Financial resilience of British SMEs during the financial crisis of 2008
Main Article Content
Abstract
Access to finance is considered one of the top constraints on SMEs’ growth and survival. During bank crises, although facing a credit crunch, a few SMEs still survive, hence I study what makes survivor SMEs’ financial resilience. This is not clearly defined in previous studies. The study contributes to these with empirical evidence of SMEs in the UK from pre- to post-crisis of the bank crisis of 2008. The study finds that the financial resilience of the SMEs is affected positively by a supplier network, profitability, internal equity, and diversity of financing, but negatively by bank loan dependence. During the crisis, the key driving factor for SMEs’ financial resilience is profitability. It remains a challenge for policymakers to offer a stable financing strategy to assist SMEs
Article Details
Keywords
Credit crunch, Financial crisis, Financial resilience, SMEs, Survive
References
Altman, E. I. (1983). A complete guide to predicting, avoiding, and dealing with bankruptcy. Corporate Financial Distress, New York.
Altman, E. I., Haldeman, R. G., & Narayanan, P. (1977). ZETATM analysis A new model to identify bankruptcy risk of corporations. Journal of Banking & Finance, 1(1), 29-54. https://doi.org/10.1016/0378-4266(77)90017-6
Arzeni, S., & Akamatsu, N. (2014). ADB-OECD Study on Enhancing Financial Accessibility for SMEs: Lessons from Recent Crises. Asian Development Bank
Aziz, A., Emanuel, D. C., & Lawson, G. H. (1988). Bankruptcy Prediction‐An Investigation Of Cash Flow Based Models [1]. Journal of Management Studies, 25(5), 419-437. DOI: 10.1111/j.1467-6486.1988.tb00708.x
Beck, T., & Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30(11), 2931-2943. https://doi.org/10.1016/j.jbankfin.2006.05.009
Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different?. Journal of Financial Economics, 89(3), 467-487. https://doi.org/10.1016/j.jfineco.2007.10.005
Bercovitz, J., & Mitchell, W. (2007). When is more better? The impact of business scale and scope on long‐term business survival, while controlling for profitability. Strategic Management Journal, 28(1), 61-79. https://doi.org/10.1002/smj.568
Berger, A.N., & Udell, G.F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6-8), 613-673. https://doi.org/10.1016/S0378-4266(98)00038-7
Bernstein, S., Lerner, J., & Mezzanotti, F. (2019). Private equity and financial fragility during the crisis. The Review of Financial Studies, 32(4), 1309-1373. https://doi.org/10.1093/rfs/hhy078
Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2000). Sustaining Competitive Advantage. BESANKO, D. et al. Economics of strategy. 2nd ed. New York: John Wiley & Sons, 443-481.
Bhamra, R., Dani, S., & Burnard, K. (2011). Resilience: the concept, a literature review and future directions. International Journal of Production Research, 49(18), 5375-5393. https://doi.org/10.1080/00207543.2011.563826
BIS, S. (2012). Access to External Finance in BIS Economics Papers. BIS, Editor.
