EPU and SMEs' financial performance: Industry vs. service sector

The objective of this paper is to analyze the Economic Policy Uncertainty impact on Small and Medium Enterprises’ financial performance, considering the role that sector plays and firm characteristics. Thus, a data sample of 80,620 Spanish SMEs was selected for 2012–2020. Using system Generalized Me...

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Detalles Bibliográficos
Autores: Orden-Cruz, Carmen, Paule-Vianez, Jessica, Sánchez-Escobedo, Mari Cruz, Moutinho, Víctor
Tipo de recurso: artículo
Fecha de publicación:2024
País:España
Institución:Universidad Rey Juan Carlos
Repositorio:BURJC-Digital. Repositorio Institucional de la Universidad Rey Juan Carlos
OAI Identifier:oai:burjcdigital.urjc.es:10115/34955
Acceso en línea:https://hdl.handle.net/10115/34955
Access Level:acceso abierto
Palabra clave:Economic policy uncertainty
Financial performance
Small and medium enterprises
Firm characteristics
Sector
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repository_id_str
spelling EPU and SMEs' financial performance: Industry vs. service sectorOrden-Cruz, CarmenPaule-Vianez, JessicaSánchez-Escobedo, Mari CruzMoutinho, VíctorEconomic policy uncertaintyFinancial performanceSmall and medium enterprisesFirm characteristicsSectorThe objective of this paper is to analyze the Economic Policy Uncertainty impact on Small and Medium Enterprises’ financial performance, considering the role that sector plays and firm characteristics. Thus, a data sample of 80,620 Spanish SMEs was selected for 2012–2020. Using system Generalized Method of Moments estimators, the results show a negative impact, especially in the service sector. Industrial Spanish SMEs that are larger, younger, more indebted, with more growth opportunities and with higher asset turnover are the most resilient to EPU. The findings can help SMEs design better management strategies to deal with this uncertaintyElsevier202420242024info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/10115/34955reponame:BURJC-Digital. Repositorio Institucional de la Universidad Rey Juan Carlosinstname:Universidad Rey Juan CarlosInglésAttribution-NonCommercial-NoDerivatives 4.0 Internacionalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:burjcdigital.urjc.es:10115/349552026-06-24T12:48:17Z
dc.title.none.fl_str_mv EPU and SMEs' financial performance: Industry vs. service sector
title EPU and SMEs' financial performance: Industry vs. service sector
spellingShingle EPU and SMEs' financial performance: Industry vs. service sector
Orden-Cruz, Carmen
Economic policy uncertainty
Financial performance
Small and medium enterprises
Firm characteristics
Sector
title_short EPU and SMEs' financial performance: Industry vs. service sector
title_full EPU and SMEs' financial performance: Industry vs. service sector
title_fullStr EPU and SMEs' financial performance: Industry vs. service sector
title_full_unstemmed EPU and SMEs' financial performance: Industry vs. service sector
title_sort EPU and SMEs' financial performance: Industry vs. service sector
dc.creator.none.fl_str_mv Orden-Cruz, Carmen
Paule-Vianez, Jessica
Sánchez-Escobedo, Mari Cruz
Moutinho, Víctor
author Orden-Cruz, Carmen
author_facet Orden-Cruz, Carmen
Paule-Vianez, Jessica
Sánchez-Escobedo, Mari Cruz
Moutinho, Víctor
author_role author
author2 Paule-Vianez, Jessica
Sánchez-Escobedo, Mari Cruz
Moutinho, Víctor
author2_role author
author
author
dc.subject.none.fl_str_mv Economic policy uncertainty
Financial performance
Small and medium enterprises
Firm characteristics
Sector
topic Economic policy uncertainty
Financial performance
Small and medium enterprises
Firm characteristics
Sector
description The objective of this paper is to analyze the Economic Policy Uncertainty impact on Small and Medium Enterprises’ financial performance, considering the role that sector plays and firm characteristics. Thus, a data sample of 80,620 Spanish SMEs was selected for 2012–2020. Using system Generalized Method of Moments estimators, the results show a negative impact, especially in the service sector. Industrial Spanish SMEs that are larger, younger, more indebted, with more growth opportunities and with higher asset turnover are the most resilient to EPU. The findings can help SMEs design better management strategies to deal with this uncertainty
publishDate 2024
dc.date.none.fl_str_mv 2024
2024
2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/10115/34955
url https://hdl.handle.net/10115/34955
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv Attribution-NonCommercial-NoDerivatives 4.0 Internacional
http://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Attribution-NonCommercial-NoDerivatives 4.0 Internacional
http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:BURJC-Digital. Repositorio Institucional de la Universidad Rey Juan Carlos
instname:Universidad Rey Juan Carlos
instname_str Universidad Rey Juan Carlos
reponame_str BURJC-Digital. Repositorio Institucional de la Universidad Rey Juan Carlos
collection BURJC-Digital. Repositorio Institucional de la Universidad Rey Juan Carlos
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,811543

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