Download or read book Access to Capital of Small and Medium sized Enterprises in the Brazilian Service Sector written by Victor Motta and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Small and Medium-Sized Enterprises (SMEs) in the service sector, such as hotels, are in the forefront of economic policy in Brazil, playing critical role in economic growth as they are a large source of employment and income generation. However, several obstacles prevent SMEs from expanding their activities since the lack of adequate access to capital hinders SMEs from being competitive. A possible reason for this limited access to capital may be the presence of information asymmetry between borrowers and lenders. To offset the information asymmetry between financial institutions and SMEs, the availability of lending technologies such as personal collateral, fixed-asset business lending and financial statement lending, may signal banks the availability of higher-quality projects, helping reveal risk profile of SMEs in order minimize default in loan contracts and reduce information asymmetry between SMEs and banking institutions. The purpose of this study was to investigate the impact of lending technologies on: 1) access to capital and 2) the size of loan contracts in the Brazilian credit market, broadly focusing on SMEs in the service sector, and more specifically, on the hospitality industry. More specifically, it aimed to investigate the impact of lending technologies, such as pledging personal and business fixed assets as collateral and financial statement lending on both the likelihood of obtaining bank loans and the size of loan contracts. Using data from the World Bank Enterprise Surveys, this study conducted logit and ordinary least squares (OLS) analyses to investigate the proposed research aims. The results of this study suggested that both fixed asset lending, such as business and personal collateral, and financial statement lending are important components for service and hotel SMEs to the increase of both the likelihood of access to capital and the size of loan contracts. Hotel SMEs are also more likely to obtain access to capital than other SMEs in the service sector. In addition, this study found significant evidence suggesting that larger and older SMEs are not only more likely to have access to capital, but these businesses also obtain greater loan values. Differences in ownership type, bank and gender effects were also shown to have a significant impact on access to capital.
Download or read book High Growth SMEs and the Availability of Private Equity and Venture Capital in Brazil written by Leonardo L. Ribeiro and published by . This book was released on 2013 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and medium-sized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures.
Download or read book Small Business in Brazil written by Maria Alejandra Caporale Madi and published by Nova Science Publishers. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the current global scenario, business dynamics suffered deep transformations as a result of new patterns in wealth accumulation around the world. In this context, profit-seeking strategies have stimulated the re-organization of companies with the objective of creating global competitive advantages. In the Brazilian scenario, the vulnerability of small businesses has been put into question. Indeed, small businesses have specific competitive features that restrict the level and continuity of its activities, such as lack of capital and technical knowledge. Considering this background, this book is guided to answer the following research questions: 1. Why do some micro and small businesses succeed in improving their performance while others do not? 2. What are the critical success factors that facilitate the increase in productivity, assets and employment? 3. How does the micro and small business' growth unfold? There is undoubtedly the need to open up the discussion of some neglected aspects that will certainly broaden analytical perspectives, in both economic and social dimensions. The aim of this book is to apprehend the challenges of small business dynamics in order to rethink policies that could favor strong bridges between entrepreneurs, government and financial institutions toward economic growth and social inclusion. Chapter 1 refers to the global background where challenges and policies in the micro and small business sector are considered, including countries such as India, China, Russia and South Africa. Chapter 2 presents the recent evolution of the Brazilian entrepreneur and the performance of micro and small business in order to focus the outcomes of the global financial crisis and the current entrepreneurial concerns, taking into account the manufacturing, commerce and services sectors. Chapter 3 highlights a discussion on the concept of small business sustainability in order to analyze the factors that have affected the resilience of micro and small firms in the recent Brazilian trajectory. Chapter 4 presents the financial challenges to micro and small firms in the context of financialization. Chapter 5 deepens the understanding on challenges of micro and small firms, including management trends, labor qualification, innovation and exports, besides networking and clustering. Finally, the conclusion presents a prospective analysis on the Brazilian micro and small business sector in the near future and proposes a set of measures for enhancing a policy agenda toward small business sustainability.
