Innovation and borrower discouragement in SMEs
Innovation and borrower discouragement in SMEs
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DOI：
10.1007/s11187-021-00587-1
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发表时间：
2022-01-11
影响因子：
6.4
通讯作者：
Wilson, John O. S.
中科院分区：
文献类型：
--
作者：
Brown, Ross;Linares-Zegarra, Jose M.;Wilson, John O. S.
创新型中小企业在推动技术变革和生产力增长方面发挥着至关重要的作用。因此，了解影响创新型中小企业获得融资的因素对经济至关重要。我们调查了创新活动对借款人泄气的潜在影响，即那些选择不申请外部融资的信用良好的公司，尽管外部融资是必要的。我们的实证研究结果表明，进行纯产品和联合产品和流程创新的中小企业的借款人挫折率显着高于非创新中小企业。这项研究的主要含义是，创新是一个因素，它自我限制了创新型中小企业获得融资的机会。在本文中，我们研究了创新型中小企业是否比非创新型企业更有可能不愿申请外部融资。这些所谓的泄气借款人是值得信赖的中小企业，他们选择不申请外部融资，尽管这是必要的。我们发现，进行纯产品和联合产品和流程创新的中小企业比非创新中小企业的借款人气馁发生率显著更高。此外，与非创新的同行相比，激进和渐进式的产品创新者更有可能受到打击。创新活动可能会增加借款人的气馁，原因有很多，包括对拒绝的恐惧、不愿承担额外风险、对融资申请过程的负面看法以及被认为是负面的经济状况。总体而言，我们的结果表明，需要有针对性的政策干预，以缓解创新型中小企业中借款人的沮丧情绪，并使创新与中小企业融资政策更紧密地结合起来。
Plain English Summary Innovative SMEs play a crucial role in driving technological change and productivity growth. Therefore, understanding the factors shaping access to finance for innovative SMEs is of crucial importance to the economy. We investigate the potential impact of innovation activity on the incidence of borrower discouragement, credit worthy firms who choose not to apply for external finance despite the fact that it is required. The results of our empirical investigation suggest that SMEs undertaking pure product and joint product and process innovation have a significantly higher incidence of borrower discouragement than non-innovative counterparts. The principal implication of this study is that innovation is a factor, which self-limits access to finance for innovative SMEs. We offer recommendations to mitigate borrower discouragement in this context.In this paper, we investigate whether innovative small- and medium-sized enterprises (SMEs) are more likely to be discouraged from applying for external finance than non-innovators. These so-called discouraged borrowers are credit worthy SMEs who choose not to apply for external finance despite the fact that this is needed. We find that SMEs undertaking pure product and joint product and process innovation have a significantly higher incidence of borrower discouragement than non-innovative counterparts. Moreover, radical and incremental product innovators are more likely to be discouraged relative to non-innovative counterparts. Innovative activity can increase borrower discouragement for a myriad of reasons including fear of rejection, reluctance to take on additional risk, negative perceptions of the funding application process and perceived negative economic conditions. Overall, our results suggest a need for targeted policy interventions in order to alleviate borrower discouragement within innovative SMEs, as well as a closer alignment between innovation and SME finance policy.