The determinants of SMEs capital structure: overcoming supply constraints

Nulli Gennari, Alessio (A.A. 2011/2012) The determinants of SMEs capital structure: overcoming supply constraints. Tesi di Laurea in Performance measurement and financial reporting, LUISS Guido Carli, relatore Giovanni Fiori, pp. 62. [Master's Degree Thesis]

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This paper studies the most relevant literature on firms’ capital structure, in general, and small and medium enterprises, in particular. Evidencing that SMEs’ financing needs to evolve with their age, literature notes that failures in this market stem generally from a shortage in capital supply and from the extreme degree of opacity which characterizes young and small corporations. The forthcoming Basel III regulations will strengthen the future banking environment but probably affect even more financing to small businesses. Given that the imperfections of this market are not only present in periods of economic turmoils but also on a structural basis, finding ways to enhance SMEs’ transparency, and designing instrument to reduce dependence from bank credit, should be a priority for future actions undertaken by practitioners and regulators. Following the effective examples of the Indian SMEs rating agency, of the Korean corporate bonds market and of the growing phenomenon of crowdfunding, this work analyzes their pros and cons as well as their potential to become worldwide industry standards.


Bibliografia: pp. 59-62.

Thesis Type: Master's Degree Thesis
Institution: LUISS Guido Carli
Degree Program: Master's Degree Programs > Master's Degree Program in General Management, English language (LM-77)
Chair: Performance measurement and financial reporting
Thesis Supervisor: Fiori, Giovanni
Thesis Co-Supervisor: Basile, Maurizio
Academic Year: 2011/2012
Session: Summer
Uncontrolled Keywords: SMEs. Rating. Financial constraints. Opacity.
Deposited by: Maria Teresa Nisticò
Date Deposited: 30 Aug 2012 12:18
Last Modified: 29 Apr 2020 08:06


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