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|Title: ||Financing the growth of small manufacturing firms in developed and developing countries: a comparative study of the United Kingdom and Malaysia|
|Authors: ||Wahab, Ismail Abdul|
|Keywords: ||Small businesses|
|Issue Date: ||1996|
|Publisher: ||© Ismail Abdul Wahab|
|Abstract: ||The rationale for this thesis stems from three interlinked issues. First, there is a general
recognition of the importance of the small firm sector and the value of its contribution to the
health of economies across the globe. Second, the provision of external finance for growing
small firms in developed and developing countries has improved significantly over the last
few years in terms of both the total of funds and the range of financial facilities available.
Third, despite this rapid expansion in the range of public and private sector financial
initiatives, there is widespread perception that financing difficulties continue to exist,
difficulties which are perceived to be major obstacles or constraints on small firm growth.
This thesis aims to contribute to a better understanding of the practices and
problems of financing the growth of small firms in developed and developing countries with
particular reference to the United Kingdom (U.K.) and Malaysia. In pursuing the main l
objective, empirical study attempts to investigate the characteristics of small firms and their
owner-managers, as well as the growth orientation of the firms and the extent to which these
characteristics are associated with the need for, and use of, external sources of finance and
with the existence of difficulties in obtaining the finance. Subsequently, comparative
investigation between the two countries explores the similarities and differences with respect
to the sources and patterns of finance as well as the difficulties in raising finance.
Having identified the important variables in the theoretical framework of the study,
the relationships among the variables are established and research hypotheses are generated.
In order to achieve the main objective ofthe study, the empirical investigation was conducted
using two research strategies: questionnaires and case studies. Nonparametric gamma and
chi-square statistics are used in analysing the empirical results.
Two major findings emerge from this study. First, the overall characteristics of
firms and owner-managers have no association with the need for, and sources of external
finance and the existence of difficulties in raising finance; whereas growth of the firms can
be associated with the sources of external finance and the existence of financing difficulties.
Second, whilst there is a significant difference in the need for external finance by growthoriented
small firms in the U. K. and Malaysia, both the sources/patterns ofexternal finance
and the difficulties experienced by small firms in the two countries are not markedly different.|
|Description: ||A Doctoral Thesis. Submitted in partial fulfillment of the requirements for the award of Doctor of Philosophy of Loughborough University.|
|Appears in Collections:||PhD Theses (Business School)|
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