Access to Finance by Entrepreneurs in the UK and Austria

Judith Miriam Fastenbauer

Research output: ThesisDoctoral Thesis

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There is a substantial amount of research on capital structures, credit rationing and discouraged borrowers of small and medium sized enterprises (SMEs). However, there is a lack of research which has focused upon information obtained from the entrepreneurs who established or purchased surveyed firms based on using qualitative research methods to determine how and why particular capital structures are followed, and also how discouragement occurs and on what criteria alternative routes are taken. In order to fill this research gap this study uses interviews with 25 entrepreneurs from the UK and Austria. The results suggest the pecking order theory is not followed in practice, and that there is evidence of differences by gender and to a lesser extent prior experience. Also there are differences between the UK and Austria in relation to finances used due to government support and different national financial systems. In relation to gender the study shows that women face disadvantages due to being the prime care taker to children. Discouragement seems to take place when a business has not reached level of maturity or has declined from a level of stability. Additionally, there is a gap on research to investigate the influence of prior business closure experience on access to finance. Therefore the objective of the thesis is to contribute to the field of capital structures and discouraged borrowers by using qualitative rather than quantitative techniques and test a series of propositions.
Original languageEnglish
Awarding Institution
  • Royal Holloway, University of London
  • Robson, Paul, Supervisor
  • Ciravegna, Luciano, Advisor
Thesis sponsors
Award date1 Apr 2015
Publication statusUnpublished - 2015


  • entrepreneurship
  • SME
  • finance
  • lending

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