THE SMALL ENTERPRISE FINANCIAL OBJECTIVE FUNCTION: AN EXPLORATORY STUDY USING INFORMED SCHOLARLY OPINION

This paper describes the approach and findings of an exploratory study into the small enterprise financial objective function employing an informed opinion methodology. The study finds that in the views of scholars in the field of small enterprise finance/financial management who responded to the su...

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Bibliographic Details
Published in:Journal of small business and entrepreneurship 1996-01, Vol.13 (3), p.29-56
Main Authors: McMahon, Richard G.P., Stanger, Anthony M.J.
Format: Article
Language:English
Subjects:
Finance
Small business
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Summary:This paper describes the approach and findings of an exploratory study into the small enterprise financial objective function employing an informed opinion methodology. The study finds that in the views of scholars in the field of small enterprise finance/financial management who responded to the survey undertaken, liquidity, flexibility, control and accountability considerations have some importance as elements of the small enterprise financial objective function. Because of inadequacies in the survey instrument, no reliable evidence on the possible importance of diversification and transferability considerations is obtained. It is also found that distinctions between traditional small enterprises and growth enterprises have potential importance in explaining the financial objective function encountered in such concerns.
ISSN:0827-6331
2169-2610
DOI:10.1080/08276331.1996.10600528