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Management 81
ISSN 1820-0222
ISSN 2406-0658 (Online)
SMEs Inovation and Growth in EU

 

UDC: 005.591.61 ; 005.52:330.322(4-672EU)

DOI: 10.7595/management.fon.2012.0022

 

The focus of this paper is the analysis of the most important factors for SMEs’ performance, survival and growthin EU. The main objective is to consider what determines the potential failure of young companies to innovate and grow. The importance for new, young and thus often still small firms to introduce innovations and grow is commonly claimed. Therefore, factors that would inhibit these small, young companies to achieve their goals can have a huge public impact. The research results show that the age of the firm (which reflects its reputation) is important to the degree to which the firm feels financially constrained. Also, finance barriers can be associated with the market failure. Risk and informational asymmetries create capital market imperfections and a firm’s lack of reputation and collateral become crucial elements. Conclusions reveal that the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments require capital and therefore access to finance. Recent policy initiatives aim at improving the financial environment for European entrepreneurial activity and, more specifically, at supporting newly-founded innovative firms in order to increase their global competitiveness and spur innovation.

Keywords: SMEs, financing, innovation, growth.

 

Elena Veselinova, Marija Gogova Samonikov

Faculty of Economics, Goce Delcev University, Stip, Macedonia

 

Download article: SMEs Inovation and Growth in EU

 

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