The Small Business Capital Market Behavior in Athens Stock Exchange
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- 作者：Aristeidis Samitas ; Dimitris Kenourgios and Nick Konstantopoulos
- 关键词：causality ; cointegration ; entrepreneurship ; small busisness capital markets
- 刊名：Small Business Economics
- 出版时间：December, 2006
- 出版年：2006
- 期刊代码：40_0921898X
- 类别：soc
- 卷：27
- 期：4-5
- 页码：409-417
- 数据来源：sp
摘要
Financing small and medium enterprises (SMEs), especially business investments and growth, is a composite and particular complicated affair in the Greek entrepreneurial reality. This paper examines the significance of secondary capital markets, as an alternative source of financing small-medium enterprises’ new entrepreneurial plans. Cointegration technique is applied to test the relationship between the secondary capital market and the dominant sectors in Athens Stock Exchange (ASE). Causality tests are also used to provide evidence on the existence of interdependence between the cointegrated series. The results indicate that there is significant uni-directional causality between primary and secondary capital market in Greece, enhancing us to suggest valuable policy implications.