alternative financing of smes in romania€¦ · of innovation in polish enterprises, cerbusca...

Romanian Statistical Review - Supplement nr. 2 / 201874

ALTERNATIVE FINANCING OF SMES IN ROMANIA

Dr. Daniel Ioan Dumitrescu ([email protected])

Dr. Diana Valentina Dumitrescu ([email protected])

Abstract

Improving access to fi nance for small and medium-sized enterprises (SMEs) is one of the priorities of the European Union’s economic and fi nancial policies. For example, in the United States, for example, the volume of SME fi nancing through the capital market is nearly 5 times higher. At a similar level, the European venture capital market would have generated over 90 billion euros in the past 5 years. Also, a positive attitude towards securitization of bank portfolios would have added an extra 100 billion euros in new bank funding to the private environment, of which at least one fi fth would be directed to SMEs. Romania also aims to increase the fi nancing capacity of enterprises by diversifying the fi nancing sources, the banking one, unable to cover the existing capital needs of the domestic enterprises. A special segment of SMEs, which deserves increased attention, is innovative innovators, spin-offs and spin-offs, enterprises in the early stages of development. Due to the high risk associated with the fi nancing of these types of entities, bank fi nancing is still not available, which underlies the need to identify alternative sources of funding to support their development. In fact, Romania has made a commitment to the fi nancial troika of the European Union, the World Bank and the International Monetary Fund to identify viable fi nancing solutions to complement those already in place. Keywords: SMEs, alternative fi nancing, private investors, multi-fi nancing, capital market

Introduction

Compared to the rest of the countries in the European Union, Romania is among the last places in terms of fi nancing solutions available to small and medium-sized enterprises. The latest statistical data published in the White Paper on SMEs 2017 reveals that almost three-fourths of all SMEs use self-fi nancing as the main source of funding. In the next places, but at a great distance, there is the loan offered by the suppliers, used by almost a quarter of the economic actors, and only in third place we fi nd the bank credit used by 18.28% of the SMEs surveyed. As for the level of self-fi nancing, the current value of 74.09% is higher than in 2009, when it was 64%, but lower than in 2013 when it reached 91%. These variations suggest that SMEs are recovering

Revista Română de Statistică - Supliment nr. 2 / 2018 75

from the fi nancial crisis in 2008, they are on an upward trend of confi dence in future developments and fueled by a more varied and more affordable funding offer than in post-crisis times. As a long-term solution, self-fi nancing is not a viable long-term solution, unable to sustain a sustainable development, but to ensure the best possible survival of the institution in the short term. The effects are also negative: stopping investment plans, staff restructuring, eliminating development budgets - innovation, marketing or training, which in turn leads to a reduction in the size of the enterprise. Alternate funding is used by only 2% of SMEs, the present study proposing to analyze and present the current stage of development of these new sources of fi nancing in Romania.

Literature review

Dumitrescu and Soare (2016) analyze the fi nancial instruments provided by the development banks in Romania, Anghelache, Anghel and Bodo (2017) addressed issues related to the importance of access to information in the decision-making process. Piette and Zachary (2015) analyze the impact of the crisis on SME fi nancing in the Belgian economy. Corduneanu and Iova (2007) described the fi nancing opportunities for this type of companies, while Grabara and Bajdor (2013) analyze the fi nancing of innovation in Polish enterprises, Cerbusca (2015) intends to fi nance the development of SMEs. Vorniceanu, Covaci, and Cocoşatu (2009) studied the credit risk associated with SME fi nancing, developing the work of Covaci (2008). Hernández-Cánovas and Martínez-Solano (2010) study funding at the level of the banking system of Continental Europe. Wehinger (2012) is concerned about the changes that the economic and fi nancial crisis has created on SME fi nancing sources, by shifting the focus from banking to other types of instruments and investors. In his paper, Wehinger (2013) describes the fi nancing diffi culties of SMEs, proposes policies and measures. Lucey et al. (2012) studies capital structure in small and medium sized companies. Among the authors who were concerned about various aspects of crowdfunding are Kuti and Madarász (2015), Ellman and Hurkens (2014), Ilie and Ilie (2015), Dziuba (2015), Lenz (2015), Parker ). An analysis of the parallelism between crowdfunding and the banking system is carried out by Blaseg and Koetter (2015). Simion- Melinte (2012) is studying the implementation of business incubators in the locations of former military sites for the benefi t of small and medium-sized enterprises. Epure et.al. (2011) describe the main features of business incubators. Doga-Marzac and Naval (2014) is concerned with the evaluation of business incubators. Siemieniuk (2015) analyzes academic incubators in the Polish economy. Albort-Morant and Ribeiro-Soriano (2016) conduct a study on the international impact of business incubators. Moraru


