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Article
Publication date: 7 August 2018

Federico Beltrame, Josanco Floreani, Luca Grassetti, Michela Cesarina Mason and Stefano Miani

The purpose of this paper is to investigate whether guarantees characterised by different degrees of relationship lending (particularly referring to collateral and guarantees…

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Abstract

Purpose

The purpose of this paper is to investigate whether guarantees characterised by different degrees of relationship lending (particularly referring to collateral and guarantees provided by Mutual Loan Guarantee Institutions) are able to convey some entrepreneurial orientation (EO) dimensions from firms to banks.

Design/methodology/approach

Exploiting data from a survey of Austrian and Italian SMEs, the empirical analysis is based on a sample of 328 small business firms. To test the signalling hypothesis, the authors used logistic regressions to assess the explanatory power of EO dimensions on the presence of several types of guarantees.

Findings

The analyses suggest that collateral cannot signal any EO dimension, even when controlling for the strength of the bank – firm relationship. Furthermore, SMEs are able to mitigate their financial risk through collateral only in a multiple bank – firm relationship. Lastly, innovativeness, competitive energy and aggressiveness allow SMEs to obtain external guarantees (mutual guarantees, bank guarantees and public guarantees, respectively), helpful in order to promote credit access.

Research limitations/implications

The mediation role of collateral and external guarantees on EO – credit access relation should be analysed in future research. Since the role of guarantees can change among different bank lending technologies, further studies should carefully consider lender’s characteristics. Lastly, the use of loan data in respect of the firm data can help to better separate the effect of loan and firm attributes on the collateral.

Practical implications

The study suggests how managers and entrepreneurs should manage the financial risk through collateral in different situations (one–to–one and multiple bank – firm relationship). Furthermore, depending on the level of innovativeness, competitive energy and aggressiveness, a firm should request a specific type of external guarantees in order to increment the credit availability, to maximise the possibility of success and to improve its performance.

Originality/value

To the authors’ knowledge, this paper is the first attempt to analyse whether EO affects the request for guarantees instead of credit access. This can be helpful especially when the banks involved in the relation apply a transaction lending technology.

Details

Management Decision, vol. 57 no. 1
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 17 July 2023

Valerio Brescia, Paolo Esposito, Stefano Amelio and Paolo Pietro Biancone

The COVID-19 pandemic has generated a crisis that has hit the European economy and the currently existing systems. To cope with the crisis, Europe has started an investment aiming…

294

Abstract

Purpose

The COVID-19 pandemic has generated a crisis that has hit the European economy and the currently existing systems. To cope with the crisis, Europe has started an investment aiming the energy transition and crisis. Portugal, Spain and Greece have received the approval of their National Recovery Plans from the European Commission, with a definition of spending up to 2026 through the European Union (EU) Next Generation Found. The study investigates whether the Green Deal policies are relaunched by the plans financed and whether the pandemic has changed and conditioned the priorities of the energy transaction. The study uses the lens of corporate social responsability (CSR) and relapse measurable across the Sustainable Development Goals (SDGs).

Design/methodology/approach

The Green Deal policies supported by new European investments in the three countries were analyzed through a content analysis (CA) technique to investigate the associated practical and theoretical elements.

Findings

The energy theme has a relevance compared to other issues in the investment plans envisaged in Greece, Portugal and Spain. The analysis highlights energy efficiency, sustainable energy and reduction of consumption among the main themes. Energetically, sustainable building plays a central role. The study highlights the relationship between Green Deal policies, CSR, SDGs and management tools adopted.

Originality/value

The study strengthens the relationship between the Green Deal, CSR and SDGs by identifying policies that have already been implemented and theoretical and practical gaps on which politicians and scholars will have to investigate and support in the process of development and continuity of the identified pillars.

