Abstract

ALBUQUERQUE, Fabio; QUIROS, Joaquín Texeira  and  JUSTINO, Rosário. Are the cultural accounting values a relevant issue for the SMEs' financing options?. Contad. Adm [online]. 2017, vol.62, n.1, pp.279-298. ISSN 0186-1042.  https://doi.org/10.1016/j.cya.2016.04.004.

This paper aims to examine the financing options of the managers/owners of SMEs (small and medium-sized companies) from a point of view that incorporates cultural values, namely, conservatism and secrecy. Data were collected with the use of a questionnaire conducted for managers/owners of a sample of 1629 Portuguese SMEs, and with the use of accounting and financial information from the period 2009 to 2011. 438 managers/owners provided valid answers, corresponding to a response rate of 27%. Using multivariate regression techniques as a basis, the results showed that a significant number of managers/owners supported the negative relationship between conservatism/secrecy and the business financing options associated with a higher risk (debts with costs). The results also showed that a more significant number of managers/owners of national SMEs choose sources of financing in light of the pecking order theory.

Keywords : Conservatism; Financing; Secrecy; SMEs; G32.

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