Size and financing of external growth strategies among small and medium enterprises

IF 3.4 3区管理学 Q2 MANAGEMENT

European Management Review Pub Date : 2024-07-05 DOI:10.1111/emre.12666

Ludivine Chalençon, Alain Marion

引用次数: 0

Abstract

This research analyzes the effects of size on the financial decisions of unlisted small‐ and medium‐sized enterprises (SMEs) engaged in external growth. Among 259 French SMEs that undertook external growth investments, this effort accelerated their growth trajectories when they were able to overcome financial constraints specific to their size. Despite the resulting loss of control, financing of external growth thus requires equity raising. In the specific context of consolidating sectors, in which increasing size is vital, operations can be financed partly by share‐based payments. In this way, targets' owners remain shareholders and benefit from the improved performance brought about by consolidation.

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中小企业外部增长战略的规模和融资情况

本研究分析了规模对参与外部增长的非上市中小型企业财务决策的影响。在 259 家进行外部增长投资的法国中小型企业中，当它们能够克服其规模所特有的财务限制时，这种努力就会加速它们的增长轨迹。尽管因此失去了控制权，但外部增长的融资仍需要股权融资。在行业整合的特殊背景下，规模的扩大至关重要，因此可以通过股份支付为业务提供部分资金。这样，目标公司的所有者仍然是股东，并从合并带来的业绩改善中获益。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Management Review MANAGEMENT-

CiteScore

7.20

自引率

13.50%

发文量

期刊介绍： The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.