Moritz, Alexandra; Block, Jörn; Heinz, Andreas - 2015
cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not …-financed SMEs, state-subsidised SMEs, debt-financed SMEs, flexible-debt-financed SMEs, trade-financed SMEs and internally …-financed SMEs. These SME financing types differ according to the number of financing instruments used and the combinations thereof …