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The Financing and Technology Decisions of SMEs: II. Technology and Policy



This paper surveys the theoretical and empirical literature on technology investment by SMEs to complement previous analysis of financial constraints on Southern European SMEs. The finding of the previous paper was that finance is a determinant of the nature as well as the level of technology investment; we now add detailed examination of the literature specifically on technology. The resulting life cycle model of the firm combines financing and technological typologies and provides the basis for policy in banking and venture capital. The analytical model for which the foundations are laid here will be presented in full in the subsequent paper.

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