naa a22 4500 510736017 CHVBK 20180411083010.0 cr unu---uuuuu 180411e20130701xx s 000 0 eng 10.1007/s11573-013-0662-8 doi (NATIONALLICENCE)springer-10.1007/s11573-013-0662-8 The financial structure of innovative SMEs in Germany [Elektronische Daten] [Detlev Hummel, Boris Karcher, Christian Schultz] In politics and business the special role of innovative businesses whose research and development activities expedite technological progress has received steady attention. Especially small and medium sized businesses (SMEs) have initiated promising innovation projects. However, when analysing these projects our research must take into account that SMEs cannot be viewed as a homogeneous business category. Moreover, financing their innovations, SMEs are subject to unique issues. To shed light on these problems, this study will develop an index measuring degrees of innovation. It allows the 171 sample companies to be categorised into three groups: non-innovative, moderately innovative or highly innovative. A multinomial logistic regression is used to examine the quality of this typology. In addition, group-specific differences in the financing mix are demonstrated. Finally, from a theoretical point of view, the implications of the pecking order theory are basically validated. On the other hand, the concept of the financial growth cycle does not deliver satisfactory results. Springer-Verlag Berlin Heidelberg, 2013 Small and medium-sized business financing nationallicence SMEs nationallicence Degree of innovation nationallicence Innovation financing nationallicence Financing of innovative businesses nationallicence Hummel Detlev Lehrstuhl für Betriebswirtschaftslehre mit Schwerpunkt Finanzierung und Banken, Universität Potsdam, August-Bebel-Straße 89, 14482, Potsdam, Germany aut Karcher Boris Lehrstuhl für Betriebswirtschaftslehre mit Schwerpunkt Finanzierung und Banken, Universität Potsdam, August-Bebel-Straße 89, 14482, Potsdam, Germany aut Schultz Christian Lehrstuhl für Innovationsmanagement und Entrepreneurship, Universität Potsdam, August-Bebel-Straße 89, 14482, Potsdam, Germany aut Journal of Business Economics Springer-Verlag 83/5(2013-07-01), 471-503 0044-2372 83:5<471 2013 83 11573 https://doi.org/10.1007/s11573-013-0662-8 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11573-013-0662-8 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Hummel Detlev Lehrstuhl für Betriebswirtschaftslehre mit Schwerpunkt Finanzierung und Banken, Universität Potsdam, August-Bebel-Straße 89, 14482, Potsdam, Germany aut NATIONALLICENCE 700 1- Karcher Boris Lehrstuhl für Betriebswirtschaftslehre mit Schwerpunkt Finanzierung und Banken, Universität Potsdam, August-Bebel-Straße 89, 14482, Potsdam, Germany aut NATIONALLICENCE 700 1- Schultz Christian Lehrstuhl für Innovationsmanagement und Entrepreneurship, Universität Potsdam, August-Bebel-Straße 89, 14482, Potsdam, Germany aut NATIONALLICENCE 773 0- Journal of Business Economics Springer-Verlag 83/5(2013-07-01), 471-503 0044-2372 83:5<471 2013 83 11573 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer