Are the cultural accounting values a relevant issue for the SMEs’ financing options?

Fabio Albuquerque (), Joaquín Texeira Quirós and Joaquín Rosário Justino
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Fabio Albuquerque: Instituto Politécnico de Lisboa, Portugal
Joaquín Texeira Quirós: Universidade Autonoma de Lisboa, Portugal
Joaquín Rosário Justino: Instituto Politécnico de Lisboa, Portugal

Contaduría y Administración, 2017, vol. 62, issue 1, 279–298

Abstract: This paper aims to examine the financing options of the managers/owners of SMEs (small and medium-sized companies) from a point of view that incorporates cultural values, namely, conservatism and secrecy. Data were collected with the use of a questionnaire conducted for managers/owners of a sample of 1629 Portuguese SMEs, and with the use of accounting and financial information from the period 2009 to 2011. 438 managers/owners provided valid answers, corresponding to a response rate of 27%. Using multivariate regression techniques as a basis, the results showed that a significant number of managers/owners supported the negative relationship between conservatism/secrecy and the business financing options associated with a higher risk (debts with costs). The results also showed that a more significant number of managers/owners of national SMEs choose sources of financing in light of the pecking order theory.

Keywords: Conservatism; Financing; Secrecy; SMEs (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:nax:conyad:v:62:y:2017:i:1:p:279-298

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