Literature Review for the Small Business Service - The Impact of Perceived Access to Finance Difficulties on the Demand for External Finance

 The purpose of this review is to investigate the extent to which perceived difficulties concerning access to finance discourage potential and existing entrepreneurs from demanding external finance. It focuses on evidence relating to the barriers to accessing finance that can arise because of the perceptions that ‘would-be’ and existing entrepreneurs have regarding their chances of success in applying for external finance, the process involved in obtaining it, and the various ‘costs’ to them and their business of being successful.  The review has had the following aims: (i) to provide a comprehensive overview of the existing research literature and understanding of the status quo relating to the perceived difficulties of accessing finance; (ii) to identify key policy relevant issues; and (iii) to outline future research and policy agendas.[...]

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Year of publication:	2007
Authors:	Wyer, Peter ; Ekanem, Ignatius ; North, David ; Deakins, David
Institutions:	Great Britain / Department for Business, Enterprise and Regulatory Reform
Subject:	Finanzierungstheorie \| Klein- und Mittelbetrieb \| Netzwerktheorie

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EXECUTIVE SUMMARY
1. INTRODUCTION
1.1 Aims
1.2 Approach
1.3 Structure of the report
2. THEORETICAL PERSPECTIVES
2.1 A Systems Perspective
2.2 Social Network Theory
2.3 The Pecking Order Hypothesis
2.4 Theories of Financial Intermediation
2.5 Personal Construct Theory
3. THE MEANING OF ‘PERCEPTIONS’ FOR THE PURPOSE OF THIS STUDY
4. LOCATING THE PROBLEM OF ‘PERCEIVED DIFFICULTIES IN ACCESSING FINANCE’
4.1 Disadvantaged areas and deprived communities
4.2 Female would-be and existing entrepreneurs
4.3 Influence of age on attitudes to finance
5. THE SOCIAL EMBEDDEDNESS OF THE ENTREPRENEUR
5.1 Social Networking
6. ENTREPRENEUR PERCEPTION AND AWARENESS WITH REGARD TO ALTERNATIVE METHODS OF RAISING EXTERNAL FINANCING
6.1 Studies covering a range of sources
6.2 Banks
6.3 Bootstrapping
6.4 Equity
6.5 Grant sources
7. THE LENDER-BORROWER RELATIONSHIP
7.1 Supply-side impacts on borrower perceptions, attitudes and actions
8. MANAGEMENT ABILITIES AND ACCESS TO EXTERNAL FINANCE: PERCEPTIONS AND REALITY
8.1 Entrepreneur perceptions relating to ability
8.2 Evidence of inadequate financial management ability
8.3 Potential impact of background and educational achievement
9. WHERE ARE THE GAPS IN THE CURRENT KNOWLEDGE BASE AND WHAT RESEARCH IS NEEDED?

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