Banks' risk assessment of Swedish SMEs

References

• ALMI . 1998 . En Första Skiss till Affärsplan , Stockholm : ALMI Företagspartner AB .
   Google Scholar
• Altman , E. 1983 . Corporate financial distress: A complete guide to predicting, avoiding and dealing with bankruptcy , New York : Wiley .
   Google Scholar
• Ammann , M. 2001 . Credit risk valuation: Methods, models, and applications , Berlin : Springer-Verlag .
   Google Scholar
• Andersen , T. W. 1971 . The statistical analysis of time-series , New York : Wiley .
   Google Scholar
• Anderson , P. 1999 . “ Säkerheter i kreditbeslutet: Attityder, intentioner och beteenden ” . In Konkursinstitutets betydelse i svensk ekonomi , Edited by: Gratzer , K. and Sjögren , H. 256 – 284 . Södertälje : Gidlunds Förlag .
   Google Scholar
• Andersson , P. . Expertise in credit granting: Studies on judgment and decision-making behavior . Stockholm : Stockholm School of Economics . Doctoral diss.
   Google Scholar
• Ang , J. S. 1991 . Small business uniqueness and the theory of financial management . Journal of Small Business Finance , 1 ( 3 ) : 1 – 13 .
   Google Scholar
• Bank of England . . Finance for small firms . Note by the Bank of England, January .
   Google Scholar
• Bankföreningen Sverige . 2006 . Bank och Finansstatistik 2005 , Stockholm : Svenska Bankföreningen .
   Google Scholar
• Bankföreningen Sverige . 2007 . Bank och Finansstatistik 2006 , Stockholm : Svenska Bankföreningen .
   Google Scholar
• Barclays Bank . 1991 . Business plan form , London : Barclays Bank .
   Google Scholar
• Barton , S. L. and Matthew , C. H. 1989 . Small firm financing: Implications from a strategic management perspective . Journal of Small Business Management , 18 ( 1 ) : 1 – 7 .
   Google Scholar
• Beaulieu , P. R. 1994 . Commercial lenders' use of accounting information in interaction with source credibility . Contemporary Accounting Research , 10 : 557 – 585 .
   Google Scholar
• Beaulieu , P. R. 1996 . A note on the role of memory in commercial loan officers' use of accounting and character information . Accounting, Organizations and Society , 21 ( 6 ) : 515 – 528 .
   Web of Science ®Google Scholar
• Becker , G. S. 1975 . Human capital , Chicago : Chicago University Press .
   Google Scholar
• Berger , A. N. and Udell , G. F. 1995 . Relationship lending and lines of credit in small firm finance . Journal of Business , 68 ( 3 ) : 351 – 382 .
   Web of Science ®Google Scholar
• Berger , A. N. and Udell , G. F. 2003 . “ Small business and debt finance ” . In Handbook of entrepreneurship research , Edited by: Acs , Z. J. and Audretsch , D. B. 299 – 328 . Boston : Kluwer Academic Publishers .
   Google Scholar
• Berger , H. S. 1997/1998 . One risk manager's approach . Commercial Lending Review , 13 ( 1 ) : 72 – 74 .
   Google Scholar
• Berggren , B. 2002 . “ The demand of stakeholder competence and capital for the development of SMEs ” . PhD thesis, Department of Business Administration, Uppsala University
   Google Scholar
• Berggren , B. , Lindström , G. and Olofsson , C. 2001 . “ Tillväxt och finansiering i mindre företag ” . In Tillväxtföretagen i Sverige , Edited by: Davidsson , P. , Delmar , F. and Wiklund , J. Stockholm : SNS Förelag .
   Google Scholar
• Bergström , S. and Lennander , G. 1997 . Kredit och säkerhet: Lärobok i krediträtt , Uppsala : Iustus Förlag .
   Google Scholar
• Berry , A. , Grant , P. and Jarvis , R. . Can European banks plug the finance gap for UK SMEs . Paper presented at the 24th ISBA Conference . 14–16 November , Leicester, UK.
   Google Scholar
• Berry , A. J. , Faulkner , S. , Hughes , M. and Jarvis , R. 1993 . Financial information, the banker and the small business . British Accounting Review , 25 : 131 – 150 .
