Abstract

GUERCIO, M. Belén; MARTINEZ, Lisana B.  and  VIGIER, Hernán. Limitations to bank financing of high-tech SMEs. estud.gerenc. [online]. 2017, vol.33, n.142, pp.3-12. ISSN 0123-5923.  https://doi.org/10.1016/j.estger.2017.02.001.

The aim of this paper is to analyze whether the technological intensity level associated with the company affects financial access. The methodology applied is an ordered logit model considering a set of variables such as company size, age, export capacity and technological intensity associated to the company's sector. The results show that the technological intensity of the company turns out to be the variable that most affects the probability of financing itself in the banking sector. This conclusion is relevant to Argentina, given that, if compared to others emerging markets, SMEs do not have alternative instruments to bank financing suitable to the characteristics of high technological SMEs.

Keywords : Financing; Technology-based SMEs; Emerging markets; Ordered logit..

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