Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia

Bruce Leo Dwyer; Bernice A Kotey

Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia

Bruce Leo Dwyer
, Bernice A Kotey

Research output: Chapter in Book/Report/Conference proceeding › Chapter › Research

Abstract

Lack of access to finance presents a major setback to development of the SME sector in Australia (Xiang et al., 2011). Nonetheless, there is general contention that the problems that hinder SME access to finance emanate from the demand side (North et al., 2010; Vos et al., 2007; Beck & Demirguc-Kunt, 2006). It is posited that SMEs have a pecking order of preference for external finance; they prefer internal equity to debt and debt to external equity, and rarely use external equity (Myers & Majluf, 1984; Berger & Udell, 1998; Myer, 2001; Lemmon & Zender, 2010). This position notwithstanding, there is evidence of an increasing and unmet demand for external equity by the bigger end of the SME sector.

Original language	English
Title of host publication	SMEs in the Digital Economy: Surviving the Digital Revolution
Editors	Bernice Kotey, Tim Mazzarol, Delwyn Clark, Tui McKeown, Martina Battisti
Place of Publication	Prahran, Australia
Publisher	Tilde University Press
Pages	64-79
Edition	1
ISBN (Print)	9780734612311, 9780734621573
Publication status	Published - 31 Dec 2015

Publication series

Name	SEAANZ Research Book Series

Keywords

Entrepreneurship
Small Business Management
Financial Institutions (incl Banking)

Access to Document

https://hdl.handle.net/1959.11/17908

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Dwyer, B. L., & Kotey, B. A. (2015). Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia. In B. Kotey, T. Mazzarol, D. Clark, T. McKeown, & M. Battisti (Eds.), SMEs in the Digital Economy: Surviving the Digital Revolution (1 ed., pp. 64-79). (SEAANZ Research Book Series). Tilde University Press. https://hdl.handle.net/1959.11/17908

Dwyer, Bruce Leo ; Kotey, Bernice A. / Financing SMEs in the digital economy : Barriers to public equity funding from the National Stock Exchange of Australia. SMEs in the Digital Economy: Surviving the Digital Revolution. editor / Bernice Kotey ; Tim Mazzarol ; Delwyn Clark ; Tui McKeown ; Martina Battisti. 1. ed. Prahran, Australia : Tilde University Press, 2015. pp. 64-79 (SEAANZ Research Book Series).

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abstract = "Lack of access to finance presents a major setback to development of the SME sector in Australia (Xiang et al., 2011). Nonetheless, there is general contention that the problems that hinder SME access to finance emanate from the demand side (North et al., 2010; Vos et al., 2007; Beck \& Demirguc-Kunt, 2006). It is posited that SMEs have a pecking order of preference for external finance; they prefer internal equity to debt and debt to external equity, and rarely use external equity (Myers \& Majluf, 1984; Berger \& Udell, 1998; Myer, 2001; Lemmon \& Zender, 2010). This position notwithstanding, there is evidence of an increasing and unmet demand for external equity by the bigger end of the SME sector.",

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Dwyer, BL & Kotey, BA 2015, Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia. in B Kotey, T Mazzarol, D Clark, T McKeown & M Battisti (eds), SMEs in the Digital Economy: Surviving the Digital Revolution. 1 edn, SEAANZ Research Book Series, Tilde University Press, Prahran, Australia, pp. 64-79. <https://hdl.handle.net/1959.11/17908>

Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia. / Dwyer, Bruce Leo; Kotey, Bernice A.
SMEs in the Digital Economy: Surviving the Digital Revolution. ed. / Bernice Kotey; Tim Mazzarol; Delwyn Clark; Tui McKeown; Martina Battisti. 1. ed. Prahran, Australia: Tilde University Press, 2015. p. 64-79 (SEAANZ Research Book Series).

Research output: Chapter in Book/Report/Conference proceeding › Chapter › Research

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T1 - Financing SMEs in the digital economy

T2 - Barriers to public equity funding from the National Stock Exchange of Australia

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AU - Kotey, Bernice A

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Y1 - 2015/12/31

N2 - Lack of access to finance presents a major setback to development of the SME sector in Australia (Xiang et al., 2011). Nonetheless, there is general contention that the problems that hinder SME access to finance emanate from the demand side (North et al., 2010; Vos et al., 2007; Beck & Demirguc-Kunt, 2006). It is posited that SMEs have a pecking order of preference for external finance; they prefer internal equity to debt and debt to external equity, and rarely use external equity (Myers & Majluf, 1984; Berger & Udell, 1998; Myer, 2001; Lemmon & Zender, 2010). This position notwithstanding, there is evidence of an increasing and unmet demand for external equity by the bigger end of the SME sector.

AB - Lack of access to finance presents a major setback to development of the SME sector in Australia (Xiang et al., 2011). Nonetheless, there is general contention that the problems that hinder SME access to finance emanate from the demand side (North et al., 2010; Vos et al., 2007; Beck & Demirguc-Kunt, 2006). It is posited that SMEs have a pecking order of preference for external finance; they prefer internal equity to debt and debt to external equity, and rarely use external equity (Myers & Majluf, 1984; Berger & Udell, 1998; Myer, 2001; Lemmon & Zender, 2010). This position notwithstanding, there is evidence of an increasing and unmet demand for external equity by the bigger end of the SME sector.

KW - Entrepreneurship

KW - Small Business Management

KW - Financial Institutions (incl Banking)

UR - http://trove.nla.gov.au/version/215312475

M3 - Chapter

SN - 9780734612311

SN - 9780734621573

T3 - SEAANZ Research Book Series

SP - 64

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BT - SMEs in the Digital Economy: Surviving the Digital Revolution

A2 - Kotey, Bernice

A2 - Mazzarol, Tim

A2 - Clark, Delwyn

A2 - McKeown, Tui

A2 - Battisti, Martina

PB - Tilde University Press

CY - Prahran, Australia

ER -

Financing SMEs in the digital economy: Barriers to public equity funding from the National Stock Exchange of Australia

Abstract

Publication series

Keywords

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