and Ruse (2012) describe the role of incubators in SME development, a theme addressed also by Mas-Verdú et.al. (2015). Kalaman and Zhalinska (2012) analyze the role of venture capital as a fi nancing instrument. Schertler and Tykvová (2011) study the correlation between venture capital and internationalization Ueda (2002) makes a comparative approach between venture capital and banks. Faria and Barbosa (2013) show the impact of venture capital on innovation. Maxwell et. al. (2011) addresses the decision-making process at the level of the business angel investor. Parhankangas and Ehrlich (2014) analyze managerial strategies that bring favorable outcomes to collaborating with an angel business. Levratto and Tessier (2016) analyze the business angel’s impact on business performance.

Research methodology, data, results and discussions

- The activity of the Investment Funds in the capital of SMEs in Romania

At the European level, the private equity and venture capital sector continued to be marked by a recovery in the process of creating new capital funds, particularly in the dedicated business segment. In general, fundraising is still signifi cantly reduced, being still below the 2008 level. Firms with a fast-growing potential but with limited circulating capital are still faced with the lack of funding in critical moments development. In most cases, self-fi nancing, or bank loans are not enough to cover these needs. As is also the case at European level, funding for accelerated growth is the area where the European Union is performing the least. Since these fi rms have the greatest potential for development in the Union, the societal losses generated by the lack of funding can be very high. In Europe, most of the fi nancial resources devoted to new venture capital funds for all stages of development were made available by 40% of pension funds, while for most venture capital funds are coming from government agencies (38%). Venture capital funds play a very important role in supporting development both within the European Union and beyond. Compared to the United States, a European venture capital fund has a value of more than 50 million Euro, while in the US, it can reach a double value. Also, according to the Parretto principle, about 80% of the venture capital fund investments are in only 20% of the EU Member States. Signifi cant aid comes from public funding schemes that have allowed the development of venture capital funds throughout the European Union. During 2013, private equity / venture capital investments were made in over 5,000 European companies, similar to the volume of 2012. However, there was a slight decrease in the value of capital investments by 3% 35.7 billion


euros. Instead, the total invested venture capital increased by 5% to 3.4 million euros. The fi elds of activity invested were: Life sciences, computers, electronics, energy communications, environment (with over 70% of all venture capital investments). More than 800 companies have received buyout investments. The capital of the investment was reduced by 2% and the number of companies by 9% compared to 2012. More than half of the buyout investments focused on the companies that are active in business and industrial products, consumer products , retail, business and industrial services and life sciences. As in 2012, more than 1,000 companies attracted growth investments. They have accumulated a 6% increase in number of enterprises and a 10% decrease as a share of invested capital. Approximately 50% focused on companies that are active in business and industrial, business, industrial, consumer electronics, computers and communications.

Risk Capital Investments in Romania 2007 – 2013

Source: European Investment Fund

In Romania, private equity (PE) / venture capital (VC) investments are estimated to have amounted to EUR 70 million in 2013. Regarding the share of PE / VC investments in GDP, an important benchmarking indicator in industry, Romania continues to show poorly, with only 0.049% compared to 0.253% at European level, while other countries in Central and Eastern Europe show 1.5 to 2 times better results on the same indicator (Poland 0.098%, Czech Republic 0.090%, Baltic countries 0.071%, Hungary 0.058%). Romania has, however, a better indicator than Bulgaria (0.028%). The situation is even less advantageous for the Romanian market when considering only venture capital investments. In the case of Romania, there is a total of 0,002% of GDP, compared to an average of 0,024% of GDP at EU


