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The spatial role in the SMEs’ financial ratios dynamic . An empirical application in Murcia

The spatial role in the SMEs’ financial ratios dynamic . An empirical application in Murcia. 6 th Seminar Jean Paelinck Madrid , 18-19 th October , 2013 Universidad Autónoma de Madrid. Mariluz Maté (Universidad Politécnica de Cartagena) Jesús Mur (Universidad de Zaragoza)

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The spatial role in the SMEs’ financial ratios dynamic . An empirical application in Murcia

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  1. The spatial role in the SMEs’ financial ratios dynamic. An empirical application in Murcia 6thSeminar Jean PaelinckMadrid, 18-19thOctober, 2013 Universidad Autónoma de Madrid MariluzMaté(Universidad Politécnica de Cartagena) Jesús Mur (Universidad de Zaragoza) Fernando López(Universidad Politécnica de Cartagena)

  2. Problem and objectives. Result Financial ratios of the companies converge towards target values represented by the industrial averages, due to: • Active forces, reflected by manager decisions: capacity to decide. • Passive forces, due to market conditions: access to information. This is true for Large companies but Small and Medium Enterprises (SMEs) are subject to severe restrictions to obtain financing. Moreover, they have limited access to information. Hypothesis SME are more dependent on local conditions to obtain financing and to define target values. There are spatial elements in the financial strategy of SMEs. • Do SMEs verify the Partial Adjustment hypothesis derived from active and passive forces? • Are local conditionsimportant in thissetting? technique A Partial Adjustment model, with spatial interaction elements, is estimated using panel data on 104 SME’s located in the area of Cartagena (Murcia)

  3. Especification Partial adjustment model (large companies) The target istheaverage ratio fortheindustry Partial adjustment model (smes companies) The target is a unitarycombination of theaverage ratio fortheindustry and that of theneighbors

  4. Application 104 SME companies, for the period 2004-2011. They are companies classified as of medium to high technology, located in the area of Cartagena (Murcia). Municipalities and companies in thesample PROVINCE OF MURCIA

  5. Application: Data

  6. Application: Results Current-ratio (CU)

  7. Application: Results Equity-ratio (EQ)

  8. Application: Results Net-ratio (PR)

  9. Findings • Thisisonlyanongoingresearch. • To be honest, provisional results are notveryencouraging. There are symptoms of misspecification. • Apparently, local context plays a minor role as driving factor for the convergence process in SMEs. • The industrial target appearsto be more important. • Thenumber of companies/municipalitiesmust be increased.

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