Brown, R., & Lee, N. (2016). The future of funding for small and medium-sized enterprises in the UK. https://www.fca.org.uk/publication/research/future-funding-sme-uk.pdf
Brealey, R. A., Cooper, I. A., & Kaplanis, E. (2012). International propagation of the credit crisis: Lessons for bank regulation. Journal of Applied Corporate Finance, 24(4), 36-45. https://doi.org/10.1111/j.1745-6622.2012.00399.x
Budsaratragoon, P., Hillier, D., & Lhaopadchan, S. (2014). Does Corporate Governance Improve Transparency in Emerging Markets?. Journal of Financial Management, Markets and Institutions, 2(1), 87-104. DOI: 10.12831/77238
Byrne, J.P., Spaliara, M.E., & Tsoukas, S. (2016). Firm Survival, Uncertainty, and Financial Frictions: Is There a Financial Uncertainty Accelerator?. Economic Inquiry, 54(1), 375-390. https://doi.org/10.1111/ecin.12240
Carbo‐Valverde, S., Rodriguez‐Fernandez, F., & Udell, G. F. (2016). Trade credit, the financial crisis, and SME access to finance. Journal of Money, Credit and Banking, 48(1), 113-143. https://doi.org/10.1111/jmcb.12292
Carroll, G.R., & Harrison, J.R. (1994). On the historical efficiency of competition between organizational populations. American Journal of Sociology, 100(3), 720-749. https://doi.org/10.1086/230579
Casey, C., & Bartczak, N. (1985) Using operating cash flow data to predict financial distress: Some extensions. Journal of Accounting Research, 23(1), 384-401. https://doi.org/10.2307/2490926
Casey, E., & O'Toole, C.M. (2014). Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance, 27(C), 173-193. https://doi.org/10.1016/j.jcorpfin.2014.05.001
Chava, S., & Purnanandam, A. (2011). The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economics, 99(1), 116-135. https://doi.org/10.1016/j.jfineco.2010.08.006
Clarke, G. R., Cull, R., & Kisunko, G. (2012). External finance and firm survival in the aftermath of the crisis: Evidence from Eastern Europe and Central Asia. Journal of Comparative Economics, 40(3), 372-392. https://doi.org/10.1016/j.jce.2012.01.003
Dahiru, T. (2008). P-value, a true test of statistical significance? A cautionary note. Annals of Ibadan postgraduate medicine, 6(1), 21-26. DOI: 10.4314/aipm.v6i1.64038
Duong, C. T., Dung, D. T., Dương, P. T., Duong, N. C., & Dung, N. T. (2022). Một số giải pháp cho thực trạng doanh nghiệp vừa và nhỏ phá sản vì Covid-19 [Some solutions to implement the status of small businesses and products because of Covid-19] (No. kbxra). Center for Open Science..
Cosh, A. D., & Hughes, A. (1993). Size, financial structure and profitability: UK companies in the 1980s. Department of Applied Economics, Small Business Research Centre, University of Cambridge..
Cowling, M., Liu, W., & Ledger, A. (2012). Small business financing in the UK before and during the current financial crisis. International Small Business Journal, 30(7), 778-800. DOI: 10.1177/0266242611435516
Cusmano, L. (2015). New approaches to SME and entrepreneurial financing: Broadening the range of instruments. Paris: Organisation for Economic Co-operation and Development.
Deakins, D., & Whittam, G. (2000). Business start-up: theory, practice and policy. Enterprise and Small Business Principles, Practice and Policy, 115-131.
Delmar, F., McKelvie, A., & Wennberg, K. (2013). Untangling the relationships among growth, profitability and survival in new firms. Technovation, 33(8-9), 276-291. https://doi.org/10.1016/j.technovation.2013.02.003
Ekanem, I. (2010). Liquidity management in small firms: a learning perspective. Journal of Small Business and Enterprise Development, 17(1), 123-138. https://doi.org/10.1108/14626001011019161
Gentry, J.A., Newbold, P., & Whitford, D.T. (1987). Funds flow components, financial ratios, and bankruptcy. Journal of business finance & accounting, 14(4), 595-606. https://doi.org/10.1111/j.1468-5957.1987.tb00114.x
Giannetti, M., Burkart, M., & Ellingsen, T. (2011). What you sell is what you lend? Explaining trade credit contracts. The Review of Financial Studies, 24(4), 1261-1298. https://doi.org/10.1093/rfs/hhn096
Gilbert, G. A. (1990). Discounted-Cash-Flow-Approach to Valuation. IFCA Continuing Education Series. Valuation of Closely Held Companies and Inactively Traded Securities.
Gombola, M.J., Haskins, M.E., Ketz, J.E., & Williams, D.D. (1987). Cash flow in bankruptcy prediction. Financial Management, 16(4), 55-65. https://doi.org/10.2307/3666109
Gollob, H. F., & Reichardt, C. S. (1987). Taking account of time lags in causal models. Child Development, 58(1), 80-92. https://doi.org/10.2307/1130293
Gunasekaran, A., Rai, B. K., & Griffin, M. (2011). Resilience and competitiveness of small and medium size enterprises: An empirical research. International Journal of Production Research, 49(18), 5489-5509. https://doi.org/10.1080/00207543.2011.563831
Gupta, J., Wilson, N., Gregoriou, A., & Healy, J. (2014). The value of operating cash flow in modelling credit risk for SMEs. Applied Financial Economics, 24(9), 649-660. https://doi.org/10.1080/09603107.2014.896979
Hamel, G., & Valikangas, L. (2004). The quest for resilience. Revista de la Facultad de Derecho, 62(1), 355-358.
