The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
Small business financing in the UK before and during the current financial crisis
Abstract
This article uses empirical evidence from the UK to consider how demand for external finance changed as the economy entered recession and whether external finance became more difficult for entrepreneurs to access as the recession progressed. It finds that larger firms and those experiencing declines in sales were more likely to maintain or increase their demand for external finance. The opposite was true for women-led businesses. Generally, finance was more readily available to larger and older firms throughout the recession. At its peak 119,000 (10% of the total stock) smaller firms were denied credit in a three-month period.
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Citations
Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
MYERS, S. C. (1984) · The Journal of Finance · doi:10.1111/j.1540-6261.1984.tb03646.x · Cited by 7,526
The Determinants of Capital Structure Choice
TITMAN, S., & WESSELS, R. (1988) · The Journal of Finance · doi:10.1111/j.1540-6261.1988.tb02585.x · Cited by 6,112 · cited 1×
“Further, investing in small businesses introduces significant transaction costs which, in most cases, are higher for smaller and less established firms due to the fixed cost element of the due diligence process (Titman and Wessels, 1988; Wald, 1999).”
BackgroundN. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690 · cited 2×
“In addition, this choice of capital structure reflects the general belief that the unique characteristics of small businesses, such as small-scale and low expected return or high risk, may lead to limited use of equity-type finance (Berger and Udell, 1998; Scholtens, 1999).”
BackgroundSome evidence on the empirical significance of credit rationing
Berger, A. N., & Udell, G. F. (1992) · Journal of Political Economy · doi:10.1086/261851 · Cited by 550 · cited 1×
“…credit rationing has been the focus of a considerable body of theoretical work, and the existence of credit rationing has been examined extensively (Berger and Udell, 1992; Cowling, 2010; Goldfeld, 1966; Jaffee, 1971; King, 1986; Slovin and Slushka, 1983; Sofianos et al., 1990); however, the…”
Background
Cited by
Access to finance for innovative SMEs since the financial crisis
Lee, N., Sameen, H., & Cowling, M. (2015) · Research Policy · doi:10.1016/j.respol.2014.09.008 · Cited by 616
Self-citationDoern, R., Williams, N., & Vorley, T. (2019) · Entrepreneurship & Regional Development · doi:10.1080/08985626.2018.1541590 · Cited by 506
Adam, N. A., & Alarifi, G. (2021) · Journal of Innovation and Entrepreneurship · doi:10.1186/s13731-021-00156-6 · Cited by 468
Owen, R., Brennan, G., & Lyon, F. (2018) · Current Opinion in Environmental Sustainability · doi:10.1016/j.cosust.2018.03.004 · Cited by 317
Brown, R., Rocha, A., & Cowling, M. (2020) · International Small Business Journal: Researching Entrepreneurship · doi:10.1177/0266242620937464 · Cited by 308
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Metadata
- Authors
- Cowling, M., Liu, W., & Ledger, A.
- Venue
- International Small Business Journal: Researching Entrepreneurship
- Publisher
- SAGE Publications
- Published
- 2012-07-24
- Volume
- 30
- Issue
- 7
- Pages
- 778-800
- ISSN
- 0266-2426 (ISSN-L)
- 1741-2870
- OpenAlex
- W1982117411
- Cited by
- 348
- References
- 7
- FWCI
- 25.47
- Type
- journal article
- Language
- en
- Open access
- closed
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- Cowling, M., Liu, W., & Ledger, A. (2012). Small business financing in the UK before and during the current financial crisis. International Small Business Journal: Researching Entrepreneurship. https://doi.org/10.1177/0266242611435516
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