level. Similar to Europe and in line with previous years, the investment type PE and VC for 2013 in Romania was also dominated by buyout investments. Among the largest investments made in Romania in 2013 are: Emerging Europe Accession Fund, managed by Axxess Capital, acquired Deutek SA, a company active in the fi eld of dye manufacturing and marketing decorative paints and paints; The US investment fund Francisco Partners has bought the entire stake of the Avangate e-commerce solution provider, part of the GeCAD group, owned by Romanian businessman Radu Georgescu and CTS 3TS Fund; JEREMIE 3TS Fund Catalyst Romania has invested in Intelligo Media, the owner of the Avocatnet portal and developer of the legal site solutions www.superlege.ro; Purchase of WorldClass fi tness center by Resource Partners (2013 - 2014); Purchase from Carlus courier company from DHL (by Abris Capital Partner). At the beginning of 2014, the following local transactions were announced: The investment made by the JEREMIE 3TS Catalyst Romania Fund in the local developer of mobile telephony solutions Simartis; Early Bird and iEurope Capital have invested in Tjobs online recruitment fi rm; Buying Fan Courier by Abris Capital Partner; The Emerging Europe Accession Fund, managed by Axxess Capital, bought a package in Star Storage, a provider of data archiving solutions. - Private Investor Networks in Romania From the point of view of the banking system, according to the National Bank of Romania Survey of Loan to Non-fi nancial Companies and Population in May 2014, the risk associated with lending to small and medium-sized enterprises continues to be high in the post-crisis period. Banks view business investment plans as non-bankable, arguing with the lack of revenue and the possibility of reimbursement of loans at fi xed deadlines and the lack or insuffi ciency of collateral.

Distribution by industry (value and number of transactions)

� �

Date European Business Angels Association, author’s interpretation


As an alternative to fi nancing and on the fi nancial market in Romania, there is a large number of private investors who contribute equity to fi nance businesses with high potential for growth. These investors, named Business Angels, allocate, on average, between € 10,000 and € 200,000 in companies in the Internet, IT & C, innovative technologies under predefi ned conditions, and taking a high degree of risk. In 2016, the IT & C sector remained the main economic sector benefi ciary of these types of funding, being closely followed by the medical and media fi eld. The defi nition of Business Angel given by DG Enterprise is a natural person with business experience and direct personal investment in start-up and non-listed enterprises. The business angel’s input expands and brings its own expertise, contacts and managerial skills to the development of the SME. Business Angel investors are often experienced businessmen willing to provide fi nancial support but also start-ups of other kinds. Statistically, they provide a signifi cant percentage of the total funding allocated to the early stages of development. Investments made in Europe by business angels grew to 6.7 billion euros in 2016, up 8.2% from 2015. At the level of the European Union there were about 300,000 business angels at the level of 2016, benefi ting from various tax and business facilities to encourage the development of this type of fi nancing in our country at the beginning of 2015, this area was not yet regulated. In fact, in the EBAN Statistical Compendium 2016 Report on the Business Angels Assessment in the Member States of the European Union, Romania is registered with a number of 4 private investors, which is a small number compared to the top of the top three European countries in nacest fi eld: Great Britain, Spain and Finland. This statistic is caused by a legislative vacuum that has deprived SMEs of an important source of funding that could have fi lled the gap left by credit institutions that have claimed a greater aversion to risk. These Business Angels, existing in Romania, who have a strong professional and business experience and who would be willing to invest their own high-risk funds in SMEs with growth potential, have not benefi ted locally from benefi ts tax for any gains generated by such investments. As can be seen from the success stories of other European Union countries (see United Kingdom), the tax incentives granted to investments made by SMEs would encourage capital-leavers to enter the economy and thus they get better returns than if they were deposited in bank deposits. By introducing tax incentives, the SME market in Romania would benefi t from an additional contribution of alternative fi nancing to the traditional credit fi nancing system.


