This paper uses panel data to test the extent to which trade credit has acted as a substitute for bank finance in Small and Medium Sized Enterprises (SMEs), in the aftermath of the financial crisis of 2008. It demonstrates that the reduction in the supply of funds to SMEs was compounded by the...

Despite their increasing importance in innovation, employment creation and economic growth, there is a dearth of theory-driven research on the financing and capital structure of new technology-based firms (NTBFs). Hogan and Hutson (2005a) advance the High-Technology Pecking Order Hypothesis...