This volume, originally published in 1995, examines the mechanisms by which businesses that have the capacity to grow – whether in terms of output, innovation or export – acquire the cash that enables growth. Addressing an issue of central importance to the competitiveness of firms and economies, this book draws together research by leading academics in the area. Throughout, research studies develop the themes of market failure, finance gaps and failure of demand. They also bring out the linkages between the financing choices facing the growing firm and the issues of organisation and of corporate governance that have to be address during the process of growth and maturity. Contributors challenge financial orthodoxy throughout, providing coherent analyses of the difficulties faced in the finance of the growing enterprise, from its early dependence on banks and informal finance to the pinnacle of a stock exchange listing.
Table of Contents
1. Introduction Roger Buckland and Edward W. Davis 2. Market Failures in the Provision of Finance and in Business services for Small and Medium-Sized Enterprises Tony Bovaird, Les Hems and Mike Tricker 3. Bank Finance for Growing Small Businesses Martin R. Binks and Christine T. Ennew 4. Small Firms and Bank Borrowing in the UK: Issues and Evidence Kevin Keasey and Robert Watson 5. The Role of Informal Venture Capital in Financing the Growing Firm Richard T. Harrison annd Colin M. Mason 6. Third-Party Equity – The Role of the UK Venture-Capital Industry Gordon Murray 7. The Stock Exchange and the Unlisted Securities Market Edward W. Davis 8. Characteristics of Small Firms Floated on the USM 1980-83: An Inter-Temporal Study Graham Hall and Patrick Hutchinson 9. Debt Targeting and Banking Relationships in the Financial Behaviour of Newly Quoted Firms in the UK Roger Buckland and Edward W. Davis 10. Efficient Pricing of the IPOs Roger Buckland 11. Socks, Bubbles and Crashes: A Financial Analysis of the Sock Shop Anthony Steele 12. Second-Tier Markets in Europe: New Markets For Growing Firms’ Equities Mario Anolli, Roger Buckland and Michel Dubois 13. The Development of Financial Strategy and Accountability Around Quotation Roger Buckland and Edward W. Davis 14. Conclusion Roger Buckland and Edward W. Davis