Evidence regarding external financing in manufacturing MSEs using partial least squares regression

  • Eduard Gabriel CeptureanuEmail author
  • Sebastian Ceptureanu
  • Claudiu Herteliu
S.I.: Recent Developments in Financial Modeling and Risk Management


The purpose of this study is to explore and explain the relationship between networking, external financing by banks and equity investors, and export effort in medium sized enterprises. Our research model was empirically tested on a sample of 143 MSEs in the manufacturing sector and our PLS results do not confirm the existence of a direct association between networking and export effort by MSEs. They show, however, that networking indirectly enhances MSEs’ export effort through facilitating their access to equity financing and reducing managerial risks. Whilst networking are not found to be associated with a higher access to bank financing by MSEs, this type of external financing seems to have a greater impact on export effort than equity financing. This research it is one of the first studies to explore the role of networking with stakeholders in facilitating MSEs’ access to external financing and to international markets and to merge these variables in a single model which consider simultaneously the MSE access to bank financing and to equity financing.


External financing Risk management Networking Stakeholders Equity financing 



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© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Academia de Studii Economice din BucurestiBucharestRomania

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