De rol van advies in mkb-financiering is cruciaal, omdat twee van de drie ondernemers gebruik maakt van extern financieel advies (Van der Veen, Van Teeffelen, Ibrahimovic en Lentz, 2015). Hoe goed zijn adviseurs op de hoogte van nieuwe financieringsvormen en het combineren daarvan? Vier typen financieel adviseurs zijn met elkaar vergeleken: bankiers, accountants, MKB Kredietcoaches en onafhankelijke financieringsadviseurs. Elk van de vier steekproeven betreft adviseurs die relatieve voorlopers zijn in hun beroepsgroep bij mkb-financiering. Het onderzoek is onder een beperkte groep van 166 respondenten uitgevoerd. De uitkomsten bieden een eerste indruk, gezien de kleine omvang en selecte steekproeftrekking. Bankiers lijken meer bekend met financieringsvormen die zij zelf verstrekken. Meer dan andere adviseurs gaat hun voorkeur uit naar bancaire financieringsvormen. Verder lijken accountants minder kennis te hebben van een aantal financieringsvormen dan de andere adviseurs. Het betreft hier onder meer de verschillende vormen van risicokapitaal, crowdfunding en factoring. Ook weten accountants minder af van gestapeld financieren en wijken af in hun financieringskeuzes voor werkkapitaal en productontwikkeling. Dat MKB Kredietcoaches – zelf ook accountants - in kennis, advies en keuzes van financiering meer overeenkomen met bankiers en zelfstandig financieel adviseurs, houdt vermoedelijk verband met de specifieke financieringsopleiding die zij hebben gevolgd.
This study focuses on SME networks of design and high-tech companies in Southeast Netherland. By highlighting the personal networks of members across design and high-tech industries, the study attempts to identify the main brokers in this dynamic environment. In addition, we investigate whether specific characteristics are associated with these brokers. The main contribution of the paper lies in the fact that, in contrast to most other work, it is quantitative and that it focuses on brokers identified in an actual network (based on both suppliers and users of the knowledge infrastructure). Studying the phenomenon of brokerage provides us with clear insights into the concept of brokerage regarding SME networks in different fields. In particular we highlight how third parties contribute to the transfer and development of knowledge. Empirical results show, among others that the most influential brokers are found in the nonprofit and science sector and have a long track record in their branch.
The objective of this study is to shed light on the added value of the services of five disciplines in M&A advisory in the SME domain: accountants, bankers, business brokers, fiscalists and lawyers. Theory is inconclusive in the added value of advisory services and research on the subject is hardly available. RBV predicts direct benefits in using advisory services in M&A, leading to less obstacles in and directly after M&A or lagged effects on more renewal of the firm. The theory of structural holes, agency theory and management entrenchment theory on the other hand predict neutral or negative effect of advisory services in M&A. The dataset includes 899 mergers and acquisitions (1) completed before 2003; (2) with an acquirer having bought 100% of target shares or assets; (3) of German, Belgian or Dutch origin; (4) of non-listed firms; (5) where acquirer and target firm are not member of the same family. Using (M)ANOVA’s and controlling for the effects of more than one advisor involved, the outcomes show consistently that the M&A advisory services do not reduce obstacles like financing, misinformation and culture and staff problems during or immediately after M&A. Looking at lagged effects of advisory services in the period of two years after M&A strategic more renewal by innovation occurs if bankers, fiscalists and lawyers are involved. Involvement of accountants and business brokers on the other hand decrease renewal.