Herbane, B. (2010). Small business research: Time for a crisis-based view. International Small Business Journal, 28(1), 43-64. DOI: 10.1177/0266242609350804
Kitching, J., Smallbone, D., & Xheneti, M. (2009). Have UK small enterprises been victims of the 'credit crunch'? https://eprints.kingston.ac.uk/id/eprint/6916/2/Kitching-J-6916.pdf
Levinthal, D. A. (1991). Organizational adaptation and environmental selection-interrelated processes of change. Organization Science, 2(1), 140-145. https://doi.org/10.1287/orsc.2.1.140
Mac an Bhaird, C. (2013). Demand for debt and equity before and after the financial crisis. Research in international Business and Finance, 28(C), 105-117. https://doi.org/10.1016/j.ribaf.2012.10.001
Maksimovic, V., & Demirgüç-Kunt, A. (2001). Firms as financial intermediaries: Evidence from trade credit data. http://hdl.handle.net/10986/19511
McDonald, N. (2006). Chapitre Organisational Resilience and Industrial Risk dans. Resilience Engineering: concepts and precepts.
McGuinness, G., Hogan, T., & Powell, R. (2018). European trade credit use and SME survival. Journal of Corporate Finance, 49, 81-103. https://doi.org/10.1016/j.jcorpfin.2017.12.005
Musso, P., & Schiavo, S. (2008). The impact of financial constraints on firm survival and growth. Journal of Evolutionary Economics, 18(2), 135-149. https://doi.org/10.1007/s00191-007-0087-z
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574-592. https://dspace.mit.edu/bitstream/handle/1721.1/2078/SWP-1548-15376697.pdf
National Audit Office. (2013, November 1). Improving access to finance for small and medium-sized enterprises. https://www.nao.org.uk/reports/improving-access-to-finance-for-small-and-medium-sized-enterprises/
Okpara, J.O. (2011). Factors constraining the growth and survival of SMEs in Nigeria: Implications for poverty alleviation. Management Research Review, 34(2), 156-171. https://doi.org/10.1108/01409171111102786
Ou, C., & Haynes, G. W. (2004). Uses of Equity Capital by Small Firms: Findings from the Surveys of Small Business Finances (for 1993 & 1998). Office of Advocacy, US Small Business Administration.
Ryan, C., & Irvine, H. (2012). Not‐For‐Profit Ratios for Financial Resilience and Internal Accountability: A Study of Australian International Aid Organisations. Australian Accounting Review, 22(2), 177-194. https://doi.org/10.1111/j.1835-2561.2012.00163.x
Ryan, R.M., O’Toole, C.M. & McCann, F. (2014). Does bank market power affect SME financing constraints?. Journal of Banking & Finance, 49(12), 495-505. https://doi.org/10.1016/j.jbankfin.2013.12.024
Saridakis, G., Mole, K., & Storey, D. J. (2007). New small firm survival in England. Empirica, 35, 25-39. https://doi.org/10.1007/s10663-007-9049-9
Smallbone, D., Deakins, D., Battisti, M., & Kitching, J. (2012). Small business responses to a major economic downturn: Empirical perspectives from New Zealand and the United Kingdom. International Small Business Journal, 30(7), 754-777. DOI: 10.1177/0266242612448077
Stiglitz, J.E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410. https://www.jstor.org/stable/1802787
Valverde, S. C., Fernández, F. R., & Udell, G. F. (2012). Trade credit, the financial crisis, and SME access to finance. Journal of Money, Credit and Banking, 48(1), 113-143. https://doi.org/10.1111/jmcb.12292
Weick, K.E., & Sutcliffe, K.M. (2011). Managing the unexpected: Resilient performance in an age of uncertainty (Vol. 8). John Wiley & Sons.