   Google Scholar
• Binks , M. and Ennew , C. 1996 . Growing firms and the credit constraint . Small Business Economics , 8 ( 1 ) : 17 – 25 .
   Web of Science ®Google Scholar
• Binks , M. R. , Ennew , C. T. and Reed , G. V. 1992 . Information asymmetries and the provision of finance to small firms . International Small Business Journal , 11 ( 1 ) : 35 – 46 .
   Google Scholar
• Brüderl , J. and Schüssler , R. 1990 . Organisational mortality: The liability of newness and adolescence . Administrative Science Quarterly , 35 : 530 – 547 .
   Web of Science ®Google Scholar
• Bruns , V. 2001 . “ A dual perspective on the credit process between banks and growing privately held firms ” . Jönköping : Jönköping International Business School . Licentiate thesis
   Google Scholar
• Bruns , V. 2004 . “ Who receives bank loans? A study of lending officers' assessments of loans to growing small and medium-sized enterprises ” . Jönköping : Jönköping International Business School . Doctoral diss.
   Google Scholar
• Bruns , V. , Shepherd , D. and Wiklund , J. 2005 . “ Loan officers' decision policies towards small businesses ” . In Entrepreneurial small businesses: A resource-based perspective Edited by: Shepherd , D. and Wiklund. Cheltenham, UK and Northampton, MA: Edward Elgar , J.
   Google Scholar
• Cohen , J. and Cohen , P. 1983 . Applied multiple regression/correlation analysis for the behavioral sciences , Hillsdale, NJ : Lawrence Erlbaum Associates .
   Google Scholar
• Cooper , A. C. , Folta , T. B. and Woo , C. 1995 . Entrepreneurial information search . Journal of Business Venturing , 10 ( 2 ) : 107 – 120 .
   Web of Science ®Google Scholar
• Cooper , A. C. , Woo , C. Y. and Dunkelberg , W. C. 1989 . Entrepreneurship and the initial size of firms . Journal of Business Venturing , 4 ( 5 ) : 317 – 332 .
   Web of Science ®Google Scholar
• Coult , H. 1992 . Management in banking , London : Pitman Publishing .
   Google Scholar
• Cressy , R. and Olofsson , C. 1997 . The financial conditions for Swedish SMEs: Survey and research agenda . Small Business Economics , 9 ( 2 ) : 87 – 96 .
   Web of Science ®Google Scholar
• Cressy , R. and Toivanen , O. 2001 . Is there adverse selection in the credit market? . Venture Capital , 3 ( 3 ) : 215 – 238 .
   Google Scholar
• Cressy , R. C. 1993 . The startup tracking exercise Third year report, National Westminster Bank of Great Britain
   Google Scholar
• Davidsson , P. and Honig , B. 2003 . The role of social and human capital among nascent entrepreneurs . Journal of Business Venturing , 18 ( 3 ) : 301 – 331 .
   Web of Science ®Google Scholar
• Deakins , D. and Hussain , G. 1994 . Risk assessment and asymmetric information . Journal of Bank Marketing , 12 ( 1 ) : 24 – 31 .
   Google Scholar
• Deakins , D. and Philpott , T. . Comparative European practices in the finance of small firms: UK, Germany and Holland . Discussion Paper, Birmingham Polytechnic Business School .
   Google Scholar
• Deakins , D. , Ram , M. , Smallbone , D. and Fletcher , M. 2004 . “ Ethnic minority entrepreneurs and the commercial banks in the UK: Access to formal sources of finance and decision-making by their bankers ” . In Ethnic entrepreneurship: Structure and process , Edited by: Stiles , C. H. and Galbraith , C. S. 292 – 313 . Oxford : Elsevier .
   Google Scholar
• Dechow , P. M. , Husson , M. R. and Sloan , R. G. 1994 . The effect of restructuring charges on executives cash compensation . Accounting Review , 69 ( 1 ) : 138 – 156 .
   Web of Science ®Google Scholar
• Dess , G. G. and Picke , H. C. 1999 . Beyond productivity: How leading companies achieve superior performance by leveraging their human capital , New York : Amacon Books .