In 2015, the Romanian Government wanted to attract alternative sources of fi nancing for the growth of the indigenous SME sector by activating the latent risk capital in Romania. This initiative, which enjoys an increased interest from the SME environment, responds to a pressing need for fi nding solutions to unblock funding in Romania for new SME investments. In this case, a law regulating Business Angels would encourage increased private investment in large growth potential SMEs in an early stage of development. This normative Act, the Business Angels Incentive Act, is part of the government’s package of government measures to boost economic activity in Romania, and aims to boost business angel investors’ tax incentives to encourage alternative funding from making new investments by newly established, innovative and not only SMEs, which have potential for growth. The law stipulates that SMEs that will benefi t from these funding will be LLC in accordance with the Companies Law (since approximately 89% of SMEs in the country have this form) to be set up for a maximum of 3 years (the vulnerability period of start-ups), has no debts to the state budget (to ensure that funding is directed only to new investments), is an autonomous enterprise and does not operate in areas excepted by law (consultancy, fi nancial intermediation, gambling ...). The private investor - business angel - may benefi t from this law if it is a natural person outside of the enterprise and is the consequence of its associated venture capital investment, grants a loan for the realization of the business idea of at least 3,000 and not more than 200,000 euros , for at least 3 years, has not been convicted of economic crimes, has no record of the criminal record and will not hold more than 49% of the capital of the company concerned. From the point of view of tax incentives, the law provides for a derogation from the Fiscal Code by exempting dividends for the period of the loan for a maximum of 3 years but capped at the amount of the fi nancing granted and the tax exemption for the positive difference between the sale price and the purchase price following the transfer of ownership of the investor’s shares after the fi nancing period of up to 3 years (to ensure that this funding is a reimbursable one that allows the initial associate to retain control of the company). From a legal point of view, this form of funding respects art. 2158 of L 287 of 2009 on the Civil Code republished, which must be recorded in an authentic document, which is an enforceable title, is not interest-bearing (considered a loan made without professional title, social type) and has a value of at least 3000 and 200,000 Euro, is granted for 3 years, with a record in the company’s accounting, is made by bank transfer and is intended to materialize the business plan for which business angels are fi nancing.


Financing source chosen by businesses

Financing option 1-9 staff 10-49 staff 50-249 staff Over 250

Bank Loans 60,1 66,2 64,5 56,5

Other loans 14,9 14,2 12,5 18,2

Investments Capital 6,3 6,7 7,5 9,1

Subordinated loans 3,2 2,7 3,4 3,7

Others 6,2 4,5 6,2 4,6

No answer 2,6 2,2 2,1 3

Don’t know 6,9 3,5 3,8 4,9

DG Enterprise survey, author translations

Although in Romania the number of business angels is still small, the emergence of this law provides the regulatory framework necessary for future development of this type of alternative fi nancing that is increasingly used in other EU countries. Thus, in the short term, the macroeconomic impact generated by this law is relatively small and in line with the volume of risk capital available in 2015, but in the medium and long term it can be estimated that Romania will follow the trend of the European Union and attract investments of higher risk capital from both domestic private investors and other EU Member States, the result being positive and with a positive macroeconomic impact on the Gross Domestic Product by stimulating investments made by SMEs. As social side effects, business angel-funded investments will lead to the creation of new jobs in start-up or spin-off innovative SMEs, which will reduce unemployment, and for those employees, increase in earnings, because these jobs generally require qualifi ed personnel specifi cally for rapidly growing economic sectors that offer over-average wages.

