Financing in the alternative securities market: Economic and financial impact on SMEs
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Author(s)Carola Salazar-RebazaLink to ORCID Index: https://orcid.org/0000-0003-2143-0109
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Fioreny Aguilar-SoteloLink to ORCID Index: https://orcid.org/0000-0002-6017-6636
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Monica Zegarra-AlvaLink to ORCID Index: https://orcid.org/0000-0002-1069-753X
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Franklin Cordova-BuizaLink to ORCID Index: https://orcid.org/0000-0002-7623-7472
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DOIhttp://dx.doi.org/10.21511/imfi.19(2).2022.01
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Article InfoVolume 19 2022, Issue #2, pp. 1-13
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384 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
In Latin America, SMEs have difficulty accessing sources of financing that allow them to obtain more significant growth and strengthen their economic activity. Therefore, this paper aims to determine the impact of financing in the alternative securities market (MAV) on the economic and financial situation of Peruvian SMEs during 2017–2020. The methodology used in this study is a quantitative approach, descriptive, non-experimental design, and longitudinal measurement. In addition, a documentary analysis technique is employed. The population included 17 SMEs financed in the MAV; the paper considers the financial statements of 6 companies in the last 4 years as a sample. The results obtained show that SMEs financed through the MAV are of different categories and economic activities. Likewise, there is a predisposition of these in the issuance and placement of short-term instruments, determining a favorable economic and financial situation through the analysis of financial indicators, with sustainable profitability growth and an acceptable liquidity and solvency situation. The conclusion is that financing in the alternative securities market has contributed to the improvement of SMEs’ economic and financial state, allowing for sustainable growth and opportunities to diversify their operations.
- Keywords
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JEL Classification (Paper profile tab)E60, F65, G12, G30
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References29
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Tables2
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Figures9
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- Figure 1. Financial instruments, terms, and placement currencies
- Figure 2. Predisposition in issuance and placement of short-term instruments
- Figure 3. Predisposition to issue and place corporate bonds
- Figure 4. Overall liquidity of SMEs financed in the MAV
- Figure 5. Working capital of SMEs financed in the MAV
- Figure 6. Short-term indebtedness of SMEs financed in the MAV
- Figure 7. Long-term indebtedness of SMEs financed in the MAV
- Figure 8. Financial profitability of SMEs financed in the MAV
- Figure 9. Return on assets of SMEs financed in the MAV
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- Table 1. Economic characteristics of SMEs financed in the MAV
- Table 2. Comparison of average interest rates of the MAV and the traditional approach
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An assessment of informal SMEs’ potential in an African economy – theoretical and conceptual framework
Public and Municipal Finance Volume 7, 2018 Issue #2 pp. 1-13 Views: 3066 Downloads: 390 TO CITE АНОТАЦІЯInformal Small and Medium Enterprises (SMEs) play a key role in their respective economies over the world particularly in the African continent. This paper reviews various theories on SMEs towards understanding the potential of the informal sector in the context of African countries. The paper uses a theoretical approach for the purpose of assessing the challenges that have affected the development of the informal SMEs sector over the years in both the developing and developed world. Economically developing countries in Africa pose unique challenges to informal SMEs development compared to the developed countries. The paper reviews the theories that define the rise to informality in Africa by identifying the key determinants for the emergence of informal SMEs. A conceptual framework for assessing informal SME’s potential for Africa is developed. The conceptual framework is based on the Fishbone diagram developed by Kaoru Ishikawa (1986). This paper discusses the intricacies of the applicability of the proposed conceptual framework to assess the potential of the informal SMEs in Africa and the way forward for the formalization debate.
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Service quality, customers’ satisfaction, and profitability: an empirical study of Saudi Arabian insurance sector
Anis Ali ,
Mohammad Rumzi Tausif
doi: http://dx.doi.org/10.21511/imfi.15(2).2018.21
Investment Management and Financial Innovations Volume 15, 2018 Issue #2 pp. 232-247 Views: 2973 Downloads: 500 TO CITE АНОТАЦІЯFinancial performance is the fundamental aspect to test the performance of the companies. The performance of insurance sector, like any other service industry, is supposed to depend significantly on customers. When it comes to customers, it is an established fact that customer satisfaction would be an important element. Customer satisfaction primarily depends on the quality of service it gets. It can be safely hypothesized that better service quality would lead to higher satisfaction, which would ultimately lead to higher profits for the company. Studies on this relationship in the insurance sector for Saudi Arabia are missing. Hence, this study aims at studying both the profitability of companies and quality of service and tries to relate it to customer satisfaction. The results are quite surprising, as the study establishes that although the qualities of services are found wanting in many areas, companies are earning good profits. A probable reason could be the statutory nature of the services. Nevertheless, this study recommends improving the quality of services and differentiating services between age groups for further improvement.
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The effect of working capital management on profitability: a case of listed manufacturing firms in South Africa
Investment Management and Financial Innovations Volume 14, 2017 Issue #2 (cont. 2) pp. 336-346 Views: 2942 Downloads: 2571 TO CITE АНОТАЦІЯWorking capital management plays a pivotal role in enhancing the operational efficiency of firms and their ultimate profitability. Therefore, the purpose of this study was to examine the trends in working capital management and its impact on the financial performance of listed manufacturing firms on the Johannesburg Securities Exchange (JSE). A panel data methodology was used with different regression estimators to analyze this relationship based on an unbalanced panel of 69 manufacturing firms listed during the period 2007–2016.
The findings revealed that the average collection period and the average payment period are negative and statistically significant for profitability, implying that firms which efficiently manage their accounts receivable and those that pay their creditors on time perform better than those that do not. Additionally, a positive statistically significant relationship between the number of days in inventory and profitability was supported suggesting that firms which stock-up and maintain their inventory levels suffer less from stock-outs and avoid challenges of securing financing when needed. This increases their operational efficiency and ensures profitability in the long run. It could not be ascertained whether a shorter or longer cash conversion cycle enhances firm profitability, since findings to support this premise were weak. However, it was observed that manufacturing firms are on average, carrying lot of debt in their capital structures.
The present study contributes to existing literature by presenting one of the very recent findings on this topic while simultaneously testing the validity of recent local and international methodologies, in order to inform policy change.
