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Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation

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Gherghina, Ștefan Cristian, Botezatu, Mihai Alexandru, Hosszu, Alexandra, Simionescu, Liliana Nicoleta·2020·Sustainability
DOI 10.3390/su12010347
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Abstract

Small and medium-sized enterprises (SMEs) are crucial for local economic development, playing a noteworthy role in job creation, poverty alleviation and economic growth, but they encounter many funding barriers. The purpose of the current paper is to investigate the impact of investments and innovation on territorial economic growth, as measured by turnover, for Romanian active enterprises, especially SMEs, over the period 2009–2017. By estimating several log–log linear regressions, the quantitative outcomes provide support for a positive influence of investments on turnover. The association was confirmed both for all active enterprises at the national level, as well as for micro, small, middle-sized and big companies. As regards expenditures on innovation, a positive impact on turnover was acknowledged for all enterprises and particularly for big companies, but there was an absence of any statistically significant relation in the case of SMEs. The impact of firm size on turnover was positive for all active enterprises at the national level, along with active micro-units. Also, the estimation results show a positive impact of the number of active micro-units on territorial economic growth. The empirical findings are relevant to managers and policymakers in order to stimulate, encourage and offer support to SMEs’ development through their strategies.

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Metadata

Authors
Gherghina, Ș. C., Botezatu, M. A., Hosszu, A., & Simionescu, L. N.
Venue
Sustainability
Publisher
MDPI AG
Published
2020-01-01
Volume
12
Issue
1
Pages
347
ISSN
2071-1050 (ISSN-L)
DOI
10.3390/su12010347
OpenAlex
W2997411915
Cited by
540
References
2
FWCI
54.35
Type
journal article
Language
en
Open access
gold
Licence
creativecommons.org/licenses/by/4.0/ (vor)

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Gherghina, Ș. C., Botezatu, M. A., Hosszu, A., & Simionescu, L. N. (2020). Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation. Sustainability. https://doi.org/10.3390/su12010347

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