   Google Scholar
• Ettenson , R. 1993 . Brand name and country of origin effects in the emerging market economies of Russia, Poland and Hungary . International Marketing Review , 10 ( 5 ) : 14 – 36 .
   Google Scholar
• EVCA Yearbook . 2006 . Annual survey of pan-European private equity and venture capital activity , Zaventem : EVCA – European Private Equity and Venture Capital Association .
   Google Scholar
• Fiet , J. O. 1995 . Risk avoidance strategies in venture capital markets . Journal of Management Studies , 324 ( 4 ) : 551 – 575 .
   Google Scholar
• Fletcher , M. 1995 . Decision making by Scottish bank managers . International Journal of Entrepreneurial Behaviour and Research , 1 ( 2 ) : 37 – 53 .
   Google Scholar
• FöreningsSparbanken . 2006 . “ FöreningsSparbanken Årsredovisning 2005 ” . Stockholm .
   Google Scholar
• George , A. 1991 . Qualitative analysis: Evaluating a borrower's management and business risk . Journal of Commercial Bank Lending , 73 ( August ) : 6 – 16 .
   Google Scholar
• Gibson , B. 1993 . The alternative to assuming ‘rational’ use of financial information within small firms . Journal of Small Business Finance , 2 ( 2 ) : 163 – 174 .
   Google Scholar
• Gustafsson , A. , Herrmann , A. and Huber , F. 2001 . “ Conjoint analysis as an instrument of market research practice ” . In Conjoint measurement: Methods and applications , 2nd ed , Edited by: Gustafsson , A. , Herrmann , A. and Huber , F. 3 – 29 . Berlin : Springer Verlag .
   Google Scholar
• Hahn , G. and Shapiro , S. 1966 . A catalogue and computer program for the design and analysis of orthogonal symmetric and asymmetric fractional factorial designs , Schenectady, NY : General Electric Corporation .
   Google Scholar
• Hand , J. H. , Loyd , W. P. and Rogow , R. B. 1982 . Agency relationships in the close corporation . Financial Management , 11 ( 1 ) : 25 – 30 .
   Web of Science ®Google Scholar
• Harhoff , D. and Körting , T. 1998 . Lending relationships in Germany: Empirical results from survey data . Journal of Banking and Finance , 22 ( 10–11 ) : 1317 – 1354 .
   Web of Science ®Google Scholar
• Hedelin , L. 1999 . “ Hur påverkar kritiska/icke-kritiska händelser kreditgivares beslutsfattande i insolvenssituationer ” . In Konkursinstitutets betydelse i svensk ekonomi , Edited by: Gratzer , K. and Sjögren , H. 223 – 252 . Södertälje : Gidlund i samarbete med Riksbankens Jubileumsfond .
   Google Scholar
• Hedelin , L. and Sjöberg , L. 1993 . Riskbedömning - bankmäns bedömning av nyföretagares personliga egenskaper , Stockholm : NUTEK .
   Google Scholar
• Hedelin , L. and Sjöberg , L. 1995 . “ Bankers' judgements of loan applicants in regard to new ventures ” . In Risky business – An anthology of findings and reflections from the Risk Research Project in Sweden 1991–1994 , Edited by: Green , B. 67 – 94 . Stockholm : The Risk Research Group, Stockholm School of Business .
   Google Scholar
• Hindle , K. . An enhanced paradigm of entrepreneurial business planning . Melbourne : Swinburne University of Technology . PhD diss.
   Google Scholar
• Jankowicz , A. D. and Hisrich , R. D. 1987 . Intuition in small business lending decisions . Journal of Small Business Management , 25 ( 3 ) : 45 – 52 .
   Google Scholar
• Jensen , M. C. and Meckling , W. H. 1976 . Theory of the firm: Managerial behavior, agency costs and ownership structure . Journal of Financial Management , 3 : 305 – 360 .
   Google Scholar
• Kahrs , K. 1995 . Business plans handbook , Detroit : International Thomson Publishing Company .
   Google Scholar
• Kam , V. 1990 . Accounting theory , Singapore : John Wiley and Sons .
