The financial structure of Technology-Based Firms
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng spa |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/179014 |
Resumo: | This study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in TechnologyBased MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through. |
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The financial structure of Technology-Based FirmsLa estructura financiera de las Empresas de Base TecnológicaLa estructura financiera de las Empresas de Base TecnológicaMicroPequeñas y medianas empresas (MiPyMEs)Acceso al financiamientoDiversificación financeiraEconomías emergentesInnovaciónMicroAcceso al financiamientoDiversificación financeiraEconomías emergentesInnovaciónPequeñas y medianas empresas (MiPyMEs)MicroSmall and Medium-Sized Enterprises (MSMEs)Access to fundingFinancial diversificationEmerging economiesInnovationThis study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in TechnologyBased MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through. El objetivo de este trabajo es analizar la evolución de la estructura financiera de las micro, pequeñas y medianas empresas (MiPyMEs) de Base Tecnológica a lo largo de su ciclo de negocio. Los trabajos que analizan la estructura financiera de las MiPyMEs de Base Tecnológica se centran en países desarrollados, con fuertes entornos institucionales, estabilidad económica y mercados financieros desarrollados. Este trabajo contribuye a cubrir el vacío de la literatura sobre el conocimiento de la estructura financiera de las MiPyMEs de Base Tecnológica en economías con mercados financieros pequeños y poco desarrollados, y con crisis económicas recurrentes. Dichos problemas intensifican las limitaciones de acceso al financiamiento de estas empresas y a su potencial crecimiento. La importancia de las empresas de Base Tecnológica no solo radica en suaporte al crecimiento económico, sino que se consideran como canales por los cuales transita el conocimiento científico hacia productos, procesos y servicios, mejorando la calidad de vida de la sociedad en su conjunto. Los resultados evidenciados en este trabajo indican la necesidad de diseñar políticas centradas en incentivar el acceso al financiamiento en las distintas etapas del ciclo de negocios de las MiPyMEs de Base Tecnológica. Se utiliza una base de datos de 89 MiPyMEs de Base Tecnológica argentinas, aplicando un modelo Logit Ordenado para analizar las variables que afectan la diversificación financiera de estas empresas. Los resultados confirman las predicciones de la Teoría del Ciclo Financiero de Crecimiento de la Empresa, la cual sostiene que el tamaño y la antigüedad de la empresa afectan la probabilidad de diversificar la estructura financiera. A su vez, se encuentra que dichas variables tienen un efecto dispar en función de la etapa del ciclo de vida que la empresa esté transitando.El objetivo de este trabajo es analizar la evolución de la estructura financiera de las micro, pequeñas y medianas empresas (MiPyMEs) de Base Tecnológica a lo largo de su ciclo de negocio. Los trabajos que analizan la estructura financiera de las MiPyMEs de Base Tecnológica se centran en países desarrollados, con fuertes entornos institucionales, estabilidad económica y mercados financieros desarrollados. Este trabajo contribuye a cubrir el vacío de la literatura sobre el conocimiento de la estructura financiera de las MiPyMEs de Base Tecnológica en economías con mercados financieros pequeños y poco desarrollados, y con crisis económicas recurrentes. Dichos problemas intensifican las limitaciones de acceso al financiamiento de estas empresas y a su potencial crecimiento. La importancia de las empresas de Base Tecnológica no solo radica en su aporte al crecimiento económico, sino que se consideran como canales por los cuales transita el conocimiento científico haciaproductos, procesos y servicios, mejorando la calidad de vida de la sociedad en su conjunto. Los resultados evidenciados en este trabajo indican la necesidad de diseñar políticas centradas en incentivar el acceso al financiamiento en las distintas etapas del ciclo de negocios de las MiPyMEs de Base Tecnológica. Se utiliza una base de datos de 89 MiPyMEs de Base Tecnológica argentinas, aplicando un modelo Logit Ordenado para analizar las variables que afectan la diversificación financiera de estas empresas. Los resultados confirman las predicciones de la Teoría del Ciclo Financiero de Crecimiento de la Empresa, la cual sostiene que el tamaño y la antigüedad de la empresa afectan la probabilidad de diversificar la estructura financiera. A su vez, se encuentra que dichas variables tienen un efecto dispar en función de la etapa del ciclo de vida que la empresa esté transitando.Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2020-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdftext/xmlhttps://www.revistas.usp.br/rcf/article/view/17901410.1590/1808-057x201909580Revista Contabilidade & Finanças; v. 31 n. 84 (2020); 444-457Revista Contabilidade & Finanças; Vol. 31 No. 84 (2020); 444-457Revista Contabilidade & Finanças; Vol. 31 Núm. 84 (2020); 444-4571808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPengspahttps://www.revistas.usp.br/rcf/article/view/179014/168483https://www.revistas.usp.br/rcf/article/view/179014/168482https://www.revistas.usp.br/rcf/article/view/179014/168484Copyright (c) 2020 Revista Contabilidade & Finançashttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessGuercio, María BelénBriozzo, Anahí EugeniaVigier, Hernán PedroMartinez, Lisana Belén2021-02-26T00:44:18Zoai:revistas.usp.br:article/179014Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2021-02-26T00:44:18Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