Werner, R. A. (2005). New Paradign in Macroeconomics (Vol. 213). London: Palgrave.
Williams, M., & Cowling, M. (2009). Annual small business survey 2007/08. BERR.
Zoppa, A., & McMahon, R. G. (2002). Pecking order theory and the financial structure of manufacturing SMEs from Australia’s business longitudinal survey. Small Enterprise Research, 10(2), 23-41. https://doi.org/10.5172/ser.10.2.23
Altman, E. I., Haldeman, R. G., & Narayanan, P. (1977). ZETATM analysis A new model to identify bankruptcy risk of corporations. Journal of Banking & Finance, 1(1), 29-54. https://doi.org/10.1016/0378-4266(77)90017-6
Arzeni, S., & Akamatsu, N. (2014). ADB-OECD Study on Enhancing Financial Accessibility for SMEs: Lessons from Recent Crises. Asian Development Bank
Aziz, A., Emanuel, D. C., & Lawson, G. H. (1988). Bankruptcy Prediction‐An Investigation Of Cash Flow Based Models [1]. Journal of Management Studies, 25(5), 419-437. DOI: 10.1111/j.1467-6486.1988.tb00708.x
Beck, T., & Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30(11), 2931-2943. https://doi.org/10.1016/j.jbankfin.2006.05.009
Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different?. Journal of Financial Economics, 89(3), 467-487. https://doi.org/10.1016/j.jfineco.2007.10.005
Bercovitz, J., & Mitchell, W. (2007). When is more better? The impact of business scale and scope on long‐term business survival, while controlling for profitability. Strategic Management Journal, 28(1), 61-79. https://doi.org/10.1002/smj.568
Berger, A.N., & Udell, G.F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6-8), 613-673. https://doi.org/10.1016/S0378-4266(98)00038-7
Bernstein, S., Lerner, J., & Mezzanotti, F. (2019). Private equity and financial fragility during the crisis. The Review of Financial Studies, 32(4), 1309-1373. https://doi.org/10.1093/rfs/hhy078
Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2000). Sustaining Competitive Advantage. BESANKO, D. et al. Economics of strategy. 2nd ed. New York: John Wiley & Sons, 443-481.
Bhamra, R., Dani, S., & Burnard, K. (2011). Resilience: the concept, a literature review and future directions. International Journal of Production Research, 49(18), 5375-5393. https://doi.org/10.1080/00207543.2011.563826
BIS, S. (2012). Access to External Finance in BIS Economics Papers. BIS, Editor.
Brown, R., & Lee, N. (2016). The future of funding for small and medium-sized enterprises in the UK. https://www.fca.org.uk/publication/research/future-funding-sme-uk.pdf
Brealey, R. A., Cooper, I. A., & Kaplanis, E. (2012). International propagation of the credit crisis: Lessons for bank regulation. Journal of Applied Corporate Finance, 24(4), 36-45. https://doi.org/10.1111/j.1745-6622.2012.00399.x
Budsaratragoon, P., Hillier, D., & Lhaopadchan, S. (2014). Does Corporate Governance Improve Transparency in Emerging Markets?. Journal of Financial Management, Markets and Institutions, 2(1), 87-104. DOI: 10.12831/77238
Byrne, J.P., Spaliara, M.E., & Tsoukas, S. (2016). Firm Survival, Uncertainty, and Financial Frictions: Is There a Financial Uncertainty Accelerator?. Economic Inquiry, 54(1), 375-390. https://doi.org/10.1111/ecin.12240
Carbo‐Valverde, S., Rodriguez‐Fernandez, F., & Udell, G. F. (2016). Trade credit, the financial crisis, and SME access to finance. Journal of Money, Credit and Banking, 48(1), 113-143. https://doi.org/10.1111/jmcb.12292
Carroll, G.R., & Harrison, J.R. (1994). On the historical efficiency of competition between organizational populations. American Journal of Sociology, 100(3), 720-749. https://doi.org/10.1086/230579
Casey, C., & Bartczak, N. (1985) Using operating cash flow data to predict financial distress: Some extensions. Journal of Accounting Research, 23(1), 384-401. https://doi.org/10.2307/2490926
Casey, E., & O'Toole, C.M. (2014). Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance, 27(C), 173-193. https://doi.org/10.1016/j.jcorpfin.2014.05.001
Chava, S., & Purnanandam, A. (2011). The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economics, 99(1), 116-135. https://doi.org/10.1016/j.jfineco.2010.08.006
Clarke, G. R., Cull, R., & Kisunko, G. (2012). External finance and firm survival in the aftermath of the crisis: Evidence from Eastern Europe and Central Asia. Journal of Comparative Economics, 40(3), 372-392. https://doi.org/10.1016/j.jce.2012.01.003
Dahiru, T. (2008). P-value, a true test of statistical significance? A cautionary note. Annals of Ibadan postgraduate medicine, 6(1), 21-26. DOI: 10.4314/aipm.v6i1.64038
Duong, C. T., Dung, D. T., Dương, P. T., Duong, N. C., & Dung, N. T. (2022). Một số giải pháp cho thực trạng doanh nghiệp vừa và nhỏ phá sản vì Covid-19 [Some solutions to implement the status of small businesses and products because of Covid-19] (No. kbxra). Center for Open Science..
