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ID: <

oai:doaj.org/article:0aa79018331249a8bdedc43b0a2dbf36

>

·

DOI: <

10.15446/innovar.v24n53.43922

>

Where these data come from
Access to finance in Colombian SMEs: a look at its financial indicators

Abstract

An analysis of the sources of funding used by Colombian SMEs and their relationship with financial management indicators is presented, with the aim of identifying some of the causes that may be giving rise to problematic situations in their performance. A quantitative, explanatory, non-experimental, longitudinal, exploratory and correlational research was carried out; the population consisted of 4.168 Colombian SMEs reporting their financial statements to the Superintendencia de Sociedades in the period 2004-2009. The results show that SMEs are mainly financed by own resources, to a lesser extent by short-term liabilities and in a low proportion with long-term liabilities, following a pattern similar to that explained by the pecking order theory; also, statisticians suggest significant constraints to generate revenues and attract sources of funding that strengthen their performance. The indicators of liquidity, efficiency and profitability show an unfavourable situation for the sector, hampering the raising of new resources. Finally, the correlation analysis shows that efficiency indicators in business management are the most significantly associated with access to external sources of finance for organisations.

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