The financial structure of Technology-Based Firms La estructura financiera de las Empresas de Base Tecnológica La estructura financiera de las Empresas de Base Tecnológica |
title |
The financial structure of Technology-Based Firms |
spellingShingle |
The financial structure of Technology-Based Firms Guercio, María Belén Micro Pequeñas y medianas empresas (MiPyMEs) Acceso al financiamiento Diversificación financeira Economías emergentes Innovación Micro Acceso al financiamiento Diversificación financeira Economías emergentes Innovación Pequeñas y medianas empresas (MiPyMEs) Micro Small and Medium-Sized Enterprises (MSMEs) Access to funding Financial diversification Emerging economies Innovation |
title_short |
The financial structure of Technology-Based Firms |
title_full |
The financial structure of Technology-Based Firms |
title_fullStr |
The financial structure of Technology-Based Firms |
title_full_unstemmed |
The financial structure of Technology-Based Firms |
title_sort |
The financial structure of Technology-Based Firms |
author |
Guercio, María Belén |
author_facet |
Guercio, María Belén Briozzo, Anahí Eugenia Vigier, Hernán Pedro Martinez, Lisana Belén |
author_role |
author |
author2 |
Briozzo, Anahí Eugenia Vigier, Hernán Pedro Martinez, Lisana Belén |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Guercio, María Belén Briozzo, Anahí Eugenia Vigier, Hernán Pedro Martinez, Lisana Belén |
dc.subject.por.fl_str_mv |
Micro Pequeñas y medianas empresas (MiPyMEs) Acceso al financiamiento Diversificación financeira Economías emergentes Innovación Micro Acceso al financiamiento Diversificación financeira Economías emergentes Innovación Pequeñas y medianas empresas (MiPyMEs) Micro Small and Medium-Sized Enterprises (MSMEs) Access to funding Financial diversification Emerging economies Innovation |
topic |
Micro Pequeñas y medianas empresas (MiPyMEs) Acceso al financiamiento Diversificación financeira Economías emergentes Innovación Micro Acceso al financiamiento Diversificación financeira Economías emergentes Innovación Pequeñas y medianas empresas (MiPyMEs) Micro Small and Medium-Sized Enterprises (MSMEs) Access to funding Financial diversification Emerging economies Innovation |
description |
This study aims to analyze the evolution of financial structure in Technology-Based Micro, Small and Medium-Sized Enterprises (MSMEs) throughout their business cycle. The papers analyzing financial structure in Technology-Based MSMEs focus on developed countries, with strong institutional environments, economic stability, and developed financial markets. This study contributes to bridging the literature gap in knowledge regarding financial structure in TechnologyBased MSMEs in economies with small and underdeveloped financial markets and those with recurring economic crises. These issues intensify the limitations of access to financing for these companies and their potential growth. The importance of Technology-Based companies not only lies on their contribution to economic growth, but they are regarded as channels through which scientific knowledge is applied to products, processes, and services, improving the quality of life of society as a whole. The results evidenced in this study indicate the need to devise policies focused on encouraging access to funding in the various stages of the business cycle of Technology-Based MSMEs. A database with 89 Argentine Technology-Based MSMEs is used, applying an Ordered Logit model to analyze the variables affecting financial diversification in these companies. The results confirm the predictions of the financial growth cycle of small business theory, which argues that company size and age affect the probability of diversifying the financial structure. At the same time, this work found that these variables have a different effect depending on the stage in life cycle that a company is going through. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-09-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/179014 10.1590/1808-057x201909580 |
url |
https://www.revistas.usp.br/rcf/article/view/179014 |
identifier_str_mv |
10.1590/1808-057x201909580 |
dc.language.iso.fl_str_mv |
eng spa |
language |
eng spa |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/179014/168483 https://www.revistas.usp.br/rcf/article/view/179014/168482 https://www.revistas.usp.br/rcf/article/view/179014/168484 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Revista Contabilidade & Finanças http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Revista Contabilidade & Finanças http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf text/xml |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 31 n. 84 (2020); 444-457 Revista Contabilidade & Finanças; Vol. 31 No. 84 (2020); 444-457 Revista Contabilidade & Finanças; Vol. 31 Núm. 84 (2020); 444-457 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
_version_ |
1787713777813159936 |