EIF Working Paper 2017/40, "Financing Patterns of European SMEs Revisited : An Updated Empirical Taxonomy and Determinants of SME Financing Clusters"

This EIF Working Paper investigates financing patterns of European SMEs by looking at different financing instruments and their complementary or respectively substitutive use, based on the SAFE dataset collected in 2015. Applying cluster analyses, the authors develop an empirical taxonomy of SME financing patterns in Europe. In order to investigate the cluster stability over time, they replicate an approach by Moritz et al. (EIF Working Paper 2015/30), who used the SAFE data from 2013. In addition, the analysis extends that study by looking at the role of the country-specific macroeconomic and institutional environment for the financings patterns of SMEs.

The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF´s Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF. The Working Papers are usually available only in English and distributed only in electronic form (pdf).

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