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Cited by 616

The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.

Access to finance for innovative SMEs since the financial crisis

Lee, Neil, Sameen, Hiba, Cowling, Marc·2015·Research Policy
DOI 10.1016/j.respol.2014.09.008
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Abstract

In the wake of the 2008 financial crisis, there has been increased focus on access to finance for small firms. Research from before the crisis suggested that it was harder for innovative firms to access finance. Yet no research has considered the differential effect of the crisis on innovative firms. This paper addresses this gap using a dataset of over 10,000 UK SME employers. We find that innovative firms are more likely to be turned down for finance than other firms, and this worsened significantly in the crisis. However, regressions controlling for a host of firm characteristics show that the worsening in general credit conditions has been more pronounced for non-innovative firms with the exception of absolute credit rationing which still remains more severe for innovative firms. The results suggest that there are two issues in the financial system. The first is a structural problem which restricts access to finance for innovative firms. The second is a cyclical problem has been caused by the financial crisis and has impacted relatively more severely on non-innovative firms.

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Show all 38 references

Research works printed but not linked: 3

  1. Cowling, 2004, 72, 601
  2. Hutton, 2012, The city and the cities: ownership, finance and the geography of recovery, Cambridge Journal of Regions, Economy and Society, 5, 325, 10.1093/cjres/rss018 · doi:10.1093/cjres/rss018
  3. Paunov, 2012, The global crisis and firms’ investments in innovation, Research Policy, 41, 24, 10.1016/j.respol.2011.07.007 · doi:10.1016/j.respol.2011.07.007

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Metadata

Authors
Lee, N., Sameen, H., & Cowling, M.
Venue
Research Policy
Publisher
Elsevier BV
Published
2015-03
Volume
44
Issue
2
Pages
370-380
ISSN
0048-7333 (ISSN-L)
DOI
10.1016/j.respol.2014.09.008
OpenAlex
W2294010664
Cited by
616
References
38
FWCI
50.00
Type
journal article
Language
en
Open access
closed
Licence
www.elsevier.com/tdm/userlicense/1.0/ (tdm)

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CoChat. (2026). Citation check: Access to finance for innovative SMEs since the financial crisis. https://app.cochat.ai/papers/10.1016/j.respol.2014.09.008
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Lee, N., Sameen, H., & Cowling, M. (2015). Access to finance for innovative SMEs since the financial crisis. Research Policy. https://doi.org/10.1016/j.respol.2014.09.008

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.