<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462021000200004</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i2.535</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Financial constraint and foreign direct investment of SMEs: evidence from Portugal]]></article-title>
<article-title xml:lang="es"><![CDATA[Restricción financiera e inversión extranjera directa de las PYME: evidencia de Portugal]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Dias]]></surname>
<given-names><![CDATA[Isabel Maria Machado Correia Brioso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fernandes]]></surname>
<given-names><![CDATA[Diana Santos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Minho  ]]></institution>
<addr-line><![CDATA[Braga ]]></addr-line>
<country>Portugal</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000200004&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000200004&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000200004&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This work aims to explore the financing constraints perceived by Portuguese small and medium-sized enterprises (SMEs) carrying out productive foreign direct investment (FDI). It relies on primary data, presenting an explorative empirical analysis. The results evidence a strong dependence on internal funds and give little support to market failures in financing FDI, as no remarkable differences were found in financing constraints between domestic and foreign investments, but this reluctance of Portuguese SMEs towards external financing does not match with a willingness to open the social capital to new shareholders. Portuguese entrepreneurs lack knowledge of alternative financing sources to relieve dependence on domestic funds to FDI. Banks and government could relevantly contribute in this field, we also recommend further financial literacy in Portguese SMEs. This work is limited by its sample and qualitative nature. Although there is abundant literature on the access to economic agents' financing, to this day this work is the first to focus on Portuguese SMEs analysing primary data, hence its originality. Reporting SMEs&#8217; reluctance towards external financing, it can enhance external financers to best capture such clients.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo intenta explorar las limitaciones de financiación percibidas por las pequeñas y medianas empresas (PYMES) portuguesas que realizan inversiones directas extranjeras (IED) productivas. Se basa en datos primarios y presenta un análisis empírico exploratorio. Los resultados demuestran una fuerte dependencia de los fondos internos y ligero énfasis en las deficiencias del mercado en la financiación de la IED, no reportando diferencias notables en las limitaciones de financiación entre las inversiones nacionales y extranjeras, pero esta renuencia de las PYMES portuguesas a la financiación externa no se corresponde con la voluntad de abrir el capital social a nuevos accionistas. Los empresarios portugueses no conocen alternativas para aliviar la dependencia de los fondos nacionales a la IED. Los bancos y el gobierno podrían contribuir en este campo, también recomendamos una mayor alfabetización financiera en las PYMES portuguesas. Este trabajo está limitado por su muestra y su naturaleza cualitativa. Aunque existe abundante literatura sobre el acceso a la financiación de los agentes económicos, hasta el día de hoy este trabajo es el primero que se centra en las PYMES portuguesas a través de datos primarios, de ahí su originalidad. Al informar sobre la reticencia de las PYMES a la financiación externa, puede mejorar la capacidad de los financiadores externos en captar esos clientes.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[SMEs]]></kwd>
<kwd lng="en"><![CDATA[FDI]]></kwd>
<kwd lng="en"><![CDATA[financial constraints]]></kwd>
<kwd lng="en"><![CDATA[internationalization]]></kwd>
<kwd lng="es"><![CDATA[PYME]]></kwd>
<kwd lng="es"><![CDATA[IED]]></kwd>
<kwd lng="es"><![CDATA[restricciones financieras]]></kwd>
<kwd lng="es"><![CDATA[internacionalización]]></kwd>
</kwd-group>
</article-meta>
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