- Development of Multi-Financing Platforms in Romania Multi-fi nancing allows small private investors and private or even large investors to enter into a direct relationship with projects looking for development funds. Participatory funding is of particular interest in areas of research, development and innovation, having a positive effect on economic growth and GDP and indirectly on creating new jobs. Multifunding is primarily targeted at projects in early development phases that can not access funds from traditional funding sources. Multi-fi nancing is a very good form of stimulating entrepreneurship as it offers, in addition to funding and a real-time feed-back on the project or product / service promoted. Multi-funding platforms have developed rapidly in many of the EU Member States, with over 800 such platforms in the 28 Member States. At present, the regulation of multi-funding platforms at the European Union level


is in the process of being fi nalized, but there are variations depending on the opening of the fi nancial systems of different Member States towards such alternative funding systems. In the year 2015, the draft law on the national regulation of the functioning of the online multi-funding platforms was launched, by defi ning the concept of multi-fi nancing / participatory fi nancing / crowdfunding, creating the legal framework for functioning, establishing the types of participatory fi nancing and services rendered by the platforms administering, imposing the rules of general conduct, establishing the powers that the Financial Supervisory Authority will have in this fi eld. Implementing a legal framework at national level will ensure the protection of people who want to invest in projects and will require their explicit warning of the risks they undertake. Also, the normative act will regulate the conditions for registration of participatory fi nancing platforms, the access of project promoters, the payment methods of investors in projects, the registration of multi-fund titles, the protection of investors who have the status of investors, access to information on entities fi nancing. According to the draft law on the development of the participatory fi nancing - crowdfunding - this form of fi nancing is characterized by investments (maximum 1000 Euro per investor per project) made directly by investors who are individuals or legal entities that track the profi t for projects initiated by a legal entity. In exchange for fi nancing, the investor may receive shares, shares or bonds or other types of debt securities that entitle the holder to collect interest at maturity. The maximum amount collected by a project on a platform is capped at 1 million lei. The participatory fi nancing platforms will have to be authorized by the Financial Supervisory Authority and will have the following services: receiving and publishing participatory fi nancing projects, providing investors with information, collecting funds from investors and transferring them to the developer. Platforms can also provide advice on project promotion, periodic information on project progress, direct electronic communications channels between investors and developers, and electronic trading channels through which participatory titles can be sold. The developer of the project, the legal entity requesting funding, will need to provide a minimum of information on the project description and business plan, management structure, identity and CVs, company data, number of employees, fi nancial situation, structure capital and debt, the situation of litigation, a risk study. by the end of 2015, this law did not come into force.


- Positioning of the Alternative Capital Market in Romania - AERO On February 25, 2015, a new alternative market of the Bucharest Stock Exchange, called AeRO, was launched in Romania and is addressed to SMEs and startups with development potential in Romania. This step represents a revolution in how the BSE offers services to Romanian companies, and can now also lean towards smaller companies but with a strong growth potential. AeRO replaced the ATS segment of the Bucharest Stock Exchange and was able to emerge as a result of changes in regulations at the level of the Financial Supervisory Authority. AeRO will also be able to receive the listed RASDAQ (to be disbanded) companies that want to remain on the capital market but not on the main market. By launching this market, BVB has developed a mechanism to achieve two important goals: a more effi cient marketing and promotion campaign and its long-term development. Also, the emergence of AeRO had the effect of revitalizing the Romanian capital market by attracting those small (retail) investors and companies that although they have interesting products and development potential are not interesting for banks or are still too small for a listing on Main Market. The AeRO market offers a more simplifi ed procedure to the main market, more fl exible access conditions and lower listing costs, of the hundreds of lei to the fi rst category where the admission fee reaches 20,000 lei. Being an alternative trading system of the Bucharest Stock Exchange, AeRO has the minimum trading value of at least 250,000 Euro compared to 1,000,000 Euros on the Main Market, listing can be made through private placements and not necessarily through an initial public offering . This market attracts both private (retail) investors and low-investment niche funds. The market can also attract new investors who want to move from the state of bank depositors to that of active investors. If savings were meant to keep the money at a lower risk, the investment on the ARO may generate higher gains but with associated associated risks. The AeRO market mainly targeted new SMEs or startups that have exhausted traditional funding opportunities but offer innovative solutions, services or products or businesses worth between 1 and 5 million euros but wanting to attract on the stock exchange between EUR 100,000 and EUR 1,000,000 for the continuation of development plans. AeRO has not restricted access of companies to specifi c business sectors but has received SMEs from the most diverse areas of IT & C, services, production or agriculture. This varied range will allow diversifi cation of the investment portfolio of risky assets with higher potential gains. Already at the end of 2017, AeRO has already listed a few companies in the domestic market such as Life is Hard, Sameday and Chronos Curier courier companies, Bittnet Systems IT & C,