Details

EuroMed Journal of Business, vol. 19 no. 4
Type: Research Article
ISSN: 1450-2194

Keywords

Available. Open Access. Open Access
Article
Publication date: 14 March 2022

Federico Beltrame, Luca Grassetti, Giorgio Stefano Bertinetti and Alex Sclip

This paper investigates the effect of entrepreneurial orientation (EO) on small- and medium-sized enterprises' (SMEs) access to credit. Starting with the idea that SMEs'…

4436

Abstract

Purpose

This paper investigates the effect of entrepreneurial orientation (EO) on small- and medium-sized enterprises' (SMEs) access to credit. Starting with the idea that SMEs' strategy-making process, structures and behaviour can favour credit access, the authors also explore the moderating role of bank lending technologies in shaping this relationship.

Design/methodology/approach

This study relies on a unique survey of Austrian and Italian SMEs which contains detailed information on access to credit, EO dimensions, relationship lending and firm-level characteristics. The authors perform stepwise logistic regressions to assess whether EO interacts with SME's access to finance, and how relationship lending enhances this relationship.

Findings

Proactiveness, autonomy and competitive aggressiveness are important constructs for improving access to bank financing. Those dimensions became more important when a relationship bank is involved, suggesting a role for relationship lending in overcoming SMEs' opaqueness. In addition, relationship lending is crucial for innovative SMEs in overcoming credit denial rates.

Research limitations/implications

The small sample did not allow to analyse the effect of EO on discouraged borrowers. Furthermore, alternative measures of relationship lending (such as geographical proximity or the length of the relationship) and the share of credit granted by the relationship bank would have been interesting to further validate our results.

Practical implications

This study shows that EO dimensions and the type of lending technology are relevant for the financial success of SMEs. More precisely, the authors show that diversity within the banking system helps innovative, autonomous, proactive and competitive SMEs. These important pieces of soft information are injected into the final lending decision when a relationship bank is involved. The evidence suggests the need for SMEs to interact with local banks to fully exploit their EO posture.

Originality/value

To the authors' knowledge, this paper is the first attempt to analyse whether relationship lending can affect the EO–credit access relation.

Details

Journal of Small Business and Enterprise Development, vol. 30 no. 1
Type: Research Article
ISSN: 1462-6004

Keywords

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Article
Publication date: 17 February 2023

Raksmey Sann, Pei-Chun Lai, Shu-Yi Liaw and Chi-Ting Chen

This study aims to develop an assessment scale for university service quality (university SQ) and examine University Service Quality assessment model (UNIQUAL) of higher education…

703

Abstract

Purpose

This study aims to develop an assessment scale for university service quality (university SQ) and examine University Service Quality assessment model (UNIQUAL) of higher education during the pandemic.

Design/methodology/approach

Two studies applied a mixed-method design to develop and validate the UNIQUAL scale. In-depth interviews and literature reviews were conducted to refine the initial dimensions and items of UNIQUAL in Study 1. Item analysis, EFA and CFA were then conducted to purify item refinement, scale refinement, purification and validation in Study 2. Finally, a confirmed UNIQUAL model was analyzed via partial least squares structural equation modeling (PLS-SEM) using Smart-PLS 4.0.

Findings

The research confirms the four-factor structure of UNIQUAL, with a total of 16 items, to be a valid and reliable scale for the assessment of the service quality (SQ) of universities. Having adopted the bias-corrected and accelerated (BCa) bootstrap approach to study 5,000 subsamples from 27 countries, the authors found “responsiveness” and “empathy” to be significantly associated and have positive relationships with students' satisfaction with university SQ. Furthermore, university SQ and satisfaction were mediated by “health and safety” concerns.

Practical implications

The newly developed UNIQUAL scale would be of value to educators and authorities of higher education to assess the SQ of their universities to enhance the effectiveness of student learning. The improvement in satisfaction with higher education's SQ ultimately helps in retaining both international and local students amidst concerns about traveling and studying during the pandemic.

Social implications

COVID-19 has affected the private and public sectors worldwide. Millions of students have been affected by schools being shut down and substituted with distance-learning programs. Thus, the assessment of the quality of university services has become an important support mechanism for retaining the sustainability of higher education.

Originality/value

The UNIQUAL scale provides a conceptual model and validates an assessment tool. The research hypotheses confirm the relationship between university SQ and satisfaction from the perspective of international students.

Details

Journal of Hospitality and Tourism Insights, vol. 6 no. 5
Type: Research Article
ISSN: 2514-9792

Keywords

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