Cosh, A. D., & Hughes, A. (1993). Size, financial structure and profitability: UK companies in the 1980s. Department of Applied Economics, Small Business Research Centre, University of Cambridge..
Cowling, M., Liu, W., & Ledger, A. (2012). Small business financing in the UK before and during the current financial crisis. International Small Business Journal, 30(7), 778-800. DOI: 10.1177/0266242611435516
Cusmano, L. (2015). New approaches to SME and entrepreneurial financing: Broadening the range of instruments. Paris: Organisation for Economic Co-operation and Development.
Deakins, D., & Whittam, G. (2000). Business start-up: theory, practice and policy. Enterprise and Small Business Principles, Practice and Policy, 115-131.
Delmar, F., McKelvie, A., & Wennberg, K. (2013). Untangling the relationships among growth, profitability and survival in new firms. Technovation, 33(8-9), 276-291. https://doi.org/10.1016/j.technovation.2013.02.003
Ekanem, I. (2010). Liquidity management in small firms: a learning perspective. Journal of Small Business and Enterprise Development, 17(1), 123-138. https://doi.org/10.1108/14626001011019161
Gentry, J.A., Newbold, P., & Whitford, D.T. (1987). Funds flow components, financial ratios, and bankruptcy. Journal of business finance & accounting, 14(4), 595-606. https://doi.org/10.1111/j.1468-5957.1987.tb00114.x
Giannetti, M., Burkart, M., & Ellingsen, T. (2011). What you sell is what you lend? Explaining trade credit contracts. The Review of Financial Studies, 24(4), 1261-1298. https://doi.org/10.1093/rfs/hhn096
Gilbert, G. A. (1990). Discounted-Cash-Flow-Approach to Valuation. IFCA Continuing Education Series. Valuation of Closely Held Companies and Inactively Traded Securities.
Gombola, M.J., Haskins, M.E., Ketz, J.E., & Williams, D.D. (1987). Cash flow in bankruptcy prediction. Financial Management, 16(4), 55-65. https://doi.org/10.2307/3666109
Gollob, H. F., & Reichardt, C. S. (1987). Taking account of time lags in causal models. Child Development, 58(1), 80-92. https://doi.org/10.2307/1130293
Gunasekaran, A., Rai, B. K., & Griffin, M. (2011). Resilience and competitiveness of small and medium size enterprises: An empirical research. International Journal of Production Research, 49(18), 5489-5509. https://doi.org/10.1080/00207543.2011.563831
Gupta, J., Wilson, N., Gregoriou, A., & Healy, J. (2014). The value of operating cash flow in modelling credit risk for SMEs. Applied Financial Economics, 24(9), 649-660. https://doi.org/10.1080/09603107.2014.896979
Hamel, G., & Valikangas, L. (2004). The quest for resilience. Revista de la Facultad de Derecho, 62(1), 355-358.