as well as several specialized investment vehicles be Opportunity Capital, Agribusiness Capital, Real Estate Asset, or the Polish investment fund Carpathia Capital. These listings prove that in Romania, entrepreneurs and startups can also access alternative fi nancing for their own projects. Companies listed on the AeRO market are advised by consultancy companies that have been authorized by the BSE and will deal with the promotion of companies to potential investors. In addition to attracting investors, consultants will also deal with market acceptance documentation and, for one year after listing, they will assist them in producing fi nancial and other reports.

- Regulation of National and Regional Business Incubators New start-ups, startups or spinoffs run through the fi rst two years of existence, the most vulnerable period of their existence (called the fi nancial jargon and death valley). Factors that infl uence this state are often the lack of space for doing business, the lack of B2B support services (legal advice, accounting) and, last but not least, the lack of access to the necessary fi nancing for business development. These factors are likely to place them at a level inferior to competition already developed in the market. A viable solution to mitigate the effects of this problem is to create the premises for developing a system to assist young companies in their debut phase, both by facilitating access to fi nance and by providing a business ecosystem that allows for more integration of young entrepreneurs in the business environment. At the year 2014 in Romania there were approximately 20 business incubators resulting from the Multiannual National Program for the Establishment and Development of Technological and Business Incubators and other 40 entities with international fi nancing but not having a clear business incubator status because at the level of 2015 national legislation does not regulate this area, so a clear delimitation of a business incubator from other offi ce buildings or business centers is not offi cially possible. Up to now, two types of business support structures have been known in Romania: business incubators and industrial or technological parks, both of which have real potential for creating and supporting new businesses and creating new jobs. In 2015, the draft Business Incubator Law was launched in Romania to support national entrepreneurs to develop their business, small businesses generating more jobs than large ones and achieving more than half of market innovations . The purpose of this normative act is to support the establishment of business incubators that benefi t from public support for diversifying the economy, creating and maintaining jobs and strengthening a strong entrepreneurial environment.


The draft law seeks to establish an appropriate legal framework for the establishment and operation of business incubators such as their defi nition, the establishment of the operating principles, the way of granting the business incubator state that will allow it to benefi t from legal facilities etc. In Romania, the business incubator develops on the basis of a public-private partnership between local public authorities and SMEs aiming to develop business support structures in areas with entrepreneurial potential that will lead to the emergence of new businesses. The partners of a business incubator are usually universities, local public authorities, research institutes, chambers of commerce or private legal entities. The incubator business title will be granted for a period of 10 years, considered suffi cient to strengthen it. In order to be a business incubator, there must be a free and non-litigation building that can accommodate new businesses, the entity will present a business plan that will outline the development and functioning strategy, working with hosted enterprises, their monitoring as well as the self-fi nancing of the incubator. For the development of business incubators, initiators (administrators) will receive tax incentives for taxes due on land, buildings, taxes, etc. The law provides for several types of business incubators such as technology incubators, academic business, with a portfolio of mixed, agricultural, rural, social, virtual SMEs that will tackle funding issues, policies, entrepreneurial culture differently. Depending on the stages of the development of an SME, business incubators will be able to provide the following services to hosted companies: pre-incubation services (up to 6 months), incubation (up to 3 years), business accelerator services (max. years). Entities hosted in business incubators must be newly-established SMEs up to two years old, self-supporting startups that are not in diffi culty and who carry out activities in the fi eld of specialization of the incubator. As there are currently few business incubators in Romania, it is estimated that the adoption of this law will lead to the development of the SME sector that will have the obligation to create new jobs, which will have a signifi cant macroeconomic impact in the future. The regulation of business incubators will lead to the consolidation of the entrepreneurial culture in the area, the creation of new businesses and proportionate new jobs, the commercialization of technology, business development and investment, which will ultimately lead to higher levels of living and GDP.