   Google Scholar
• Keasey , K. and McGuiness , P. 1990 . Small new firms and the return to alternative sources of finance . Journal of Small Business Economics , 2 : 213 – 222 .
   Google Scholar
• Keasey , K. and Watson , R. 1991 . The state of the art of small firm failure prediction: Achievements and prognosis . International Small Business Journal , 9 ( 4 ) : 11 – 29 .
   Google Scholar
• Leeth , J. D. and Scott , J. A. 1989 . The incidence of secured debt: Evidence from the small business community . Journal of Financial and Quantitative Analysis , : 379 – 394 .
   Web of Science ®Google Scholar
• Maitland , I. 1998 . Successful business plans in a week , 2nd ed , Reading, , UK : Wyman .
   Google Scholar
• Mason , C. and Stark , M. 2004 . What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists and business angels . International Small Business Journal , 22 : 227 – 248 .
   Web of Science ®Google Scholar
• Matthews , C. H. and Scott , S. G. 1995 . Uncertainty and planning in small and entrepreneurial firms: An empirical assessment . Journal of Small Business Management , 33 ( 4 ) : 34 – 52 .
   Web of Science ®Google Scholar
• Meyer , U. 1993 . Mehr Qualität und Produktivität bei Kreditvergaben . Betreibswirtschaftliche Blätter , 9 : 42 – 45 .
   Google Scholar
• Mintzberg , H. and Waters , J. A. 1985 . Of strategies, deliberate and emergent . Strategic Management Journal , 6 ( 3 ) : 257 – 272 .
   Web of Science ®Google Scholar
• Muzyka , D. , Birley , S. and Leleux , B. 1996 . Trade-offs in the investment decisions of European venture capitalists . Journal of Business Venturing , 11 ( 4 ) : 273 – 287 .
   Web of Science ®Google Scholar
• Myers , S. and Majluf , N. S. 1984 . Corporate financing and investment decision when firms have information that investors do not have . Journal of Financial Economics , 3 : 187 – 221 .
   Web of Science ®Google Scholar
• Myers , S. C. 1984 . The capital structure puzzle . Journal of Finance , 39 ( 3 ) : 575 – 592 .
   Web of Science ®Google Scholar
• Oakey , R. 2007 . A commentary on gaps in funding for moderate ‘non-stellar’ growth small businesses in the United Kingdom . Venture Capital , 9 ( 3 ) : 223 – 235 .
   Google Scholar
• Petersen , M. A. and Rajan , R. G. 1994 . The benefits of lending relationships: Evidence from small business data . The Journal of Finance , 99 ( 1 ) : 3 – 36 .
   Google Scholar
• Pettit , R. R. and Singer , R. F. 1985 . Small business finance: A research agenda . Journal of Financial Management Association , 14 ( 3 ) : 47 – 60 .
   Web of Science ®Google Scholar
• Priem , R. L. 1992 . An application of metric conjoint analysis for the evaluation of top managers' individual strategic decision making processes . Strategic Management Journal , 13 ( Summer Special Issue ) : 143 – 151 .
   Google Scholar
• Priem , R. L. and Harrison , D. A. 1994 . Exploring strategic judgment: Methods for testing the assumptions of prescriptive contingency theories . Strategic Management Journal , 15 ( 4 ) : 311 – 324 .
   Web of Science ®Google Scholar
• Rich , S. R. and Gumpert , D. E. 1985 . How to write a winning business plan . Harvard Business Review , 3 : 3 – 8 .
   Google Scholar
• Riding , A. , Haines , G. H. and Thomas , R. 1994 . The Canadian small business–bank interface: A recursive model . Entrepreneurship Theory and Practice , 18 ( 4 ) : 5 – 24 .
   Google Scholar
• Riquelme , H. and Rickards , T. 1992 . Hybrid conjoint analysis: An estimation probe in new venture decisions . Journal of Business Venturing , 7 ( 6 ) : 505 – 518 .
   Web of Science ®Google Scholar
• Ruth , G. E. 1987 . Commercial lending , 1st ed. American Bankers Association .
