Resumo

GUERCIO, M. Belén; VIGIER, Hernán P.; BRIOZZO, Anahí  e  MARTINEZ, Lisana B.. Financing SME in the software and informatics services sector in Argentina. Cuad. Econ. [online]. 2016, vol.35, n.69, pp.615-635.  Epub 17-Jul-2016. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v35n69.46654.

This paper studies the structure of financing of small and medium enterprises in the subsector of Software and Information Services (SIS) in Argentina, and compares the latter with SMEs in the industrial sector for the years 2006 and 2010. The results show the prevalence of self-financing for all the companies analyzed, demonstrating a greater reliance on this source of funding for the SIS subsector. In terms of external funding, particularly for fixed assets, there is a difference between the two sectors analyzed: the SSI firms employ operating liabilities as a primary source of funds (customers and suppliers). In contrast, industrial firms resort to financial institutions. These results align with the predictions of the Pecking Order Hypothesis and with Financial Growth Cycle.

JEL: G32, L26, M13, O30.

Palavras-chave : Technological Based Small Firms (TBSFs); SMEs financing; financial structure.

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