Download or read book Brazil s State Owned Enterprises written by Thomas J. Trebat and published by Cambridge University Press. This book was released on 1983-08-31 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic role of the state; Origins of public enterprise in Brazil; The control of public enterprise in Brazil; Relationship with economic growth; Sources of growth and rates of return; Policies on pricing; The financing of public enterprise investment.
Download or read book Access to Financial Services in Brazil written by Anjali Kumar and published by World Bank Publications. This book was released on 2005 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an increasing awareness that access to financial services can contribute to economic growth and poverty reduction. This study focuses on the delivery of financial services in Brazil, one of the world's most important emerging financial markets. It examines different aspects of financial service provision, and explores approaches to address problems of financial exclusion. Topics discussed include: microfinance schemes; private banking; rural finance systems; institutional infrastructure; and the role of government policy.
Download or read book Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises written by Denis Forte and published by . This book was released on 2016 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research investigates the determinants of the capital structure of small and medium enterprises (SMEs) using a unique database that includes over 19,000 Brazilian firms and spans 13 years of data. The econometric analysis employs the System Generalized Method of Moments estimator (GMM-Sys) and two strong results emerge: (a) profitability is negatively related to leverage, and (b) asset growth is positively related to leverage. Both results are consistent with the pecking order theory of capital structure and suggest that SMEs tend to finance their expansion with debt only after exhausting their internal resources. Additionally, we find weaker evidence for the following: (a) size is positively related to leverage, which can be interpreted as evidence that larger firms have more access to credit markets; (b) riskier SMEs tend to be less financially leveraged, consistent with the bankruptcy cost arguments from trade-off theories; and (c) the age of the firm is negatively related to financial leverage, suggesting that older SMEs may be slightly more conservative in their financing choices.Finally, the magnitude of the coefficient of lagged leverage shows the high persistence of this variable and is compatible with the hypothesis that SMEs adjust their debt/equity ratio towards a target value, although at a low speed.
Download or read book The Promise of Small and Medium Enterprises written by Ana Arroio and published by Taylor & Francis. This book was released on 2018-10-24 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: This series of books brings together results of an extensive research programme on aspects of the national systems of innovation (NSI) in the five BRICS countries — Brazil, Russia, India, China, and South Africa. It provides a comprehensive and comparative examination of the challenges and opportunities faced by these dynamic and emerging economies. In discussing the impact of innovation with respect to economic, geopolitical, socio-cultural, institutional, and technological systems, it reveals the possibilities of new development paradigms for equitable and sustainable growth. This volume, third in the series, looks at the relationship between small and medium enterprises (SMEs) and the National Systems of Innovation in the BRICS countries. It brings to fore crucial issues in the evolution and future trends of industrial or innovation policies for small firms: their scope, applicability, co-ordination, and main results, as well as the influence of macroeconomic, legal and regulatory environments. Taking into account the specificities and complexities of SMEs’ production and innovation systems, it seeks to inform research, policy design and implementation in the field. Original and detailed data, together with expert analyses on wide-ranging issues, make this book an invaluable resource for researchers and scholars in economics, development studies and political science, in addition to policy makers and development practitioners interested in the BRICS countries.
Download or read book The DISAM Journal of International Security Assistance Management written by and published by . This book was released on 2003 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book General Conditions to Stimulate Job Creation in Small and Medium sized Enterprises written by and published by International Labour Organization. This book was released on 1997 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is concerned with policies, strategies, and programs for the creation of sustainable and productive jobs in small and medium-sized enterprises. It reviews the general characteristics, potential, and problems of the small and medium enterprise sector, provides an overview of recent employment trends and reviews data on qualitative aspects of small and medium enterprise employment, including working conditions, safety and health, and terms of employment. It also summarizes international experience to date in creating an enabling environment for growth and development, analyzes the services, institutions, and programs which support the emergence of a competitive and growing small and medium enterprise sector, provides an overview of international labor standards as they apply to this sector, and surveys the roles of governments, employers' and workers' organizations and other actors in small and medium enterprise promotion.