   Google Scholar
• Sargent , M. and Young , J. E. 1991 . The entrepreneurial search for capital: A behavioural science perspective . Entrepreneurship and Regional Development , 3 : 237 – 252 .
   Google Scholar
• Scherr , F. C. , Sugrue , T. F. and Ward , J. B. 1993 . Financing the small firm start-up: Determinants of debt use . Journal of Small Business Finance , 3 ( 1 ) : 17 – 36 .
   Google Scholar
• Shapiro , A. C. 1990 . Modern corporate finance , New York : Macmillan .
   Google Scholar
• Shepherd , D. . New venture entry strategy: An analysis of venture capitalists' decision making . Gold Coast, , Australia : Bond University . PhD thesis
   Google Scholar
• Shepherd , D. A. and Zacharakis , A. 1997 . “ Conjoint analysis: A window of opportunity for entrepreneurship research ” . In Advances in entrepreneurship, firm emergence, and growth , Edited by: Katz , J. A. Vol. 3 , 203 – 248 . Greenwich, CT : JAI Press .
   Google Scholar
• Shepherd , D. A. and Zacharakis , A. 1999 . Conjoint analysis: A new methodological approach for researching the decision policies of venture capitalists . Venture Capital , 1 : 197 – 217 .
   Google Scholar
• Sinkey , J. F. Jr. 1992 . Commercial bank financial management: In the financial services industry , New York : Macmillan .
   Google Scholar
• Sjögren , H. and Zackrisson , M. 2005 . The search for competent capital: Financing of high technology small firms in Sweden and USA . Venture Capital , 1 ( 1 ) : 75 – 97 .
   Google Scholar
• Stahl , M. J. and Zimmerer , T. W. 1984 . Modeling strategic acquisition policies: A simulation of executives' acquisition decisions . Academy of Management Journal , 27 ( 2 ) : 369 – 383 .
   Web of Science ®Google Scholar
• Stiglitz , J. E. and Weiss , A. 1981 . Credit rationing in markets with imperfect information . American Economic Review , 71 ( 3 ) : 393 – 410 .
   Web of Science ®Google Scholar
• Thorne , J. R. 1989 . Alternative financing for entrepreneurial ventures . Entrepreneurship Theory and Practice , 13 : 7 – 9 .
   Google Scholar
• Tiermey , M. F. and Truglio , P. M. 1997 . Case study: How Fleet Bank uses credit scoring for small business . Commercial Lending Review , 12 ( 4 ) : 47 – 49 .
   Google Scholar
• Toivanen , O. and Cressy , R. . Lazy entrepreneurs or dominant banks? An empirical analysis of the market for SME loans in the UK . Proceedings, Entrepreneurial Finance Workshop, Jönköping International Business School . 30 November–3 December , Jönköping, Sweden. pp. 247 – 276 .
   Google Scholar
• Uzzi , B. 1999 . Embeddedness in the making of financial capital: How social relations and networks benefit firms seeking financing . American Sociological Review , 64 ( 4 ) : 481 – 505 .
   Web of Science ®Google Scholar
• Walker , D. A. 1989 . Financing the small firm . Small Business Economics , 1 : 285 – 296 .
   Google Scholar
• Wiklund , J. . Small firm growth and performance: Entrepreneurship and beyond . Jönköping : Jönköping International Business School . PhD diss.
   Google Scholar
• Winborg , J. and Landström , H. 2001 . Financial bootstrapping in small businesses: Examining small business managers' resource acquisition behaviors . Journal of Business Venturing , 16 : 235 – 254 .
   Web of Science ®Google Scholar
• Wright , M. , Robbie , K. and Ennew , C. 1997 . Venture capitalists and serial entrepreneurs . Journal of Business Venturing , 12 ( 3 ) : 227 – 249 .
   Web of Science ®Google Scholar
• Zacharakis , A. . The venture capital investment decision . Colorado : Graduate School of the University of Colorado . Doctoral diss.
   Google Scholar
• Zacharakis , A. L. and Meyer , G. D. 1998 . A lack of insight: Do venture capitalists really understand their own decision process? . Journal of Business Venturing , 13 ( 1 ) : 57 – 76 .
   Web of Science ®Google Scholar