ARTÍCULO
TITULO

Restructuring in SMEs ? A multiple case study analysis

Stefan Mayr    
David Lixl    

Resumen

SMEs represent an important pillar in every economy, but in terms of financial performance they are inherently more exposed to financial volatility than large enterprises. Constrained access to resources and the liability of smallness lead to a higher propensity to failure and corporate crisis. A financial crisis is endangering the continued existence of the business, however it can also be perceived as change to reassess and reassemble resources to meet future market requirements. This either takes place through a court-supervised reorganization or through an informal restructuring without the involvement of courts. This paper focuses on the latter and employs a multiple case study including 10 successfully restructured firms and 5 failed renegotiations in Austria. Through use of the resource-based view (RBV) we analyzed what caused crises in SMEs and which strategies and measures are necessary to overcome crisis. In conclusion, it can be stated that crises are predominantly caused internally in SMEs, and successful restructuring frequently requires the engagement of both, banks and entrepreneurs. While innovation capacity is a factor that facilitates restructuring, complex and insufficiently settled family dynamics tend to hinder restructuring.

 Artículos similares

       
 
Deni Pandu Nugraha, Budi Setiawan, Robert Jeyakumar Nathan and Maria Fekete-Farkas    
The rapid evolution of technology and a large number of smartphone users are transforming the way the masses access financial services. Fintech companies consistently innovate in developing customized products and services for users and SMEs to increase ... ver más

 
Fadhoilus Shofi, Siti Aisjah, Nanang Suryadi     Pág. 213 - 220

 
Firman Menne, Batara Surya, Muhammad Yusuf, Seri Suriani, Muhlis Ruslan and Iskandar Iskandar    

 
Konstantina Ragazou, Ioannis Passas, Alexandros Garefalakis and Irini Dimou    
The unprecedented conditions of restrictive measures that were suddenly imposed in 2020 due to the outbreak of the COVID-19 pandemic affected business activity globally. To deal with the consequences that were caused by the pandemic, most SMEs had to ado... ver más

 
Erika Dolores Ruiz,Julio Fernando Salazar Gómez,María De Jesús Valdivia Rivera,Manuel Hernández Cárdenas,Ibis Rafael Huerta Mora     Pág. 1 - 14
Nowadays, companies require the use of financial products that support their fluidity to improve their daily operations, that?s why the aim of this article is to explain the usability of financial products in Micro, Small and Medium Enterprises (MSMEs) i... ver más