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Title: Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia
Contributor(s): Dwyer, Bruce Leo (author); Kotey, Bernice A  (author)
Publication Date: 2015
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Abstract: Lack of access to finance presents a major setback to development of the SME sector in Australia (Xiang et al., 2011). Nonetheless, there is general contention that the problems that hinder SME access to finance emanate from the demand side (North et al., 2010; Vos et al., 2007; Beck & Demirguc-Kunt, 2006). It is posited that SMEs have a pecking order of preference for external finance; they prefer internal equity to debt and debt to external equity, and rarely use external equity (Myers & Majluf, 1984; Berger & Udell, 1998; Myer, 2001; Lemmon & Zender, 2010). This position notwithstanding, there is evidence of an increasing and unmet demand for external equity by the bigger end of the SME sector.
Publication Type: Book Chapter
Source of Publication: SMEs in the Digital Economy: Surviving the Digital Revolution, p. 64-79
Publisher: Tilde University Press
Place of Publication: Prahran, Australia
ISBN: 9780734612311
Field of Research (FOR): 150314 Small Business Management
150304 Entrepreneurship
150203 Financial Institutions (incl Banking)
Socio-Economic Outcome Codes: 900101 Finance Services
900102 Investment Services (excl. Superannuation)
900201 Administration and Business Support Services
HERDC Category Description: B1 Chapter in a Scholarly Book
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Series Name: SEAANZ Research Book Series
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Appears in Collections:Book Chapter

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