreneurs have a lack of management ability, experience and a lower academic level is than their male counterparts. Kwong, Jones-Evans and Thomp

29、son (2012) revealed using the GEM monitor data from 2005-2007 that there are gender differences in bank approaches to financing SMEs. Their results show that women face more credit constraints than men in terms of access

30、ing bank finance for their business start-ups. They also face discrimination on loan rates. It is argued that banks discriminate against women entrepreneurs due to their poor management skills and lack of previous experi

31、ence. The empirical results of Irwin and Scott (2010) suggest that men are more financially constrained than women, due to past repayment history and less commitment to their businesses (18% of joc1-2017-v2.indd 38 29.

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