Finanzierungsentscheidungen mittelständischer Unternehmer — Einflussfaktoren der Fremdfinanzierung deutscher KMU

Christoph Börner (), Dietmar Grichnik () and Frank Reize ()
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Christoph Börner: Heinrich-Heine-Universität Düsseldorf
Dietmar Grichnik: WHU — Otto Beisheim School of Management
Frank Reize: KfW Bankengruppe

Schmalenbach Journal of Business Research, 2010, vol. 62, issue 2, 227-275

Abstract: Abstract A company’s financing decision is often termed as one of the most severe entrepreneurial decisions. This holds especially true for entrepreneurs of small and medium-sized enterprises (SME). SMEs feature some special characteristics (information transparency, diversification, ownership structure and access to capital markets) which might restrict financial decisions. Nevertheless, empirical studies focusing on SMEs financial behavior are seldom, German SMEs have never been object of an empirical study so far. Using a large dataset (10.692 companies) from the ‘KfW Mittelstandspanel’ we study the effect of different company related factors on SMEs debt financing. The most important outcome of our analysis is that debt financing of German SMEs is significantly influenced by a company’s size, age, ownership structure, level of innovativeness and profitability. The results emphasize the high relevance of an intentional capital structure policy especially for entrepreneurs of SMEs.

Keywords: G32; L26; Capital Structure; Debt Financing Behavior; Entrepreneurs; Small and Medium Sized Enterprises (SME). Fremdfinanzierungsverhalten; Kapitalstruktur; Kleine und mittlere Unternehmen (KMU ); Unternehmer (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1007/BF03377359

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