Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When

The impact of crises on the long-term sustainability of small and medium-sized enterprises (SMEs) has been attracting growing interest in the literature and from governments due to the significance of such companies with respect to economic growth, innovation, and employment. Although failure predic...

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Detalles Bibliográficos
Autores: Manzaneque Lizano, Montserrat, Alfaro Cortés, Esteban, Priego de la Cruz, Alba María
Tipo de recurso: artículo
Fecha de publicación:2019
País:España
Institución:Universidad de Huelva (UHU)
Repositorio:Arias Montano. Repositorio Institucional de la Universidad de Huelva
Idioma:inglés
OAI Identifier:oai:ariasmontano.uhu.es:10272/17574
Acceso en línea:http://hdl.handle.net/10272/17574
Access Level:acceso abierto
Palabra clave:Small and medium-sized enterprises
Stakeholder
Business failure prediction
Classification trees
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spelling Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and WhenManzaneque Lizano, MontserratAlfaro Cortés, EstebanPriego de la Cruz, Alba MaríaSmall and medium-sized enterprisesStakeholderBusiness failure predictionClassification treesThe impact of crises on the long-term sustainability of small and medium-sized enterprises (SMEs) has been attracting growing interest in the literature and from governments due to the significance of such companies with respect to economic growth, innovation, and employment. Although failure prediction models have been proposed based on accounting and other qualitative information, little is known regarding the influence of stakeholders on the failure process of SMEs. From the perspective of long-term sustainability, this article analyzes the role of the financial influence of stakeholders on the likelihood of business failure. An empirical study was carried out on a sample of 2352 Spanish SMEs, examining the differences between failed and non-failed SMEs and using a classification tree methodology to investigate the role played by each type of stakeholder in overcoming crisis events. The study provides empirical evidence regarding the relative importance of stakeholders to SMEs under conditions of financial distress, and proposes their categorization on the basis of their control over firms’ financial resources. Specifically, the analysis reveals that the capacity of the firm to generate sustainable wealth over time and to overcome critical situations is dependent on the most critical stakeholders. Workers, customers, and suppliers are the most important in ensuring the long-term sustainability of SMEs during the first stages of a crisis. Following the initial operational problems, other creditors (financial institutions) become relevant. In this sense, the results of this study encourage firms and governments to develop cooperation strategies with stakeholders (co-responsibility) in line with the proposed conceptual models of business sustainability.MDPI20192019-11-0120192019-11-01journal articlehttp://purl.org/coar/resource_type/c_6501VoRhttp://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10272/17574reponame:Arias Montano. Repositorio Institucional de la Universidad de Huelvainstname:Universidad de Huelva (UHU)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Atribución-NoComercial-SinDerivadas 3.0 Españahttp://creativecommons.org/licenses/by-nc-nd/3.0/es/info:eu-repo/semantics/openAccessoai:ariasmontano.uhu.es:10272/175742026-06-02T14:58:11Z
dc.title.none.fl_str_mv Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
title Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
spellingShingle Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
Manzaneque Lizano, Montserrat
Small and medium-sized enterprises
Stakeholder
Business failure prediction
Classification trees
title_short Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
title_full Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
title_fullStr Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
title_full_unstemmed Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
title_sort Stakeholders and Long-Term Sustainability of SMEs. Who Really Matters in Crisis Contexts, and When
dc.creator.none.fl_str_mv Manzaneque Lizano, Montserrat
Alfaro Cortés, Esteban
Priego de la Cruz, Alba María
author Manzaneque Lizano, Montserrat
author_facet Manzaneque Lizano, Montserrat
Alfaro Cortés, Esteban
Priego de la Cruz, Alba María
author_role author
author2 Alfaro Cortés, Esteban
Priego de la Cruz, Alba María
author2_role author
author
dc.contributor.none.fl_str_mv
dc.subject.none.fl_str_mv Small and medium-sized enterprises
Stakeholder
Business failure prediction
Classification trees
topic Small and medium-sized enterprises
Stakeholder
Business failure prediction
Classification trees
description The impact of crises on the long-term sustainability of small and medium-sized enterprises (SMEs) has been attracting growing interest in the literature and from governments due to the significance of such companies with respect to economic growth, innovation, and employment. Although failure prediction models have been proposed based on accounting and other qualitative information, little is known regarding the influence of stakeholders on the failure process of SMEs. From the perspective of long-term sustainability, this article analyzes the role of the financial influence of stakeholders on the likelihood of business failure. An empirical study was carried out on a sample of 2352 Spanish SMEs, examining the differences between failed and non-failed SMEs and using a classification tree methodology to investigate the role played by each type of stakeholder in overcoming crisis events. The study provides empirical evidence regarding the relative importance of stakeholders to SMEs under conditions of financial distress, and proposes their categorization on the basis of their control over firms’ financial resources. Specifically, the analysis reveals that the capacity of the firm to generate sustainable wealth over time and to overcome critical situations is dependent on the most critical stakeholders. Workers, customers, and suppliers are the most important in ensuring the long-term sustainability of SMEs during the first stages of a crisis. Following the initial operational problems, other creditors (financial institutions) become relevant. In this sense, the results of this study encourage firms and governments to develop cooperation strategies with stakeholders (co-responsibility) in line with the proposed conceptual models of business sustainability.
publishDate 2019
dc.date.none.fl_str_mv 2019
2019-11-01
2019
2019-11-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
VoR
http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10272/17574
url http://hdl.handle.net/10272/17574
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-SinDerivadas 3.0 España
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-SinDerivadas 3.0 España
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv MDPI
publisher.none.fl_str_mv MDPI
dc.source.none.fl_str_mv reponame:Arias Montano. Repositorio Institucional de la Universidad de Huelva
instname:Universidad de Huelva (UHU)
instname_str Universidad de Huelva (UHU)
reponame_str Arias Montano. Repositorio Institucional de la Universidad de Huelva
collection Arias Montano. Repositorio Institucional de la Universidad de Huelva
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,81155

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