Herbane, B. (2010). Small business research: Time for a crisis-based view. International Small Business Journal, 28(1), 43-64. DOI: 10.1177/0266242609350804
Kitching, J., Smallbone, D., & Xheneti, M. (2009). Have UK small enterprises been victims of the 'credit crunch'? https://eprints.kingston.ac.uk/id/eprint/6916/2/Kitching-J-6916.pdf
Levinthal, D. A. (1991). Organizational adaptation and environmental selection-interrelated processes of change. Organization Science, 2(1), 140-145. https://doi.org/10.1287/orsc.2.1.140
Mac an Bhaird, C. (2013). Demand for debt and equity before and after the financial crisis. Research in international Business and Finance, 28(C), 105-117. https://doi.org/10.1016/j.ribaf.2012.10.001
Maksimovic, V., & Demirgüç-Kunt, A. (2001). Firms as financial intermediaries: Evidence from trade credit data. http://hdl.handle.net/10986/19511
McDonald, N. (2006). Chapitre Organisational Resilience and Industrial Risk dans. Resilience Engineering: concepts and precepts.
McGuinness, G., Hogan, T., & Powell, R. (2018). European trade credit use and SME survival. Journal of Corporate Finance, 49, 81-103. https://doi.org/10.1016/j.jcorpfin.2017.12.005
Musso, P., & Schiavo, S. (2008). The impact of financial constraints on firm survival and growth. Journal of Evolutionary Economics, 18(2), 135-149. https://doi.org/10.1007/s00191-007-0087-z
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574-592. https://dspace.mit.edu/bitstream/handle/1721.1/2078/SWP-1548-15376697.pdf
National Audit Office. (2013, November 1). Improving access to finance for small and medium-sized enterprises. https://www.nao.org.uk/reports/improving-access-to-finance-for-small-and-medium-sized-enterprises/
Okpara, J.O. (2011). Factors constraining the growth and survival of SMEs in Nigeria: Implications for poverty alleviation. Management Research Review, 34(2), 156-171. https://doi.org/10.1108/01409171111102786
Ou, C., & Haynes, G. W. (2004). Uses of Equity Capital by Small Firms: Findings from the Surveys of Small Business Finances (for 1993 & 1998). Office of Advocacy, US Small Business Administration.
Ryan, C., & Irvine, H. (2012). Not‐For‐Profit Ratios for Financial Resilience and Internal Accountability: A Study of Australian International Aid Organisations. Australian Accounting Review, 22(2), 177-194. https://doi.org/10.1111/j.1835-2561.2012.00163.x
Ryan, R.M., O’Toole, C.M. & McCann, F. (2014). Does bank market power affect SME financing constraints?. Journal of Banking & Finance, 49(12), 495-505. https://doi.org/10.1016/j.jbankfin.2013.12.024
Saridakis, G., Mole, K., & Storey, D. J. (2007). New small firm survival in England. Empirica, 35, 25-39. https://doi.org/10.1007/s10663-007-9049-9
Smallbone, D., Deakins, D., Battisti, M., & Kitching, J. (2012). Small business responses to a major economic downturn: Empirical perspectives from New Zealand and the United Kingdom. International Small Business Journal, 30(7), 754-777. DOI: 10.1177/0266242612448077
Stiglitz, J.E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410. https://www.jstor.org/stable/1802787
Valverde, S. C., Fernández, F. R., & Udell, G. F. (2012). Trade credit, the financial crisis, and SME access to finance. Journal of Money, Credit and Banking, 48(1), 113-143. https://doi.org/10.1111/jmcb.12292
Weick, K.E., & Sutcliffe, K.M. (2011). Managing the unexpected: Resilient performance in an age of uncertainty (Vol. 8). John Wiley & Sons.
Werner, R. A. (2005). New Paradign in Macroeconomics (Vol. 213). London: Palgrave.
Williams, M., & Cowling, M. (2009). Annual small business survey 2007/08. BERR.
Zoppa, A., & McMahon, R. G. (2002). Pecking order theory and the financial structure of manufacturing SMEs from Australia’s business longitudinal survey. Small Enterprise Research, 10(2), 23-41. https://doi.org/10.5172/ser.10.2.23