This study aims to present a comprehensive literature review on the topic of innovative small and medium enterprises (SMEs) access to finance. Innovative small and medium-sized enterprises have peculiarities that are reflected in their choices about sources of financing, so that main traditional theories on financial structure of firms are often not applicable. The so-called alternative finance can mitigate these difficulties, just as the intervention of operators specialized in the financing of such enterprises can facilitate the raising of capital. The aim of this article is to conduct an in-depth examination of the main theories related to the problems of innovative firms’ financing and to propose future directions for research advancement. In particular, the focus is on the most recent literature, in the period 2012-2022. We use a systematic literature review approach; it is a type of research synthesis that can be used to create an overview of the state of the art of research on a specific topic (Dewey, A. & Drahota, A. 2016). The results of our analysis highlight the persistence of the main constraints traditionally consolidated by the literature with respect to access to finance for innovative firms, even if some elements, such as firm’scommitment to sustainability, could partly mitigate these difficulties. Moreover, aregulatory environment that encourages investment in innovative companies isundoubtedly favourable.The value of our paper can be traced in the systematization of the most recent literatureon innovative firms financing.

Financing innovative SMEs: has any progress been made?

Loris Nadotti
2023

Abstract

This study aims to present a comprehensive literature review on the topic of innovative small and medium enterprises (SMEs) access to finance. Innovative small and medium-sized enterprises have peculiarities that are reflected in their choices about sources of financing, so that main traditional theories on financial structure of firms are often not applicable. The so-called alternative finance can mitigate these difficulties, just as the intervention of operators specialized in the financing of such enterprises can facilitate the raising of capital. The aim of this article is to conduct an in-depth examination of the main theories related to the problems of innovative firms’ financing and to propose future directions for research advancement. In particular, the focus is on the most recent literature, in the period 2012-2022. We use a systematic literature review approach; it is a type of research synthesis that can be used to create an overview of the state of the art of research on a specific topic (Dewey, A. & Drahota, A. 2016). The results of our analysis highlight the persistence of the main constraints traditionally consolidated by the literature with respect to access to finance for innovative firms, even if some elements, such as firm’scommitment to sustainability, could partly mitigate these difficulties. Moreover, aregulatory environment that encourages investment in innovative companies isundoubtedly favourable.The value of our paper can be traced in the systematization of the most recent literatureon innovative firms financing.
2023
978-88-31205-32-0
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11391/1578493
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