Download or read book Exporting Services written by Arti Grover Goswami and published by World Bank Publications. This book was released on 2011-11-15 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through country case studies as well as econometric analysis, this book attempts to identify the factors that have helped developing countries succeed in exporting services. It examines strategies that have been successful as well as those that have not delivered expected results..
Download or read book International Handbook on Industrial Policy written by P. Bianchi and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely and much-needed Handbook reconsiders an old topic from a fresh perspective, raising a number of new, interesting and worthwhile issues in the wake of ten years of globalization. This comprehensive analysis illustrates that old-style industrial policies whereby the government directly intervened in markets, and was often the producer itself, are no longer relevant. Structural changes occurring in economies summarized in the term globalization are triggering the definition and implementation of new industrial policies. The contributors, leading experts in their field, unite to evaluate this shift of over a decade ago. Employing various empirical and methodological approaches with a strong theoretical underpinning, this world-wide study of the state-of-the-art of industrial policy issues is an invaluable reference tool. It has been enthusiastically received by a wide-ranging audience including scholars, researchers and policy makers with an interest in industrial economics and policy, business studies and policies for growth, competitiveness and development.
Download or read book Meeting the Employment Challenge written by Janine Berg and published by International Labour Organization. This book was released on 2006 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arguing that economic policies in Argentina, Brazil, and Mexico favor markets over institutions and the international economy over the domestic - to the detriment of the workforce in those countries - this publication presents extensive evidence in support of placing employment concerns at the center of economic and social policies. The authors discuss the challenges the three countries face in creating employment, as well as the evolution of the labor market since 1990 in terms of the quantity and quality of jobs. They then explore the impact of five policy areas on employment creation: macroeconomic policy, trade liberalization, foreign direct investment, labor market regulations and policies, and social dialogue. Their concluding recommendations offer concrete steps for balancing market forces and policy intervention in the interest of employment growth in a sound economy
Download or read book Brazil Country Program Evaluation FY2004 11 written by The World Bank and published by World Bank Publications. This book was released on 2014-11-04 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over 2004-11, the World Bank Group program in Brazil aimed to support to government in achieving greater equity, sustainability, and competitiveness. IEG judges the outcome of the Bank Group program as moderately satisfactory, with some important variability across themes.
Download or read book Connecting China Latin America and the Caribbean written by Enrique Dussel Peters and published by University of Pittsburgh Press. This book was released on 2024-02-13 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: A long history of migration, trade, and shared interests links China to Latin America and the Caribbean. Over the past twenty years, China has increased direct investment and restructured trade relations in the region. In addition, Chinese public sector enterprises, private companies, and various branches of the central government have planned, developed, and built a large number of infrastructure projects in Latin America and the Caribbean, such as dams, roads, railways, energy grids, security systems, telecommunication networks, hospitals, and schools. These projects have had a profound impact on local environments and economies and help shape the lived experiences of individuals. Each chapter in this volume examines how the impact of these infrastructure projects varies in different countries, focusing on how they produce new forms of global connectivity between various sectors of the economy and the resulting economic and cultural links that permeate everyday life.
Download or read book MENA Trade Investment in the New Economy written by Raed Safadi and published by American Univ in Cairo Press. This book was released on 2003 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an insightful analysis of the challenges and opportunities facing t he Middle East and North Africa countries in the light of multilateral and regional negotiations. Based on papers by a number of distinguished trade specialists from the region, and presented at the Fourth Mediterranean Development Forum, the volume highlights related tensions and tradeoffs, and proposes some policy directions to maximize on the potential gains from trade and FDI in the context of the new economy.
Download or read book Brazil s Early Urban Transition written by George Martine and published by IIED. This book was released on 2010 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