Conclusions

Access to fi nance is still a major problem for the Romanian economy, especially for small and medium-sized enterprises, which reported in various polls a erosion of public fi nancial support (13% lower), credits and self-


fi nancing. For many of the projects launched, there is no funding available

from either the banking system or the public area, which only confi rms the

fi nancing gap existing in Romania in 2015. Among the SMEs there are mainly

affected ones in innovative areas that predominantly involve intangible, creative

assets or social objectives. The fi nancial crisis has generated a widening scale

of different forms of alternative fi nancing as bank lending has contracted in

recent years and access to fi nance has become increasingly diffi cult for SMEs.

Against this background, in response to the increasing demand for fi nancing

existing on the local market, it was also normal to have alternative fi nancing

methods, which, even if not yet fully regulated in Romania, show a growing

interest from potential investors.

Bibliography

1. Anghelache, Anghel, Dumitrescu, Ursache (2016). The European Initiative for

Small and Medium Enterprises, Revista Română de Statistică - Supliment nr. 6 /

2016, pg. 49-58;

2. Ebner, A., Bocek, F. (2015). Best Practices as to How to Support Investment in

Intangible Assets, WWWforEurope in its series WWWforEurope Working Papers

series with number 101;

3. Grabara, J., Bajdor, P. (2013). Innovations Financed by Polish Enterprises from

SME Sector, Romanian Statistical Review Supplement, Volume (Year): 61, (2013),

Issue (Month): 4 (December), Pages: 168-174;

4. Mas-Verdú, F. (2015). Firm survival: The role of incubators and business

characteristics, Journal of Business Research, Volume (Year): 68 (2015), Issue

(Month): 4 (), Pages: 793-796;

5. Moraru, C., Rusei, A. (2012). Business Incubators – Favorable Environment for

Small and Medium Enterprises Development, Theoretical and Applied Economics,

Volume (Year): XVIII(2012) (2012), Issue (Month): 5(570) (May), Pages: 142-

150;

6. Okhrimenko, O., Manaenko, I. (2014). Determinants Of Investment Support:

Principles, Mechanisms, Effi ciency, Economics of Development, Volume (Year):

69 (2014), Issue (Month): 1 (), Pages: 34-40;

7. Opreana, A. (2015). A New Perspective of Investment Modelling at the European

Union Level, Expert Journal of Economics, Volume (Year): 3 (2015), Issue

(Month): 2 (), Pages: 143-148;

8. Popielas, M. (2012). Harmonization Of Investment Services In The European

Union - The Example Of Investment Funds, Oeconomia Copernicana, Volume

(Year): 3 (2012), Issue (Month): 1 (March), Pages: 73-88

9. Romero-Martínez, A.M. et.al. (2008). Evaluating European Union support for

innovation in Spanish small and medium enterprises, The Service Industries

Journal, Volume (Year): 30 (2008), Issue (Month): 5 (May), Pages: 671-683.

10. ECONOMIC POTENTIAL OF INVESTMENTS IN RESEARCH -

DEVELOPMENT – INNOVATION IN THE EUROPEAN UNION (2017),

Assistant Professor Dr. Diana Valentina Dumitrescu and Dr. Daniel Ioan

Dumitrescu, Romanian Statistical Review - Supplement nr. 5 / 2017, pg. 96-103;


11. The European Initiative for Small and Medium Enterprises (2016), Assoc. prof. Mădălina Gabriela ANGHEL, Prof. Constantin ANGHELACHE, PhD, Daniel DUMITRESCU, Alexandru URSACHE, Revista Română de Statistică - Supliment nr. 6 / 2016, pg. 49-58;

12. Managing Financial Instruments by Development Bank of Romania (2016), Prof. Vergil VOINEAGU, Prof. Michal BALOG, Daniel DUMITRESCU PhD. Student Diana SOARE (DUMITRESCU), Romanian Statistical Review - Supplement nr. 1 / 2016, pg. 32 -37;

13. www.eif.org; 14. www.eban.org; 15. www.bnro.ro; 16. www.cnipmmr.ro.

alternative financing of smes in romania€¦ · of innovation in polish enterprises, cerbusca...

Documents