prevalence of smaller companies (SMEs) in the economies. In this context, it may be hypothesized that the progress and results of …

business sector increased significantly in Europe. According to surveys of the EC-Flash Eurobarometer (2005), over 77% of SMEs … cycle the traditional credit constraint faced by SMEs (Vohrl and Adams, 1997; EU 2011; Callejón and Segarra, 2012), would … than in others (ECB-Survey on the access to finance of SMEs in the euro area, 2011). The question this paper raises is …