Multivariate Analysemethoden

Backhaus, Klaus; Erichson, Bernd; Plinke, Wulff; Weiber, Rolf

doi:10.1007/978-3-662-08889-0

“…Investigating and analysing consumer s' preferences and the extent products avail to them, is crucial for the explanation of consumer behaviour. Conjoint analysis has been introduced to marketing in the early 1970s [16] and is considered as a suitable metho d for product design regarding the needs of a consumer target segment [17] . Combining stimulating factors, consumer s' affective and cognitive components and their preferences towards newly developed food products results in the framework which is shown in Figure 1.…”

Section: Consumer Segmentation and Preference Testing Modelmentioning

confidence: 99%

Cross-European and Functional Food-Related Consumer Segmentation for New Product Development

Sparke¹,

Menrad

²

2009

Journal of Food Products Marketing

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“…Hence, they were not appropriate for our research objective (Bortz 2005). The Ward's method has the advantage that it combines objects which increase the within group variation as little as possible and therefore optimises the homogeneity of the clusters (Backhaus et al 2013). As similarity measure, we used the squared Euclidean distance (Hair et al 2010).…”

Section: Methodsmentioning

confidence: 99%

Financing Patterns of European SMEs An Empirical Taxonomy

Moritz

¹

,

Block

²

,

Heinz

³

2015

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PrefaceSmall and medium-sized enterprises (SMEs) are often called the backbone of the European economy, contributing to job creation and economic growth. In 2013, more than 21.5m of SMEs in the European Union made for more than 99% of all non-financial enterprises, employed almost 89m people (67% of total employment), and generated 58% of total added value. However, access to finance is more difficult for SMEs than for larger enterprises, not only during the current financial and economic crisis, but also on a permanent structural basis, due to market imperfections in SME financing (see Kraemer-Eis, Lang and Gvetadze, 2015, for more details).The European Investment Fund (EIF) supports Europe's SMEs by improving their access to finance through a wide range of selected financial intermediaries. To this end, the EIF primarily designs, promotes and implements equity and debt financial instruments which specifically target SMEs. In this role, the EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, and employment.EIF's Research & Market Analysis team has established a research cooperation with the Chair of Management at the University of Trier. This EIF Working Paper is one result of the successful cooperation. A follow-on project, building on the findings of the presented analysis and financially supported by the EIB Institute under the Knowledge Programme, is scheduled to start soon.Even though research in SME financing has strongly increased over the recent years, the financing patterns of SMEs in Europe are still not well analysed. Previous empirical studies have shown that firm-, product-, industry-, and country-specific factors influence the financing of SMEs. However, there are only few studies with a holistic perspective taking into account the interrelationships between different financing instruments and their determinants.The research, presented in this EIF Working Paper, provides an integrative perspective of SME financing patterns by identifying and analysing in detail the use of various financing instruments by SMEs. The findings can support the design and development of SME financing instruments across Europe.We thank the researchers for their important work and the very good cooperation with the EIF. We also thank the participants of a seminar with the researchers, which took place at EIF, as well as the participants of a workshop that took place at the European Central Bank, for fruitful discussions. This EIF Working Paper takes a holistic approach to investigate SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, statesubsidised 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 fin...

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“…The cluster analysis reveals that SMEs are not equally distributed across clusters according to their firm-, product-and industry-specific characteristics (p < 0.01) (see Table 6). 9 Test statistics are provided in form of Pearson's chi-square and Cramer's V. Whereas the Pearson's chisquare test evaluates how likely it is that the observed differences arose by chance or, in other words, whether the distribution across the clusters differs significantly from its distribution in the total sample, Cramer's V measures the strength of association between the passive variable and the cluster affiliation (between 0 and 1) (Backhaus et al, 2013). 10 This result is in line with prior research which found that larger and more mature firms have lower information asymmetries and can therefore access a broader range of financing sources, whereas smaller and younger firms are more likely to use less external capital or-if external capital is required-tend to use more flexible short-term debt (Artola and Genre 2011;Berger and Udell 1998;Holmes and Kent 1991;Hutchinson 1995;.…”

Section: Cluster Analysismentioning

confidence: 99%

Financing patterns of European SMEs – an empirical taxonomy

Moritz

¹

,

Block

²

,

Heinz

³

2016

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PrefaceSmall and medium-sized enterprises (SMEs) are often called the backbone of the European economy, contributing to job creation and economic growth. In 2013, more than 21.5m of SMEs in the European Union made for more than 99% of all non-financial enterprises, employed almost 89m people (67% of total employment), and generated 58% of total added value. However, access to finance is more difficult for SMEs than for larger enterprises, not only during the current financial and economic crisis, but also on a permanent structural basis, due to market imperfections in SME financing (see Kraemer-Eis, Lang and Gvetadze, 2015, for more details).The European Investment Fund (EIF) supports Europe's SMEs by improving their access to finance through a wide range of selected financial intermediaries. To this end, the EIF primarily designs, promotes and implements equity and debt financial instruments which specifically target SMEs. In this role, the EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, and employment.EIF's Research & Market Analysis team has established a research cooperation with the Chair of Management at the University of Trier. This EIF Working Paper is one result of the successful cooperation. A follow-on project, building on the findings of the presented analysis and financially supported by the EIB Institute under the Knowledge Programme, is scheduled to start soon.Even though research in SME financing has strongly increased over the recent years, the financing patterns of SMEs in Europe are still not well analysed. Previous empirical studies have shown that firm-, product-, industry-, and country-specific factors influence the financing of SMEs. However, there are only few studies with a holistic perspective taking into account the interrelationships between different financing instruments and their determinants.The research, presented in this EIF Working Paper, provides an integrative perspective of SME financing patterns by identifying and analysing in detail the use of various financing instruments by SMEs. The findings can support the design and development of SME financing instruments across Europe.We thank the researchers for their important work and the very good cooperation with the EIF. We also thank the participants of a seminar with the researchers, which took place at EIF, as well as the participants of a workshop that took place at the European Central Bank, for fruitful discussions. This EIF Working Paper takes a holistic approach to investigate SME financing patterns in Europe by performing a cluster analysis including 12,726 SMEs in 28 European countries. The results reveal that SME financing in Europe is not homogenous but that different financing patterns exist. The cluster analysis identifies six distinct SME financing types: mixed-financed SMEs, statesubsidised 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 fin...

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Multivariate Analysemethoden

Cited by 206 publications

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Cross-European and Functional Food-Related Consumer Segmentation for New Product Development

Cross-European and Functional Food-Related Consumer Segmentation for New Product Development

Financing Patterns of European SMEs An Empirical Taxonomy

Financing patterns of European SMEs – an empirical taxonomy

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