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Newsletter Observatory n.36

Newsletter Observatory n.36

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Published by Maura Albanesi

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Published by: Maura Albanesi on Mar 28, 2012
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02/24/2015

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Issued by Academy Avignon of Crafts and SMEs in Europe
OBSERVATORY ON EUROPEANRESEARCH FOR CRAFTS AND SMEs
The Observatory on the European Research for Crafts and SMEs
 was set up by the Academy Avignon of Crafts andSMEs in Europe, based in Brussels. Its mission is to monitor the results of research on Craft and SMEs carried out in Europe by several bodies e.g. research centres, universities, the EC agencies. The Observatory diffuses the results to Craftsand SME organizations and the other relevant stakeholders.
Author(s):
 
Marianna Caccavaio , Jacopo Carmassi, Giorgio Di Giorgio ,MarcoSpallone (University of Luiss
)
 
MAIN CONTENTS IN THIS ISSUE
SMES AND THE CHALLENGE TO GO PUBLIC: EVIDENCE FROM A RECENTSURVEY
 
NEWSLETTER
LINK 
SUMMARY
(EN)
Italian SMEs go public much less than SMEs located in other European countries, eventhough their relevance for the national economy is relatively higher in terms of employment and value added. Why do Italian SMEs so scarcely rely on equity as anexternal source of finance, despite the option of getting listed on SME-dedicated stock market segments? In this paper the authors address this question by analyzing theresponses to a questionnaire that they submitted to a sample of listed firms andinstitutional investors. The authors also suggest policy interventions to provide ItalianSMEs with the appropriate incentives for listing.
 
1- SMEs and the challenge to go public: evidence from a recent survey;
by
 
Marianna Caccavaio, Jacopo Carmassi, Giorgio Di Giorgio,Marco Spallone.
2
-
The Impact of International Research Joint Ventures on SMEs Performance;
by
 
Barajas, A., Huergo , E., Moreno, L.
 
3-
 Do local financial and legal systems affect SMEs capital structure? 
by
 
Mariarosaria Agostino , Maurizio La Rocca ,Tiziana La Rocca ,Francesco Trivieri.
 
MARCH 2012/N.36
1
 
SUMMARY
(EN)
This note investigates the role of institutional differences at the local level asdeterminants of firms' capital structure. Specifically, its aim is to empirically assesswhether and to what extent SMEs' financial decisions are affected by local financialdevelopment “ evaluating this influence both ceteris paribus, and by allowing it to beconditional on different levels of legal enforcement inefficiency. Controlling for debtinertia, firms' heterogeneity and endogeneity problems, the authors find that localfinancial development may be an important determinant of SMEs' capital structure, andthat firms appear to have better access to financial debt in areas characterized by ahigher quality of the legal system. Thus, despite the international process of capitalmarkets integration, local financial institutions do not seem to become irrelevant forSMEs, which are in need of well developed institutions at local level to gain easieraccess to external financial resources.
LINK 
DO LOCAL FINANCIAL AND LEGAL SYSTEMS AFFECT SMES CAPITALSTRUCTURE?
Author(s):
Mariarosaria Agostino , Maurizio La Rocca , Tiziana La Rocca ,FrancescoTrivieri
(
)
 
LINK 
SUMMARY
(EN)
The objective of the present study is to analyse the effect of technological cooperationon SMEs performance consideringtwo dimensions: technological and economic results.For that purpose, we use a data set containing information about participants in research joint ventures supported by the SME-specific measures of the sixth Framework Programme. Empirical evidence corroborates a direct and positive impact ontechnological assets of participants. On the part of the economic indicators, EBITDAper employee and sales are positively influenced by the improvement of technologicalbackground. The same results are found for productivity. All those effects are effectivein the medium term, confirming that SMEs use to be involved in market-oriented R&Dprojects.
Author(s):
Barajas, A., Huergo , E., Moreno, L
. (
Department of Impact Analysis,CDTI, Madrid; GRIPICO -Department of Economic Analysis, UniversidadComplutense de Madrid
 
) .
 
THE IMPACT OF INTERNATIONAL RESEARCH JOINT VENTURES ON SMESPERFORMANCE
2
 
UEAPME
EU SME business climate: stabilisation at a low level
 
Uncertainty dominates SMEs’ behaviour, Business Climate Index at 70.5
 
“The picture painted by our last Barometer is far from being rosy. The decrease in SMEs expecting an upturn, the dramatic decline of output-related indicators and the quite negative forecasts for the next months all seem to suggest that small businesses in Europe are in ‘wait and see’ mode and that a mild recession is actually already underway” 
.
Gerhard Huemer
,
Director of the UEAPME Study Unit, which issues the “Craft and SME Barometer” twice a yearprior to the European summits in the spring and in the autumn.
Link 
(EN) 15/02/2012 -
The Guardian
"The idea of getting more SMEs into the government's roster of suppliersranks somewhere alongside kittens and rainbows in terms of popularity. Butit's easier said than done – central government IT continues to be dominatedby the usual suspects."
(EN) 15/02/2012 -
The Guardian
By Jill Treanor"The government is facing calls to bolster credit to small business amid fearsthat the £20bn of credit easing being promised by the chancellor will not beenough on its own to get loans flowing."
3

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