Evidence regarding external financing in manufacturing MSEs using partial least squares regression

Eduard Gabriel Ceptureanu (), Sebastian Ceptureanu and Claudiu Herteliu
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Eduard Gabriel Ceptureanu: Academia de Studii Economice din Bucuresti
Sebastian Ceptureanu: Academia de Studii Economice din Bucuresti
Claudiu Herteliu: Academia de Studii Economice din Bucuresti

Annals of Operations Research, 2021, vol. 299, issue 1, No 47, 1189-1202

Abstract: Abstract The purpose of this study is to explore and explain the relationship between networking, external financing by banks and equity investors, and export effort in medium sized enterprises. Our research model was empirically tested on a sample of 143 MSEs in the manufacturing sector and our PLS results do not confirm the existence of a direct association between networking and export effort by MSEs. They show, however, that networking indirectly enhances MSEs’ export effort through facilitating their access to equity financing and reducing managerial risks. Whilst networking are not found to be associated with a higher access to bank financing by MSEs, this type of external financing seems to have a greater impact on export effort than equity financing. This research it is one of the first studies to explore the role of networking with stakeholders in facilitating MSEs’ access to external financing and to international markets and to merge these variables in a single model which consider simultaneously the MSE access to bank financing and to equity financing.

Keywords: External financing; Risk management; Networking; Stakeholders; Equity financing (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10479-019-03291-2

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