E-Knjižnica FET "Dr. Mijo Mirković"

Sources of financing small enterprises: A case of federation of Bosnia and Herzegovina

Klepić, Zdenko and Živko, Igor and Grbavac, Josipa (2007) Sources of financing small enterprises: A case of federation of Bosnia and Herzegovina. In: 4th International Conference "Global Challenges for Competitiveness: Business and Government Perspective", 27-29. 9. 2007., Pula, Croatia.

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In Bosnia and Herzegovina, as a consequence of dissolution of former Yugoslavia, the war in BH, as well in the region, post war crisis, transition, badly implemented and unfinished privatization, globalization, increased competition and due to many other reasons has come to a large decline in production, employment and failure of a large number of enterprises. Adjustment to market principles of business operation of the world’s economy, which are becoming more and more globalized, has caused growing unemployment and loss of numerous workplaces in transitional countries. Entrepreneurship and sector of small and medium enterprises (SMEs sector) have been developed in such turbulent, politically and economically pronouncedly dramatic conditions contributing more and more to changes in economic structure and generating new employment. A trend in relation to which SMEs are growing faster in advanced market economies than large ones has implied an expectation according to which small and medium enterprises in transitional economies and then in BH, as the sector of large enterprises would be faster privatized and restructured, shall extend and grow as to absorb surpluses from the labor market. A large number of small and medium enterprises have been developed upon implemented privatization (which has not been entirely completed) and liberalization of institutional framework for foreign investments and especially for development of private entrepreneurship, and this process, which is spreading out in majority of transitional countries, as well as in BH, has played and is playing a role of shock absorber and alleviates a drastic decline of unemployment. Employment growth in the SMEs sector of countries candidates for EU accession (which is larger on the average about 3,5 times annually over a period from 1995 to 1999 than the one achieved in the western economies) illustrates a contribution of SMEs, both to alleviation of unemployment implied especially by a loss of work places in large enterprises, and to development of employment as a whole. Small and medium enterprises are agents of a permanent innovation through entrepreneurship which renews, transforms and stimulates development of economies worldwide, and recently also the BH economy. Dynamism of entrepreneurship is such that a large number of business undertakings are born every hour from day to day all over the world, and according to available data every workday in each hour more than 1000 new business undertakings are born in the USA. In developed market economies, a relative market share of small enterprises is growing constantly by comparison with a total number of enterprises. The illustration of a significance of small enterprises in the European economy is enabling a figure of more than 19 million of small enterprises (98,8% of total number of business subjects), out of which 17,8 million (92,3%) are micro sized. Similar figures are also in the neighboring Republic of Croatia, and such large number of enterprises provide work for a large number of employees too, thus, according to data in the Republic of Croatia, 65,70% are employed with small and medium enterprises while 34,30% of employees are employed with large enterprises. Small enterprises represent the backbone of each economy, they are main promoter of innovations, employment, adaptability and competitiveness, as well as social and local integration in Europe as emphasized in the preamble of the European Charter for Small Enterprises.5 One of fundamental hypothesis for establishment, business operation and development of small economy is ensuring of needed capital in adequate quantity and form, as well as under appropriate conditions.

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Tip objekta: Materijal konferencije ili radionice (Paper)
Dodatne informacije: 4/2007
Ključni pojmovi: small enterprises, private sources of financing, borrowed sources of financing, problems, restrictions, mala poduzeća,privatni izvori financiranja, posuđeni izvori financiranja.
Teme: 3 Društvene znanosti > 33 Ekonomija. Ekonomska znanost > 336 Financije. Uključujući: Javne financije. Bankarstvo. Novac > 336.5 Javni izdaci. Državni izdaci > 336.581 Financijska ulaganja
6 Tehnologija (primijenjene znanosti) > 65 Menadžment i organizacija industrije, trgovine i komunikacija > 65.01 Metode i metodologija. Teorija i praksa organizacije > 65.012.4 Menadžment. Uprava. Ravnateljstvo Tehnike i metode upravljanja
Odjeli: Odjel za ekonomiju i turizam "Dr. Mijo Mirković"
Datum pohrane: 17 Oct 2012 11:39
Zadnja promjena: 08 Jan 2013 09:59
URI: http://eknjiznica.unipu.hr/id/eprint/1645

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