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dc.contributor.authorDe Maeseneire, Wouter
dc.contributor.authorClaeys, Tine
dc.date.accessioned2017-12-02T14:24:27Z
dc.date.available2017-12-02T14:24:27Z
dc.date.issued2007
dc.identifier.urihttp://hdl.handle.net/20.500.12127/2500
dc.description.abstractThis paper explores the problems experienced by small and medium-sized enterprises (SMEs) with international ambitions in gaining access to debt and equity finance for foreign direct investment (FDI) projects. We develop several arguments why such small businesses are expected to face severe financing constraints for foreign investments and provide an explorative empirical analysis of these issues for a sample of thirty-two Belgian SMEs. We find that the market of FDI finance for SMEs is subject to considerable capital market imperfections. The information problems, lack of collateral, the home bias of financiers and the capital gearing method used by banks to evaluate small firms' foreign projects give rise to financial constraints. The FDI finance gap hinders SMEs in their internationalization strategy and negatively affects their economic performance.
dc.language.isoen
dc.subjectCorporate Finance
dc.subjectSmall Business Financing
dc.subjectSMEs
dc.subjectFDI
dc.subjectInternationalization
dc.subjectFinancing Constraints
dc.titleSMES, FDI and financial constraints
refterms.dateFOA2019-10-14T12:44:42Z
dc.source.issue25
dc.source.numberofpages51
vlerick.knowledgedomainAccounting & Finance
vlerick.supervisor
vlerick.typecommWorking paper
vlerick.vlerickdepartmentA&F
dc.identifier.vperid91873
dc.identifier.vperid40574
dc.identifier.vpubid2809


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