Financial constraint and foreign direct investment of SMEs: evidence from Portugal
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Instituto Mexicano de Ejecutivos de Finanzas A.C.
2021
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| _version_ | 1876475176339636224 |
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| author | Isabel Maria Machado Correia Brioso Dias |
| author_facet | Isabel Maria Machado Correia Brioso Dias |
| contents | Financial constraint and foreign direct investment of SMEs: evidence from Portugal Isabel Maria Machado Correia Brioso Dias Diana Santos Fernandes Economía y Finanzas F23 F34 G32 L20 M13 This work aims to explore the financing constraints perceived by Portuguese small and medium-sized enterprises (SMEs) carrying out productive foreign direct investment (FDI). It relies on primary data, presenting an explorative empirical analysis. The results evidence a strong dependence on internal funds and give little support to market failures in financing FDI, as no remarkable differences were found in financing constraints between domestic and foreign investments, but this reluctance of Portuguese SMEs towards external financing does not match with a willingness to open the social capital to new shareholders. Portuguese entrepreneurs lack knowledge of alternative financing sources to relieve dependence on domestic funds to FDI. Banks and government could relevantly contribute in this field, we also recommend further financial literacy in Portguese SMEs. This work is limited by its sample and qualitative nature. Although there is abundant literature on the access to economic agents' financing, to this day this work is the first to focus on Portuguese SMEs analysing primary data, hence its originality. Reporting SMEs’ reluctance towards external financing, it can enhance external financers to best capture such clients. 2021 artículo científico 1665-5346 https://www.redalyc.org/articulo.oa?id=423770252004 https://www.redalyc.org/journal/4237/423770252004/ https://www.redalyc.org/journal/4237/423770252004/html/ https://www.redalyc.org/journal/4237/423770252004/423770252004.epub https://www.redalyc.org/journal/4237/423770252004/movil 10.21919/remef.v16i2.535 en http://www.redalyc.org/revista.oa?id=4237 Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance application/pdf Instituto Mexicano de Ejecutivos de Finanzas A.C. Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance (México) Num.2 Vol.16 |
| format | Artículo científico |
| id | redalyc_423770252004 |
| institution | Redalyc |
| language | en |
| publishDate | 2021 |
| publisher | Instituto Mexicano de Ejecutivos de Finanzas A.C. |
| spellingShingle | Financial constraint and foreign direct investment of SMEs: evidence from Portugal Isabel Maria Machado Correia Brioso Dias Economía y Finanzas F23 F34 G32 L20 M13 Financial constraint and foreign direct investment of SMEs: evidence from Portugal Isabel Maria Machado Correia Brioso Dias Diana Santos Fernandes Economía y Finanzas F23 F34 G32 L20 M13 This work aims to explore the financing constraints perceived by Portuguese small and medium-sized enterprises (SMEs) carrying out productive foreign direct investment (FDI). It relies on primary data, presenting an explorative empirical analysis. The results evidence a strong dependence on internal funds and give little support to market failures in financing FDI, as no remarkable differences were found in financing constraints between domestic and foreign investments, but this reluctance of Portuguese SMEs towards external financing does not match with a willingness to open the social capital to new shareholders. Portuguese entrepreneurs lack knowledge of alternative financing sources to relieve dependence on domestic funds to FDI. Banks and government could relevantly contribute in this field, we also recommend further financial literacy in Portguese SMEs. This work is limited by its sample and qualitative nature. Although there is abundant literature on the access to economic agents' financing, to this day this work is the first to focus on Portuguese SMEs analysing primary data, hence its originality. Reporting SMEs’ reluctance towards external financing, it can enhance external financers to best capture such clients. 2021 artículo científico 1665-5346 https://www.redalyc.org/articulo.oa?id=423770252004 https://www.redalyc.org/journal/4237/423770252004/ https://www.redalyc.org/journal/4237/423770252004/html/ https://www.redalyc.org/journal/4237/423770252004/423770252004.epub https://www.redalyc.org/journal/4237/423770252004/movil 10.21919/remef.v16i2.535 en http://www.redalyc.org/revista.oa?id=4237 Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance application/pdf Instituto Mexicano de Ejecutivos de Finanzas A.C. Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance (México) Num.2 Vol.16 |
| title | Financial constraint and foreign direct investment of SMEs: evidence from Portugal |
| topic | Economía y Finanzas F23 F34 G32 L20 M13 |
| url | https://www.redalyc.org/articulo.oa?id=423770252004 https://www.redalyc.org/journal/4237/423770252004/ https://www.redalyc.org/journal/4237/423770252004/html/ https://www.redalyc.org/journal/4237/423770252004/423770252004.epub https://www.redalyc.org/journal/4237/423770252004/movil |